{"id":5115,"date":"2025-03-07T16:48:08","date_gmt":"2025-03-07T15:48:08","guid":{"rendered":"https:\/\/monocle.lu\/?p=5115"},"modified":"2025-03-07T16:48:08","modified_gmt":"2025-03-07T15:48:08","slug":"urgent","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2025\/03\/07\/urgent\/","title":{"rendered":"\u00ab Urgent \u00bb"},"content":{"rendered":"

Si nous \u00e9tions encore \u00e0 l\u2019\u00e9poque du t\u00e9l\u00e9gramme \u2013 qui avait son charme \u2013 le message re\u00e7u cette semaine aurait ressembl\u00e9 \u00e0 \u00e7a\u00a0:<\/span><\/p>\n

 <\/p>\n

URGENT \u2013 STOP<\/span><\/p>\n

\n

PRADA exclusivit\u00e9 pour rachat VERSACE jusqu\u2019\u00e0 vendredi prochain\u2013 STOP<\/p>\n

\n

Valeur \u00e9voqu\u00e9e : $1.6 Mds (Bloomberg) \u00a0\u2013 STOP<\/p>\n

\n

VERSACE appartient \u00e0 CAPRI, qui a une market cap de $2.7 Mds \u2013 STOP<\/p>\n

\n

CAPRI d\u00e9tient \u00e9galement JIMMY CHOO \u2013 STOP<\/p>\n

\n

EXOR, holding AGNELLI, a vendu semaine derni\u00e8re pour \u20ac3.0 Mds de FERRARI \u2013 STOP<\/p>\n

\n

Raison \u00a0: \u00ab\u00a0Financement d\u2019une acquisition\u00a0\u00bb – STOP<\/p>\n

\n

EXOR d\u00e9tient un quart de LOUBOUTIN, achet\u00e9 sur valeur de \u20ac2.2 Mds en 2021 \u2013 STOP<\/p>\n

\n

JIMMY CHOO premi\u00e8re marque accessoires aux OSCARS 2024 \u2013 devant LOUBOUTIN \u2013 STOP<\/p>\n

\n

END<\/p>\n

 <\/p>\n

Voil\u00e0 le puzzle. Et voici le sc\u00e9nario\u00a0:<\/span><\/p>\n

1\/ CAPRI vend VERSACE et JIMMY CHOO pour quelque chose entre $2.0 et $3.5 Mds.<\/p>\n

\n

2\/ CAPRI utilise $0.5 Md pour r\u00e9duire sa dette et ce qui reste pour racheter ses actions.<\/p>\n

\n

3\/ Et en sus il vous reste une seule marque dans le bazar\u00a0: MICHAEL KORS qui a d\u00e9gag\u00e9 $250 M de r\u00e9sultats op\u00e9rationnels l\u2019ann\u00e9e derni\u00e8re.<\/p>\n

\n

Vous savez quoi\u00a0? L\u2019offre de Tapestry il y a 18 mois \u00e9tait \u00e0 $57. Je pense qu\u2019on y retourne.<\/p>\n

\n

CAPRI mont\u00e9e \u00e0 3% du fonds, prix d\u2019entr\u00e9e $22.6.<\/p>\n

\n

Rappel\u00a0: l\u2019exclusivit\u00e9 de PRADA expire dans dix jours.<\/p>\n

 <\/p>\n

Market and portfolio focus<\/strong><\/p>\n

Du 21 au 28 F\u00e9vrier, Monocle perd 2.0%, le S&P 500 1.0% et le CAC 40 0.5%.<\/span><\/p>\n

\n

Nos valeurs de croissance ont \u00e9t\u00e9 pas mal tourment\u00e9 la semaine pass\u00e9e, expliquant une large partie de notre baisse. Duolingo et Ginkgo ont publi\u00e9 leurs r\u00e9sultats, un peu en dessous des attentes, ce qui a pes\u00e9 sur leur cours. Elles nous co\u00fbtent 20bps – on avait r\u00e9duit ces lignes \u00e0 des valorisations nettement plus \u00e9lev\u00e9es dans les semaines pr\u00e9c\u00e9dentes.<\/p>\n

\n

Perte similaire pour Alphabet\u00a0: son cours va et vient en fonction des vues du march\u00e9 sur l\u2019IA mais ses r\u00e9sultats continuent \u00e0 n\u2019aller que dans un sens, vers le haut. On paye aujourd\u2019hui nettement moins de 20x les r\u00e9sultats pour une croissance \u00e0 deux chiffres et un bilan clean.<\/p>\n

\n

Enfin Moderna a conitun\u00e9 \u00e0 glisser cette semaine, vers les 30$ par action, nous co\u00fbtant 40bps. Ce n\u2019est pas pass\u00e9 inaper\u00e7u chez eux\u00a0: hier le CEO St\u00e9pahen Bancel a rachet\u00e9 pour 5m$. Le cours a rebondi de 16%.<\/p>\n

\n

C\u00f4t\u00e9 positif, notons tout de m\u00eame Bayer qui rapporte 15bps. Ils ont publi\u00e9 hier, le cours a encore rebondi, b\u00e9n\u00e9ficiant au passage du retour en gr\u00e2ce des actions europ\u00e9ennes. L\u2019action traite toujours \u00e0 une tr\u00e8s faible valorisation, 5x le r\u00e9sultat ajust\u00e9. \u00c7a laisse de la place pour encore grimper.<\/p>\n

\n

C\u00f4t\u00e9 trades, on a fait 2 choses cette semaine. D\u2019abord on a remis notre position dans Capri \u00e0 3% pour les raisons \u00e9voqu\u00e9es juste au-dessus.<\/p>\n

\n

Ensuite on a chang\u00e9 notre allocation au secteur du dating entre Match et Bumble. Suite \u00e0 ses r\u00e9sultats, la valorisation de Bumble est au ras des p\u00e2querettes. On paye un utilisateur de Match 2x plus cher qu\u2019un utilisateur de Bumble. La fondatrice est revenue au poste de CEO et commence \u00e0 mettre en pace sa nouvelle strat\u00e9gie qui rendra la plateforme plus saine. On croit dans son projet. On a donc vendu nos Match et pass\u00e9 notre ligne de Bumble \u00e0 4%.<\/p>\n

\n

\u00a0On a aujourd\u2019hui une exposition brute \u00e0 35% et nette \u00e0 33%.<\/p>\n

 <\/p>","protected":false},"excerpt":{"rendered":"

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