{"id":2739,"date":"2021-11-16T15:26:22","date_gmt":"2021-11-16T14:26:22","guid":{"rendered":"https:\/\/monocle.lu\/?p=2739"},"modified":"2022-05-03T19:03:22","modified_gmt":"2022-05-03T17:03:22","slug":"orange-la-theorie-du-111","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2021\/11\/16\/orange-la-theorie-du-111\/","title":{"rendered":"Orange, the 1=1+1 Theory?"},"content":{"rendered":"<p>[R\u00e9serv\u00e9 \u00e0 un public averti : on va faire des additions] \ud83e\udd13<\/p>\n<p><strong>Vous connaissez surement la th\u00e9orie du 1+1=3.<\/strong><\/p>\n<p>Une entreprise fusionne avec une autre, le nouveau groupe mutualise ses co\u00fbts et sa valeur totale devient donc plus importante. Cette th\u00e9orie a soutenu la formation des conglom\u00e9rats pendant des d\u00e9cennies.<\/p>\n<p><strong>Mais connaissez-vous la th\u00e9orie du 1=1+1\u00a0?<\/strong><\/p>\n<p>Depuis quelques ann\u00e9es, les investisseurs privil\u00e9gient les \u00ab\u00a0<em>pure players<\/em>\u00a0\u00bb aux conglom\u00e9rats\u00a0: plus de visibilit\u00e9 sur le business, plus d\u2019investissement dans les secteurs \u00e0 forte valeur ajout\u00e9e etc.<\/p>\n<p>Les grands groupes d\u00e9cident donc de s\u00e9parer leurs activit\u00e9s. L\u2019objectif\u00a0? Cr\u00e9er de la valeur pour l\u2019actionnaire. Prenons l\u2019exemple d\u2019Orange, une de nos plus grosses lignes chez Monocle (9% du fonds).<\/p>\n<p>Orange aujourd\u2019hui\u00a0c\u2019est\u00a0:<\/p>\n<ul>\n<li>\u20ac26 Mds de capitalisation boursi\u00e8re\u00a0;<\/li>\n<li>\u20ac12 Mds d\u2019EBITDA (l\u2019EBITDA c\u2019est une sorte de r\u00e9sultat op\u00e9rationnel)\u00a0;<\/li>\n<li>Conclusion\u00a0: Orange vaut 2,2x son EBITDA.<\/li>\n<\/ul>\n<p>Orange demain\u00a0:<br \/>\nLe groupe vient d\u2019annoncer le lancement op\u00e9rationnel de TOTEM, la soci\u00e9t\u00e9 distincte qu\u2019il a cr\u00e9\u00e9e pour s\u00e9parer son activit\u00e9 d\u2019infrastructures de r\u00e9seaux \u2013 pour vous donner une id\u00e9e c\u2019est 26 000 pyl\u00f4nes et toits-terrasses sur lesquels sont install\u00e9es des antennes Orange.<\/p>\n<p>A l\u2019heure o\u00f9 je vous \u00e9cris, TOTEM affiche\u00a0:<\/p>\n<ul>\n<li>\u20ac500 M de chiffre d&rsquo;affaires annuel\u00a0;<\/li>\n<li>\u20ac300 M d\u2019EBITDA.<\/li>\n<\/ul>\n<p><strong>C\u2019est l\u00e0 que \u00e7a devient int\u00e9ressant\u00a0<\/strong>: TOTEM fait partie d\u2019un secteur d\u2019activit\u00e9 tr\u00e8s attractif. A titre d\u2019exemple, Cellnext &#8211; le champion du secteur &#8211; pr\u00e9sente une capitalisation boursi\u00e8re \u00e9gale \u00e0 20x son EBITDA.<\/p>\n<p>Alors Orange, apr\u00e8s avoir revaloris\u00e9 TOTEM \u00e7a donne \u00e7a\u00a0:<\/p>\n<ul>\n<li>\u20ac6 Mds avec TOTEM (EBITDA\u00a0x20)<\/li>\n<li>Et \u20ac25,7 Mds pour le reste pour rappel\u00a0le reste du groupe vaut 2,2x son EBITDA\u00a0: \u20ac25,7 Mds.<\/li>\n<\/ul>\n<p>Conclusion\u00a0: si le march\u00e9 appr\u00e9cie TOTEM autant que Cellnext, le nouvel Orange pourrait valoir pr\u00e8s de 32 milliards d\u2019\u20ac.<br \/>\nPr\u00e8s de 6 milliards d\u2019\u20ac de plus qu\u2019avant l\u2019op\u00e9ration.<\/p>\n<p>Voil\u00e0 comment 1 peut valoir 1+1. Alors du c\u00f4t\u00e9 des actionnaires d\u2019Orange, on attend la suite avec impatience.<\/p>\n<p>Excellente semaine,<\/p>\n<p>Pierre<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[R\u00e9serv\u00e9 \u00e0 un public averti : on va faire des additions] \ud83e\udd13 Vous connaissez surement la th\u00e9orie du 1+1=3. Une entreprise fusionne avec une autre, le nouveau groupe&#8230;<\/p>\n","protected":false},"author":8,"featured_media":2830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monocle - Orange, la Th\u00e9orie Du 1=1+1 ?<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - Orange, la Th\u00e9orie Du 1=1+1 ?\" \/>\n<meta property=\"og:description\" content=\"[R\u00e9serv\u00e9 \u00e0 un public averti : on va faire des additions] \ud83e\udd13 Vous connaissez surement la th\u00e9orie du 1+1=3. 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