{"id":5496,"date":"2025-12-23T15:25:37","date_gmt":"2025-12-23T14:25:37","guid":{"rendered":"https:\/\/monocle.lu\/?p=5496"},"modified":"2025-12-23T19:34:19","modified_gmt":"2025-12-23T18:34:19","slug":"le-billet-de-monocle-comeback-ou-kickback","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2025\/12\/23\/le-billet-de-monocle-comeback-ou-kickback\/","title":{"rendered":"Le Billet de Monocle: Comeback ou Kickback ?"},"content":{"rendered":"<p data-start=\"90\" data-end=\"382\">La semaine derni\u00e8re, Nike a d\u00e9voil\u00e9 ses r\u00e9sultats. Son CEO, Elliott Hill, a affirm\u00e9 que la marque \u00e9tait \u00ab en plein comeback \u00bb. Mais le march\u00e9 n\u2019a pas vraiment partag\u00e9 cet enthousiasme : l\u2019action a perdu 11 % juste apr\u00e8s l\u2019annonce. Clairement, Wall Street ne voit pas le m\u00eame \u201cretour\u201d que lui.<\/p>\n<p data-start=\"384\" data-end=\"734\">En r\u00e9alit\u00e9, plusieurs soucis p\u00e8sent sur la marque. Le plus visible : la Chine, o\u00f9 les ventes ralentissent nettement depuis avril. La situation y \u00e9tait d\u00e9j\u00e0 compliqu\u00e9e, mais les tensions commerciales initi\u00e9es par Trump ont encore accentu\u00e9 le mouvement. Et puis il y a Converse, dont les ventes se sont effondr\u00e9es de 50 % en deux ans.<\/p>\n<p data-start=\"736\" data-end=\"1078\">M\u00eame apr\u00e8s la chute du titre &#8211; divis\u00e9 par plus que deux , Nike p\u00e8se encore 85 milliards de dollars. Une telle valorisation exige des performances solides \u2014 et pour l\u2019instant, la machine n\u2019est plus aussi bien huil\u00e9e qu\u2019avant. Beaucoup remontent le probl\u00e8me \u00e0 2019, avec l\u2019arriv\u00e9e de John Donahoe, ex-patron d\u2019eBay, qui avait \u00e9loign\u00e9 la marque de ce qui faisait sa force &#8211; voir le pr\u00e9c\u00e9dent billet sur le sujet.<\/p>\n<p data-start=\"1080\" data-end=\"1279\">Si Nike parvient \u00e0 remonter ses marges et relancer ses ventes, un cours autour de 80 dollars semble r\u00e9aliste. Les 150 dollars de 2021, en revanche, appartiennent probablement au pass\u00e9 pour un moment.<\/p>\n<p data-start=\"1281\" data-end=\"1588\">N\u00e9anmoins restons optimistes. Nike reste une institution de la culture am\u00e9ricaine, et il est difficile d\u2019imaginer qu\u2019ils ne trouvent pas un moyen de rebondir. Sans compter la pr\u00e9sence de Bill Ackman, investisseur activiste, qui devrait pousser l\u2019entreprise \u00e0 se remettre d\u2019\u00e9querre.<\/p>\n<p data-start=\"1590\" data-end=\"1900\">Et c\u2019est sans doute n\u00e9cessaire : les r\u00e9sultats du trimestre ne sont pas bons, et la communication du CEO sonne trop positive pour \u00eatre cr\u00e9dible. Sa r\u00e9cente interview n\u2019a pas convaincu grand monde. Wall Street risque donc de durcir le ton, et je ne serais pas surpris que les choses bougent assez rapidement.<\/p>\n<p><span style=\"text-decoration: underline;\">Performance<\/span><\/p>\n<p>Au 22 D\u00e9cembre, Monocle (part A) est \u00e0 +3.50% sur 2025 et \u00e0 +3.91% en annualis\u00e9 sur 3 ans.<\/p>\n<p>2024: +1.14%<\/p>\n<p>2023: +7.67%<\/p>\n<p>2022: -1.92%<\/p>\n<p>2021: +4.23%<\/p>\n<p>2020: +6.44%<\/p>","protected":false},"excerpt":{"rendered":"<p>La semaine derni\u00e8re, Nike a d\u00e9voil\u00e9 ses r\u00e9sultats. Son CEO, Elliott Hill, a affirm\u00e9 que la marque \u00e9tait \u00ab en plein comeback \u00bb. Mais le march\u00e9 n\u2019a pas&#8230;<\/p>","protected":false},"author":8,"featured_media":5500,"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-5496","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 v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monocle - Le Billet de Monocle: Comeback ou Kickback ?<\/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 - Le Billet de Monocle: Comeback ou Kickback ?\" \/>\n<meta property=\"og:description\" content=\"La semaine derni\u00e8re, Nike a d\u00e9voil\u00e9 ses r\u00e9sultats. 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