{"id":3869,"date":"2020-05-06T16:43:52","date_gmt":"2020-05-06T14:43:52","guid":{"rendered":"https:\/\/www.mbacapital.com\/?p=3869"},"modified":"2022-03-04T12:39:16","modified_gmt":"2022-03-04T11:39:16","slug":"reagir-baisse-valorisation-entreprises-mba-capital-caen","status":"publish","type":"post","link":"https:\/\/mbacapital.com\/en\/reagir-baisse-valorisation-entreprises-mba-capital-caen\/","title":{"rendered":"Comment r\u00e9agir face \u00e0 la baisse de valorisation des entreprises suite au Covid-19 ?"},"content":{"rendered":"<p><em>En temps normal un c\u00e9dant souhaite que le prix de cession de sa soci\u00e9t\u00e9 soit fix\u00e9 de mani\u00e8re d\u00e9finitive et invariable au moment du closing. Ce prix est, dans la plupart des cas, r\u00e9gl\u00e9 en quasi-totalit\u00e9 \u00e0 la cession et le solde quelques mois plus tard le temps d&rsquo;arr\u00eater le bilan de <a href=\"https:\/\/mbacapital.com\/cession\/\">transfers,<\/a>. Ces principes majoritairement appliqu\u00e9s suivent le proverbe extrait d\u2019une fable de La Fontaine \u00ab\u00a0un tiens vaut, se dit-on, mieux que deux tu l&rsquo;auras\u00a0\u00bb. La p\u00e9riode actuelle va, \u00e0 n\u2019en point douter, bousculer nos pratiques, des chutes importantes d&rsquo;activit\u00e9 et des r\u00e9sultats seront in\u00e9vitables en 2020, et m\u00eame au-del\u00e0\u2026<\/em><\/p>\n<h2>Les impacts de la crise actuelle<\/h2>\n<p>La crise actuelle aura trois cons\u00e9quences principales\u00a0:<\/p>\n<ul>\n<li>Une consommation de cash\u00a0;<\/li>\n<li>Une baisse des r\u00e9sultats, voire des pertes\u00a0;<\/li>\n<li>Une baisse des march\u00e9s futurs.<\/li>\n<\/ul>\n<p>Un acqu\u00e9reur avis\u00e9 tiendra in\u00e9vitablement compte de ces \u00e9l\u00e9ments pour calibrer sa proposition d&rsquo;acquisition. Un c\u00e9dant, quant \u00e0 lui, argumentera qu\u2019une telle situation est passag\u00e8re, comme son impact sur son niveau d&rsquo;activit\u00e9 et sur ses r\u00e9sultats et que sa soci\u00e9t\u00e9 ne doit donc pas perdre de sa valeur.<\/p>\n<p>Il est clair que les prix de cession des entreprises vont \u00e0 l\u2019avenir \u00eatre impact\u00e9s, et qu&rsquo;un accord qui satisferait les c\u00e9dants et les acqu\u00e9reurs sera plus difficile \u00e0 trouver. L\u2019\u00e9volution des cours de bourse depuis la fin f\u00e9vrier 2020 en est l\u2019illustration.<\/p>\n<h2>Comment rem\u00e9dier \u00e0 cette difficult\u00e9\u00a0concernant les valorisations des entreprises\u00a0?<\/h2>\n<ul>\n<li>Concernant la perte de tr\u00e9sorerie consomm\u00e9e pendant le confinement, aucune solution n&rsquo;est possible\u00a0: ce qui est consomm\u00e9 est perdu d\u00e9finitivement.<\/li>\n<li>Concernant la valorisation par les multiples divers, calcul\u00e9s sur l\u2019EBIT, l\u2019EBITDA, et le cash-flow, le c\u00e9dant et ses conseils devront plus que jamais travailler sur des pr\u00e9visionnels \u00e9labor\u00e9s.<\/li>\n<li>Ces pr\u00e9visionnels, bas\u00e9s sur des taux d&rsquo;utilisation des capacit\u00e9s productives et la m\u00e9thode des DCF seront cl\u00e9s.<\/li>\n<\/ul>\n<p>Il faudra aussi remettre au go\u00fbt du jour\u00a0:<\/p>\n<ul>\n<li>Les compl\u00e9ments de prix (Earn Out)\u00a0;<\/li>\n<li>Les cessions en deux temps avec une valorisation li\u00e9e aux r\u00e9sultats futurs\u00a0;<\/li>\n<li>Le r\u00e9investissement dans le holding de reprise avec des clauses de sortie clairement d\u00e9finies et calcul\u00e9es sur les r\u00e9sultats pr\u00e9visionnels\u00a0;<\/li>\n<li>Le cr\u00e9dit-vendeur\u00a0;<\/li>\n<li>Le financement partiel par le c\u00e9dant de la cession de son entreprise via des obligations convertibles ou d&rsquo;autres outils financiers plus \u00e9labor\u00e9s.<\/li>\n<\/ul>\n<p>Tous ces m\u00e9canismes complexes et al\u00e9atoires vont \u00e0 l&rsquo;encontre des souhaits habituels des c\u00e9dants, mais ils constituent une r\u00e9ponse partielle \u00e0 la baisse des valorisations des entreprises qui, malheureusement, est in\u00e9vitable.<\/p>\n<p>Certes, il pourrait \u00eatre tentant pour un vendeur de surseoir au projet de cession et attendre que la valorisation retrouve son niveau pr\u00e9-COVID19. Mais l\u2019exp\u00e9rience montre que retrouver des niveaux de valorisation apr\u00e8s les crises (2001, 2008, etc.) prend un temps certain, souvent plusieurs ann\u00e9es. Et l\u2019on peut craindre que les financements soient alors plus difficiles \u00e0 obtenir. Aujourd&rsquo;hui, beaucoup d\u2019acqu\u00e9reurs disposent encore de tr\u00e9sorerie et de capacit\u00e9 d\u2019endettement et les banques sont bienveillantes. Il n\u2019est pas s\u00fbr que cette situation perdure\u2026<\/p>\n<h2>En conclusion\u00a0: le r\u00f4le croissant de l\u2019accompagnement en cession-acquisition<\/h2>\n<ul>\n<li>Le r\u00f4le des conseils en cession-acquisition va s&rsquo;en trouver renforc\u00e9 pour permettre de faire aboutir les op\u00e9rations dans les meilleures conditions pour leurs clients vendeurs.<\/li>\n<li>Les avocats auront aussi un r\u00f4le important \u00e0 jouer pour s\u00e9curiser ces montages plus complexes.<\/li>\n<li>Les experts comptables devront \u00e9tablir des pr\u00e9visionnels fiables qui seront \u00e0 la base des valorisations futures.<\/li>\n<\/ul>\n<p>Les op\u00e9rations vont donc se complexifier et les c\u00e9dants devront plus que jamais constituer une \u00e9quipe solide autour de leur projet de cession.<\/p>\n<p><em>Par <a href=\"https:\/\/mbacapital.com\/en\/equipe\/brotons-philippe\/\">Philippe Brotons<\/a> de <a href=\"https:\/\/mbacapital.com\/bureaux\/caen\/\">MBA Capital Caen<\/a><\/em><\/p>\n<p>Lire les autres regards de MBA Capital :<\/p>\n<ul>\n<li><a href=\"https:\/\/mbacapital.com\/en\/actualites\/fusions-acquisitions-pandemie-mba-capital\/\">Les fusions-acquisitions apr\u00e8s la pand\u00e9mie &#8211; perspectives\u00a0<\/a><\/li>\n<li><a href=\"https:\/\/mbacapital.com\/en\/actualites\/impact-confinement-economie-operations-mba-capital-marseille\/\">L\u2019impact diff\u00e9renci\u00e9 du confinement et la crise \u00e9conomique sur les op\u00e9rations de M&amp;A small caps<\/a><\/li>\n<li><a href=\"https:\/\/mbacapital.com\/en\/actualites\/confinement-crise-economique-operations-bilan-mba-capital\/\">Une des cons\u00e9quences du confinement et de la crise \u00e9conomique sur les op\u00e9rations de haut de bilan : l\u2019importance de l\u2019accompagnement<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>En temps normal un c\u00e9dant souhaite que le prix de cession de sa soci\u00e9t\u00e9 soit fix\u00e9 de mani\u00e8re d\u00e9finitive et&#8230;<\/p>","protected":false},"author":2,"featured_media":7913,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"bureaux":[],"type_realisation":[],"expertises":[],"class_list":["post-3869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Covid-19 : R\u00e9agir face \u00e0 la baisse de valorisation des entreprises<\/title>\n<meta name=\"description\" content=\"Un c\u00e9dant souhaite que le prix de cession de sa soci\u00e9t\u00e9 soit fix\u00e9 de mani\u00e8re d\u00e9finitive et invariable lors du closing. 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