{"id":1759,"date":"2024-01-30T22:58:05","date_gmt":"2024-01-30T21:58:05","guid":{"rendered":"https:\/\/www.powertrade.fr\/?p=1759"},"modified":"2024-09-02T14:02:59","modified_gmt":"2024-09-02T12:02:59","slug":"high-co-la-petite-pepite-oubliee","status":"publish","type":"post","link":"https:\/\/www.powertrade.fr\/index.php\/2024\/01\/30\/high-co-la-petite-pepite-oubliee\/","title":{"rendered":"High Co\u00a0: la petite p\u00e9pite oubli\u00e9e"},"content":{"rendered":"\n<p>Ces derniers temps, le cours d\u2019High Co (<a href=\"https:\/\/www.zonebourse.com\/cours\/action\/HIGHCO-5002\/\" data-type=\"link\" data-id=\"https:\/\/www.zonebourse.com\/cours\/action\/HIGHCO-5002\/\">HCO<\/a>) ne cesse de baisser, sans doute un peu trop.<\/p>\n\n\n\n<p>High Co est une soci\u00e9t\u00e9 de marketing qui est active sur 4 secteurs&nbsp;cat\u00e9goris\u00e9s de la mani\u00e8re suivante&nbsp;:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Emotion&nbsp;: communication, r\u00e9seaux sociaux, strat\u00e9gie m\u00e9dia<\/li>\n\n\n\n<li>Relation&nbsp;: applications mobiles, programmes de fid\u00e9lisation, SMS et push notifications<\/li>\n\n\n\n<li>Personnalisation&nbsp;: collecte et analyse de donn\u00e9es, algorithmes pr\u00e9dictifs,\u2026<\/li>\n\n\n\n<li>Transaction&nbsp;:&nbsp; m\u00e9caniques promotionnelles, gestion op\u00e9rationnelle et clearing coupons, diffusions multicanales,\u2026<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Offres-HighCo-1024x239.png\" alt=\"\" class=\"wp-image-1760\"\/><\/figure>\n\n\n\n<p>Une grande partie des clients sont des entreprises de distribution (Carrefour, Auchan, Casino, E.Leclerc,\u2026) et la majorit\u00e9 sont clients depuis plus de 30 ans, soit peu ou prou, la cr\u00e9ation de la soci\u00e9t\u00e9.<\/p>\n\n\n\n<p>WPP France est l\u2019actionnaire de r\u00e9f\u00e9rence de cette soci\u00e9t\u00e9 avec un peu plus de 37% du capital. Le flottant repr\u00e9sente plus de 40%, ce qui est important pour une soci\u00e9t\u00e9 de cette taille.<\/p>\n\n\n\n<p>La capitalisation de cette soci\u00e9t\u00e9 est de l\u2019ordre de 62 M\u20ac.<\/p>\n\n\n\n<p>Les chiffres (estim\u00e9s) pour 2023 sont plut\u00f4t bons\u00a0:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"826\" height=\"325\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Donnees-financieres.png\" alt=\"\" class=\"wp-image-1761\" style=\"width:709px;height:auto\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Donnees-financieres.png 826w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Donnees-financieres-300x118.webp 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Donnees-financieres-768x302.webp 768w\" sizes=\"(max-width: 826px) 100vw, 826px\" \/><\/figure>\n<\/div>\n\n\n<p>On notera en particulier que HighCo n\u2019a pas de dettes et que la tr\u00e9sorerie couvre une grande part de la capitalisation.<\/p>\n\n\n\n<p>Les indices de valorisation sont \u00e9galement tr\u00e8s raisonnables. Ainsi, pour l\u2019exercice 2023, on s\u2019attend \u00e0 un PER de 6,35.<\/p>\n\n\n\n<p>Le ratio Valeur d\u2019Entreprise sur EBITDA est par ailleurs assez faible.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Valorisation.png\" alt=\"\" class=\"wp-image-1762\" style=\"width:770px;height:auto\"\/><\/figure>\n<\/div>\n\n\n<p>La soci\u00e9t\u00e9 distribue un dividende\u00a0depuis des ann\u00e9es, \u00e0 l\u2019exception de 2020, l\u2019ann\u00e9e Covid\u00a0:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Derniers-detachements.png\" alt=\"\" class=\"wp-image-1763\" style=\"width:712px;height:auto\"\/><\/figure>\n<\/div>\n\n\n<p>Le 24 Janvier, la soci\u00e9t\u00e9 a fait le point&nbsp;sur ses ventes dans un communiqu\u00e9 disponible sur son site institutionnel&nbsp;:<\/p>\n\n\n\n<p>Au 4<sup>\u00e8me<\/sup> trimestre, la soci\u00e9t\u00e9 affiche un ralentissement de sa marge brute de 10% par rapport au T4 2023.<\/p>\n\n\n\n<p>Elle pr\u00e9vient de l\u2019incertitude relative \u00e0 son client historique, Casino, qui est sans doute responsable de l\u2019essentiel de la baisse r\u00e9cente du cours.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Casino-Contexte2024-1024x395.png\" alt=\"\" class=\"wp-image-1765\" style=\"width:658px;height:auto\"\/><\/figure>\n<\/div>\n\n\n<p>Malgr\u00e9 tout, les activit\u00e9s \u00e0 l\u2019international, notamment en Belgique et en Espagne, restent bien orient\u00e9es.<\/p>\n\n\n\n<p>Par ailleurs, le groupe a pu b\u00e9n\u00e9ficier de conditions attractives pour le placement de sa tr\u00e9sorerie.<\/p>\n\n\n\n<p>Ainsi la marge op\u00e9rationnelle d\u00e9gag\u00e9e est de 22,1% contre 21,0% pour 2022.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Performances-financieres-1024x212.png\" alt=\"\" class=\"wp-image-1766\" style=\"width:609px;height:auto\"\/><\/figure>\n<\/div>\n\n\n<p>Au global, le b\u00e9n\u00e9fice net ajust\u00e9 sur 2023 est attendu en hausse \u00e0 deux chiffres, ce qui pourrait militer pour un maintien du montant du dividende cette ann\u00e9e.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Pourquoi dans ces conditions le cours baisse-t-il autant&nbsp;?<\/p>\n\n\n\n<p>Il semblerait qu\u2019une grande partie de la peur soit li\u00e9e \u00e0 la perte du client Casino, cons\u00e9cutive \u00e0 sa \u00ab&nbsp;liquidation organis\u00e9e&nbsp;\u00bb. Peut-\u00eatre, mais c\u2019est oublier que les supermarch\u00e9s Casinos sont repris presque exclusivement par Auchan et Intermarch\u00e9 qui sont d\u00e9j\u00e0 clients de High Co et donc n\u2019ont pas forc\u00e9ment vocation \u00e0 arr\u00eater les contrats.<\/p>\n\n\n\n<p>N\u2019oublions pas non plus qu\u2019une grande partie de l\u2019activit\u00e9 est peut-\u00eatre un peu vieillissante, par rapport aux \u00e9volutions actuelles du marketing.<\/p>\n\n\n\n<p>Ces sujets sont l\u00e9gitimes, mais aux cours actuels, il nous semble que le risque est plus qu\u2019int\u00e9gr\u00e9 dans les cours.<\/p>\n\n\n\n<p>N\u2019oublions pas que de l\u2019actionnaire de r\u00e9f\u00e9rence aux principaux managers de la soci\u00e9t\u00e9, tout le monde a int\u00e9r\u00eat \u00e0 maintenir un dividende confortable.<\/p>\n\n\n\n<p>Il est possible que le dividende soit conserv\u00e9 \u00e0 0,4 \u20ac par action, ce qui au cours actuel repr\u00e9senterait un rendement de 13,2%<\/p>\n\n\n\n<p>M\u00eame si l\u2019on retient un dividende de 0,33 \u20ac comme semble l\u2019indiquer le consensus, le rendement resterait encore sup\u00e9rieur \u00e0 10%.<\/p>\n\n\n\n<p>Les r\u00e9sultats annuels seront annonc\u00e9s le 27 Mars apr\u00e8s Bourse. Si la soci\u00e9t\u00e9 r\u00e9ussit \u00e0 communiquer sur des perspectives encourageantes, nul doute que son cours devrait remonter.<\/p>\n\n\n\n<p>Selon Zonebourse, 4 analystes suivent la valeur (3 selon Boursier.com). La tendance est plut\u00f4t neutre,\u2026 mais l\u2019objectif de cours pond\u00e9r\u00e9 est de 4,967 \u20ac, ce qui laisse une bonne marge de progression.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/01\/Consensus-Analystes.png\" alt=\"\" class=\"wp-image-1767\" style=\"width:229px;height:auto\"\/><\/figure>\n<\/div>\n\n\n<p>S\u2019il y avait un portefeuille d\u00e9di\u00e9 aux articles du blog, nous pourrions l\u2019inaugurer en achetant 1000 actions HCO aux cours actuels\u00a0!\u00a0\ud83d\ude0a<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ces derniers temps, le cours d\u2019High Co (HCO) ne cesse de baisser, sans doute un peu trop. High Co est une soci\u00e9t\u00e9 de marketing qui est active sur 4 secteurs&nbsp;cat\u00e9goris\u00e9s de la mani\u00e8re suivante&nbsp;: Une grande partie des clients sont des entreprises de distribution (Carrefour, Auchan, Casino, E.Leclerc,\u2026) et la majorit\u00e9 sont clients depuis plus [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ofc_meta_disable_footer_callout":"","ofc_meta_callout_button_url":"","ofc_meta_callout_button_txt":"","ofc_meta_callout_text":"","ofc_enable_fullscreen":"disable","ofc_fullscreen_speed":0,"ofc_fullscreen_nav":"enable","ofc_fullscreen_nav_pos":"right","ofc_fullscreen_nav_color":"","ofc_fullscreen_nav_tooltip_color":"","ofc_fullscreen_responsive":0,"osp_disable_panel":"default","osh_disable_topbar_sticky":"default","osh_disable_header_sticky":"default","osh_sticky_header_style":"default","osh_sticky_header_effect":"","osh_custom_sticky_logo":0,"osh_custom_retina_sticky_logo":0,"osh_custom_sticky_logo_height":0,"osh_background_color":"","osh_links_color":"","osh_links_hover_color":"","osh_links_active_color":"","osh_links_bg_color":"","osh_links_hover_bg_color":"","osh_links_active_bg_color":"","osh_menu_social_links_color":"","osh_menu_social_hover_links_color":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bourse","entry","has-media"],"categories_names":["Bourse"],"post_class":[["post-1759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bourse","entry","has-media"]],"author_avatar":["<img alt='' src='https:\/\/secure.gravatar.com\/avatar\/d257e30b9005c9a4d2a190a0e3af5f4f965b0cc984e6c924cf61922bb24109fe?s=96&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/d257e30b9005c9a4d2a190a0e3af5f4f965b0cc984e6c924cf61922bb24109fe?s=192&#038;d=mm&#038;r=g 2x' class='avatar avatar-96 photo' height='96' width='96' decoding='async'\/>"],"featured_video":null,"_links":{"self":[{"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/posts\/1759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/comments?post=1759"}],"version-history":[{"count":4,"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/posts\/1759\/revisions"}],"predecessor-version":[{"id":3063,"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/posts\/1759\/revisions\/3063"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/media\/3061"}],"wp:attachment":[{"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/media?parent=1759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/categories?post=1759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.powertrade.fr\/index.php\/wp-json\/wp\/v2\/tags?post=1759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}