{"id":3270,"date":"2024-10-19T15:35:12","date_gmt":"2024-10-19T13:35:12","guid":{"rendered":"https:\/\/www.powertrade.fr\/?p=3270"},"modified":"2024-10-19T15:35:12","modified_gmt":"2024-10-19T13:35:12","slug":"maurel-prom-une-societe-qui-a-de-lavenir","status":"publish","type":"post","link":"https:\/\/www.powertrade.fr\/index.php\/2024\/10\/19\/maurel-prom-une-societe-qui-a-de-lavenir\/","title":{"rendered":"Maurel &amp; Prom\u00a0: une soci\u00e9t\u00e9 qui a de l\u2019avenir"},"content":{"rendered":"\n<p>En ce 17 octobre, la soci\u00e9t\u00e9 Maurel &amp; Prom a annonc\u00e9 ses r\u00e9sultats&nbsp;et ceux-ci sont plut\u00f4t prometteurs. En examinant ces r\u00e9sultats et les annonces faites par la soci\u00e9t\u00e9, on constate&nbsp;:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Croissance du chiffre d&rsquo;affaires<\/strong> : Sur les neuf premiers mois de 2024, Maurel &amp; Prom a enregistr\u00e9 une augmentation de son chiffre d&rsquo;affaires de 13 %, atteignant 559 millions de dollars. Cette croissance est principalement due \u00e0 une hausse de la production d&rsquo;hydrocarbures de 30 % par rapport \u00e0 la m\u00eame p\u00e9riode en 2023, avec une production moyenne de 36 288 barils \u00e9quivalent p\u00e9trole par jour (bep\/j).<\/li>\n\n\n\n<li><strong>R\u00e9duction de la dette nette<\/strong> : L&rsquo;entreprise a r\u00e9ussi \u00e0 r\u00e9duire de mani\u00e8re significative sa dette nette, qui s&rsquo;\u00e9levait \u00e0 seulement 2 millions de dollars au 30 septembre 2024, contre 120 millions de dollars \u00e0 la fin de l&rsquo;ann\u00e9e 2023.<\/li>\n\n\n\n<li><strong>Reprise de la production en Angola<\/strong> : faisant suite \u00e0 une baisse temporaire li\u00e9e \u00e0 un arr\u00eat de maintenance en Angola, la production a repris et retrouv\u00e9 son rythme normal en octobre, renfor\u00e7ant la capacit\u00e9 future de production du groupe (+8% par rapport \u00e0 2023).<\/li>\n<\/ol>\n\n\n\n<p>Apr\u00e8s une augmentation assez significative le 17 octobre, l\u2019action a fini en baisse de 1,17% le vendredi 18, refl\u00e9tant en cela une crainte potentielle des investisseurs quant \u00e0 une acc\u00e9l\u00e9ration de la r\u00e9cession et donc une baisse de la consommation de produits p\u00e9troliers.<\/p>\n\n\n\n<p>Selon nous, la soci\u00e9t\u00e9 m\u00e9rite une \u00e9tude approfondie et un placement en fonds de portefeuille pour les raisons suivantes&nbsp;:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Avec un rendement de 0,3 \u20ac en 2024 (au titre de 2023), la soci\u00e9t\u00e9 devient pratiquement une valeur de rendement, ce dernier ressortant sup\u00e9rieur \u00e0 5%.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"794\" height=\"513\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Dividendes-Maurel-Prom.png\" alt=\"\" class=\"wp-image-3276\" style=\"width:387px;height:auto\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Dividendes-Maurel-Prom.png 794w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Dividendes-Maurel-Prom-300x194.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Dividendes-Maurel-Prom-768x496.png 768w\" sizes=\"(max-width: 794px) 100vw, 794px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>Par ailleurs, la soci\u00e9t\u00e9 est positionn\u00e9e sur des gisements dont le co\u00fbt d\u2019extraction est tr\u00e8s bas. <a href=\"https:\/\/www.lalettredelabourse.fr\/actualites\/2022\/08\/31\/olivier-de-langavant-directeur-general-de-maurel-prom-le-dividende-est-soutenable-avec-un-baril-a-50-dollars\/\">Comme l\u2019indiquait le directeur g\u00e9n\u00e9ral dans cette interview en 2022<\/a>&nbsp;: le dividende reste soutenable avec un baril \u00e0 50 dollars.<\/li>\n\n\n\n<li>Et cela, c\u2019\u00e9tait avant que la soci\u00e9t\u00e9 ne soit compl\u00e8tement d\u00e9sendett\u00e9e. Comme indiqu\u00e9 sur le site Boursier.com&nbsp;:<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"653\" height=\"107\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/liquidites.png\" alt=\"\" class=\"wp-image-3275\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/liquidites.png 653w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/liquidites-300x49.png 300w\" sizes=\"(max-width: 653px) 100vw, 653px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>La licence d\u2019exploration et de production <a href=\"https:\/\/www.lefigaro.fr\/flash-eco\/venezuela-les-etats-unis-permettent-au-petrolier-maurel-prom-de-poursuivre-ses-activites-20240506#:~:text=Les%20%C3%89tats%2DUnis%20ont%20accord%C3%A9,annonc%C3%A9%20lundi%20le%20groupe%20fran%C3%A7ais.\">accord\u00e9e au V\u00e9n\u00e9zuela par les Etats-Unis malgr\u00e9 les sanctions<\/a> donne une forte visibilit\u00e9 tr\u00e8s forte sur la poursuite d\u2019une extraction \u00e0 bas prix.<\/li>\n\n\n\n<li>Le point essentiel dans les bonnes nouvelles est un sujet souvent mis de c\u00f4t\u00e9, \u00e0 savoir la participation de 20% de Maurel et Prom dans SEPLAT, l\u2019un des principaux actionnaires nig\u00e9rians. Il faut savoir que SEPLAT a enfin re\u00e7u l\u2019aval des autorit\u00e9s nig\u00e9rianes pour le rachat des actifs d\u2019Exxon dans ce pays, ce qui va se traduire par une production pratiquement tripl\u00e9e. En fait, j\u2019aurais bien \u00e9crit un article sur SEPLAT, mais cette soci\u00e9t\u00e9 a d\u00e9j\u00e0 \u00e9norm\u00e9ment progress\u00e9 et le rachat est d\u00e9j\u00e0 dans les cours, \u00e0 mon avis. La finalisation de l\u2019op\u00e9ration devrait se faire d\u2019ici \u00e0 la fin de 2024.<br>La capitalisation boursi\u00e8re de SEPLAT est de 1,23 milliard de livres, ce qui fait environ 1,48 milliard d\u2019euros. La participation de Maurel repr\u00e9sente 300 millions d\u2019euros au cours actuel soit 30% de la capitalisation actuelle.<\/li>\n\n\n\n<li>Les indicateurs actuels de Maurel &amp; Prom sont tr\u00e8s bons. Nous avons d\u00e9j\u00e0 mentionn\u00e9 l\u2019absence d\u2019endettement. Il faut aussi prendre en compte le PER inf\u00e9rieur \u00e0 5 (4,77 pour l\u2019ann\u00e9e en cours) et un rapport V.E.\/ EBITDA de 2,95.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"824\" height=\"690\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Valorisation-Maurel.png\" alt=\"\" class=\"wp-image-3272\" style=\"width:781px;height:auto\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Valorisation-Maurel.png 824w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Valorisation-Maurel-300x251.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Valorisation-Maurel-768x643.png 768w\" sizes=\"(max-width: 824px) 100vw, 824px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>Sur le plan graphique, Maurel &amp; Prom se trouve sur une tendance haussi\u00e8re long terme (apr\u00e8s le point bas de 2020) avec une consolidation r\u00e9cente ces derniers mois, donc probablement un bon endroit pour renforcer.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"279\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/graphique-1024x279.png\" alt=\"\" class=\"wp-image-3273\" style=\"width:812px;height:auto\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/graphique-1024x279.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/graphique-300x82.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/graphique-768x210.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/graphique.png 1063w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>Notons enfin que le chiffre d\u2019affaires est inf\u00e9rieur \u00e0 1 milliard d\u2019euros, si bien que Maurel &amp; Prom ne sera pas impact\u00e9 par la taxe sur les super profits, d\u00e9cid\u00e9e par le gouvernement en place.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Maurel &amp; Prom est une soci\u00e9t\u00e9 vraiment atypique&nbsp;dans le milieu des p\u00e9troli\u00e8res&nbsp;avec des origines et un management fran\u00e7ais, un actionnaire de contr\u00f4le indon\u00e9sien (Pertimina) et des champs d\u2019op\u00e9rations en Afrique et Am\u00e9rique du Sud. Cela lui donne un profil tr\u00e8s anti-fragile au sens de Nassim Nicholas Taieb&nbsp;: du point de vue des pays africains, il peut \u00eatre assimil\u00e9 \u00e0 une soci\u00e9t\u00e9 indon\u00e9sienne, pays \u00e0 majorit\u00e9 musulmane et plut\u00f4t non align\u00e9.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"507\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Exploration-1024x507.png\" alt=\"\" class=\"wp-image-3274\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Exploration-1024x507.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Exploration-300x148.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Exploration-768x380.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/10\/Exploration.png 1253w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Avec le ralentissement de l\u2019\u00e9conomie europ\u00e9enne \u00e0 pr\u00e9voir et donc une baisse possible du prix du baril de p\u00e9trole, il est tr\u00e8s possible que le prix de l\u2019action baisse ou stagne dans les prochains mois. Mais le statut de valeur de rendement semble acquis pour les prochaines ann\u00e9es et il est probable que le pari d\u2019investir sur le long terme se r\u00e9v\u00e8le gagnant pour l\u2019actionnaire.<\/p>\n\n\n\n<p>Cours \u00e0 la date de l&rsquo;\u00e9criture de cet article : <strong>5,075 \u20ac.<\/strong><\/p>\n\n\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>En ce 17 octobre, la soci\u00e9t\u00e9 Maurel &amp; Prom a annonc\u00e9 ses r\u00e9sultats&nbsp;et ceux-ci sont plut\u00f4t prometteurs. En examinant ces r\u00e9sultats et les annonces faites par la soci\u00e9t\u00e9, on constate&nbsp;: Apr\u00e8s une augmentation assez significative le 17 octobre, l\u2019action a fini en baisse de 1,17% le vendredi 18, refl\u00e9tant en cela une crainte potentielle des 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