RAMAROSANDRATANA Nomenjanahary Faniry
MF1 1148
1. Motivation du groupe NETO lorsqu'il envisage l'acquisition d'ALTA
L'acquisition de la société ALTA est une opportunité de pour NETO d'absorber la concurrence et de gagner en part de marché
2. Valorisation de l'action ALTA
Calcul des flux de trésorerie
Année 2003 2004 2005 2006 2007 2008 2009 2010
Taux Croissance CA 0.15 0.15 0.15 0.15 0.15
CA 1,305,000.00 1,500,750.00 1,725,862.50 1,984,741.88 2,282,453.16 2,624,821.13
Taux D'EBE 0.35 0.35 0.35 0.35 0.34
EBE 525,262.50 604,051.88 694,659.66 798,858.60 892,439.18
Construction 20,000.00
Materiel 80,000.00
Construction Nouveau 40,000.00 42,000.00 44,000.00 46,200.00 50,820.00
Materiel Nouveau 160,000.00 168,000.00 176,000.00 184,800.00 203,280.00
Amortissement
Construction 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Matériel 16,000.00 16,000.00 16,000.00 16,000.00 16,000.00
Construction Nouveau 2,000.00 4,100.00 6,300.00 8,610.00 11,151.00
32,000.00 32,000.00 32,000.00 32,000.00 32,000.00
33,600.00 33,600.00 33,600.00 33,600.00
35,200.00 35,200.00 35,200.00
36,960.00 36,960.00
Amortissement matériel 40,656.00
nouveau
Amortissement matériel
nouveau
Total DAP Mat. 32,000.00 65,600.00 100,800.00 137,760.00 178,416.00
DAP Total 51,000.00 86,700.00 108,100.00 147,370.00 190,567.00
RO 474,262.50 517,351.88 586,559.66 651,488.60 701,872.18
Impôt 189,705.00 206,940.75 234,623.86 260,595.44 280,748.87
RN 284,557.50 310,411.13 351,935.79 390,893.16 421,123.31
BFR 217,500.00 250,125.00 287,643.75 330,790.31 380,408.86 437,470.19
Var BFR 32,625.00 37,518.75 43,146.56 49,618.55 57,061.33
CFE 102,932.50 149,592.38 196,889.23 257,644.62 300,528.98
CFE actualisé 1,279,637.40
Valeur terminal 3,697,847.00
VT actualisé 914,051.22
VAE 2,193,688.62
Capitaux Propres 1,293,688.62
Nb d'action 10,000.00
Valeur D'action 129.37
2011 2012 2013 2014 2015 2016
0.10 0.10 0.10 0.05 0.05
2,887,303.24 3,176,033.57 3,493,636.92 3,668,318.77 3,851,734.71
0.34 0.33 0.33 0.33 0.33
981,683.10 1,048,091.08 1,152,900.18 1,210,545.19 1,271,072.45
55,902.00 61,492.20 67,641.42 74,405.56 81,846.12
223,608.00 245,968.80 270,565.68 297,622.25 327,384.47
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
13,946.10 17,020.71 20,402.78 24,123.06 28,215.37
33,600.00
35,200.00 35,200.00
36,960.00 36,960.00 36,960.00
40,656.00 40,656.00 40,656.00 40,656.00
44,721.60 44,721.60 44,721.60 44,721.60 44,721.60
49,193.76 49,193.76 49,193.76 49,193.76
54,113.14 54,113.14 54,113.14
59,524.45 59,524.45
65,476.89
191,137.60 206,731.36 225,644.50 248,208.95 273,029.84
206,083.70 224,752.07 247,047.28 273,332.00 302,245.21
775,599.40 823,339.01 905,852.91 937,213.19 968,827.25
310,239.76 329,335.60 362,341.16 374,885.28 387,530.90
465,359.64 494,003.40 543,511.74 562,327.91 581,296.35
481,217.21 529,338.93 582,272.82 611,386.46 641,955.78
43,747.02 48,121.72 52,933.89 29,113.64 30,569.32
348,186.32 363,172.75 399,418.03 434,518.47 443,741.64 443,741.64
Valorisation par analogie de la firme RIVALI Décote de RIVALLI =
Société Capitalisation boursière Chiffre d'affaires Bénéfice courant Résultat Net
CLAIRE 9,460.00 47,740.00 1,120.00 928.00
GOLD 16,930.00 10,360.00 1,405.00 1,094.00
HOLDY 321,600.00 365,120.00 27,008.00 36,122.00
MERS 30,900.00 55,100.00 4,436.00 3,639.00
TURNER 18,300.00 26,100.00 512.00 496.00
42,279.00
Résultats
Chiffre d'affaires Bénéfice courant Résultat Net PER (RIVALI) VCP
92,106.00 8,574.00 9,559.00 6.58 62,861.41
écote de RIVALLI = 30%
= Cap,
boursière/RN
X= Bénéf/ Total Y= Cap/Résultat Total PER Pondéré
10.19 2.19% 0.22
15.48 2.59% 0.40
8.90 85.44% 7.61
8.49 8.61% 0.73
36.90 1.17% 0.43
9.39
