{"id":3469,"date":"2022-11-24T16:31:44","date_gmt":"2022-11-24T15:31:44","guid":{"rendered":"https:\/\/monocle.lu\/?p=3469"},"modified":"2022-12-02T18:50:52","modified_gmt":"2022-12-02T17:50:52","slug":"tuto-valo","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2022\/11\/24\/tuto-valo\/","title":{"rendered":"Tuto Valo"},"content":{"rendered":"<p><iframe style=\"width: 100%;\" title=\"Le Billet de Monocle\" src=\"https:\/\/player.rss.com\/tutovalo\/711995\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><a href=\"https:\/\/rss.com\/podcasts\/tutovalo\/711995\/\">Le Billet de Monocle &#8211; Tuto Valo (Pierre Michaud &amp; Maxime Neofytos) | RSS.com<\/a><\/iframe><br \/>\n<strong>Part 1<\/strong><\/p>\n<p>Zoom, the meltdown.<\/p>\n<p>Share price two years ago: $427. Share price today: $76. A drop of 82%.<\/p>\n<p>Until now, the decline in the share price was due to growth, which was always weaker than investors expected and because of the company's valuation, completely disconnected from its fundamentals.<\/p>\n<p>Now we can add a new element: margins are collapsing under the weight of staff compensation in shares (which rose from $115 million last year to $303 million in the last quarter... Yes, keeping staff motivated is expensive).<br \/>\nThe stock was down 4% on Tuesday morning after the results were announced.<\/p>\n<p><a href=\"https:\/\/monocle.lu\/en\/2020\/12\/24\/zoom-sur-zoom\/\">We told you about Zoom on the 24th of December 2020<\/a>.<br \/>\nWe wrote <em>\"The end of the pandemic will not help sales. Its competitors (Microsoft, Cisco) will be putting in a lot of effort to regain market share. A valuation of $130 billion seems like a lot <\/em>\u00bb.<\/p>\n<p>Aujourd\u2019hui, Zoom vaut $23 milliards.<\/p>\n<p>You often hear about companies that are considered to be overvalued. So you are probably wondering how to value a company. We propose a little game to answer this question.<\/p>\n<p><strong>Part 2<\/strong><\/p>\n<p><em>Nous sommes au mois d\u2019ao\u00fbt, vous \u00eates en vacances \u00e0 Hossegor, dans le Sud-Ouest dans la France.<\/em><\/p>\n<p><em>As a surfing fan, you've always dreamed of giving up your office job in Paris to open a surfboard rental business here.<\/em><\/p>\n<p><em>One morning, you are walking on the Place des Landais and start a discussion with the manager of a rental. <\/em><\/p>\n<p><em>After talking about the wind and wave forecast for the week, you launch:<\/em><\/p>\n<p>\"Are you selling ?\"<\/p>\n<p>\"How much are you willing to pay?\" is answered.<\/p>\n<p><em>You leave with some paperwork and promise to get back to her within a week, before you return to Paris.<\/em><\/p>\n<p>In a normal year, the rental generates 300,000\u20ac of turnover and 30,000\u20ac of margin, net of all costs (rent, salaries, depreciation of boards, taxes, etc).<\/p>\n<p><u>What is the value of this business?<\/u><\/p>\n<p><strong>Answer A<\/strong>\u00a0: 100,000\u20ac<br \/>\n<strong>Answer B<\/strong>\u00a0: 300,000\u20ac<br \/>\n<strong>Answer C<\/strong>\u00a0: 600,000\u20ac<br \/>\n<strong>R\u00e9ponse D<\/strong>\u00a0: 900,000\u20ac<\/p>\n<p>Answer us by mail and we will give some insights in next week's Billet (your answers will of course remain confidential).<\/p>\n<hr \/>\n<p><strong>Market and portfolio focus<\/strong><\/p>\n<p>Over the week (from 15\/11 to 22\/11), the fund and the Nasdaq remain stable (joint contraction of 0.1%).<\/p>\n<p>No change in positioning on our side, we maintain our net equity exposure of 11% and have not made any line changes in the portfolio.<\/p>\n<p>Have a great week,<br \/>\nPierre<\/p>","protected":false},"excerpt":{"rendered":"<p>Zoom, la d\u00e9b\u00e2cle. Cours de l\u2019action il y a 2 ans : 427$. Cours de l\u2019action aujourd\u2019hui : 76$. Une chute de 82%.<\/p>","protected":false},"author":8,"featured_media":3470,"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-3469","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 - Tuto Valo<\/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 - Tuto Valo\" \/>\n<meta property=\"og:description\" content=\"Zoom, la d\u00e9b\u00e2cle. 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