{"id":4227,"date":"2020-10-08T15:36:02","date_gmt":"2020-10-08T13:36:02","guid":{"rendered":"https:\/\/www.mbacapital.com\/?p=4227"},"modified":"2022-03-03T12:57:55","modified_gmt":"2022-03-03T11:57:55","slug":"rentree-2020-perspectives-activites-valorisations","status":"publish","type":"post","link":"https:\/\/mbacapital.com\/en\/rentree-2020-perspectives-activites-valorisations\/","title":{"rendered":"Rentr\u00e9e 2020 : quelles perspectives pour les activit\u00e9s de M&#038;A ?"},"content":{"rendered":"<p><em>Revenons sur la conf\u00e9rence de presse AFiTE\/CNCEF que nous prolongerons de certaines r\u00e9flexions. Le march\u00e9 du M&amp;A est actif comme l\u2019a fait remarquer un des administrateurs pour qui \u00ab\u00a0les chefs d\u2019entreprise sont \u00e0 la man\u0153uvre\u00a0\u00bb. Mais nous sommes en droit de nous demander si cette activit\u00e9 n\u2019est pas en \u00ab\u00a0trompe-l\u2019\u0153il\u00a0\u00bb et de nous interroger \u00e0 la fois sur les valorisations et les financements.<\/em><\/p>\n<p>Lorsque l\u2019on dit que le march\u00e9 est actif, ne peut-on pas consid\u00e9rer qu\u2019il est en parti dynamis\u00e9 par les ren\u00e9gociations en cours\u00a0? On assiste en effet ces derni\u00e8res semaines \u00e0 de nombreuses discussions, voire \u00e0 la remise en cause de dossiers en cours\u2026<\/p>\n<ul>\n<li>LVMH \/ Tiffany<\/li>\n<li>Essilor \/ Grand Vision<\/li>\n<li>Alstom \/ Bombardier<\/li>\n<li>Mais aussi PSA \/ FCA (Fiat-Chrysler)<\/li>\n<\/ul>\n<p>Mais concernant les nouveaux dossiers : qu\u2019en-est-il exactement ? Une chose est certaine, les <strong>acqu\u00e9reurs sont pr\u00e9sents. <\/strong>Certains s\u2019inscrivent dans une approche opportuniste \u00e9tant donn\u00e9 le contexte, d\u2019autres ont des besoins de croissance, sans oublier ceux ayant obtenu leur PGE.<\/p>\n<p>Mais pour conclure un deal, en plus de l\u2019acqu\u00e9reur, il faut compter avec deux autres composantes majeures, sur lesquelles des interrogations existent et persistent\u00a0:<\/p>\n<ol>\n<li><span style=\"color: #993366;\">Y aura-t-il un <strong>c\u00e9dant, <\/strong>et questionnement corollaire, quelle sera la <strong>valorisation<\/strong> de son entreprise\u00a0?<\/span><\/li>\n<li><span style=\"color: #993366;\">Quelle va \u00eatre l\u2019attitude des banques\u00a0concernant le financement\u00a0?<\/span><\/li>\n<\/ol>\n<h2>Les questionnements sur la valorisation<\/h2>\n<p>On le sait, une composante importante du prix d\u2019une entreprise est li\u00e9e \u00e0 ses performances d\u2019exploitation (EBITDA et EBIT). D\u00e8s lors :<\/p>\n<ul>\n<li>Dans quelle mesure le <strong>trou d\u2019air<\/strong> provoqu\u00e9 par le confinement (de quelques semaines \u00e0 plusieurs mois selon les secteurs) va-t-il peser sur les r\u00e9sultats 2020 ? En effet, une valorisation de d\u00e9cembre 2019 n\u2019est sans doute plus la m\u00eame en mars 2020 ni en octobre, et cela modifie la donne !<\/li>\n<li>Comment s\u2019op\u00e8re et va s\u2019op\u00e9rer le <strong>red\u00e9marrage<\/strong> de l\u2019activit\u00e9 et quel sc\u00e9nario va-t-il suivre (reprise en V, en U, en W ou en virgule de Nike, en racine carr\u00e9)\u00a0?<\/li>\n<\/ul>\n<p>Bien entendu, certains secteurs et certaines entreprises ont \u00e0 l\u2019oppos\u00e9 connu un tr\u00e8s fort d\u00e9veloppement.<\/p>\n<p><strong>Tout ceci pour dire que chaque cas d\u2019entreprise est un cas particulier, qu\u2019il faut \u00eatre attentif, et \u00e9tudier avec pr\u00e9cision le business model de l\u2019entreprise.<\/strong> Tous ces \u00e9l\u00e9ments vont jouer sur la valorisation\u00a0: celle-ci peut d\u00e9cider un actionnaire \u00e0 <strong>vendre<\/strong> ou au contraire \u00e0 a<strong>ttendre<\/strong> une potentielle remont\u00e9e des valorisations. Mais dans ce dernier cas, il lui faudra sans doute faire montre de patience durant quelques ann\u00e9es\u2026<\/p>\n<p>Si le c\u00e9dant ne souhaite pas trop attendre, il conviendra de trouver des <strong>montages financiers<\/strong> qui lui permettront de ne pas trop s\u2019\u00e9loigner de ses attentes initiales de valorisation, et \u00e0 l\u2019acqu\u00e9reur de prendre un risque raisonnable dans cet environnement compliqu\u00e9. Et l\u00e0 est un des r\u00f4les majeurs des conseils en fusion\/acquisition.<\/p>\n<h2>Les interrogations sur les financements<\/h2>\n<p><strong>L\u2019obtention du financement<\/strong> est, dans la tr\u00e8s grande majorit\u00e9 des cas, une condition de r\u00e9alisation des deals. Ce premier semestre a vu l\u2019activit\u00e9 des centres d\u2019affaires bancaires se d\u00e9cupler avec la mise en place des PGE, qui ont tr\u00e8s souvent retard\u00e9 l\u2019avanc\u00e9e des autres financements concernant les dossiers en cours.<\/p>\n<p>Si ce second semestre devrait redonner du temps aux charg\u00e9s d\u2019affaires pour \u00e9tudier les dossiers, qu\u2019en sera-t-il de leur app\u00e9tit\u00a0? <strong>Les PGE auront gonfl\u00e9 leurs lignes de cr\u00e9dit et donc limit\u00e9 d\u2019autant la mise en place de nouvelles lignes.<\/strong> Et surtout, quelle sera leur position quant \u00e0 leur <strong>appr\u00e9ciation du risque<\/strong>, avec des bilans 2020 qui risquent d\u2019\u00eatre moins bons pour une grande partie des entreprises\u00a0? On voit d\u2019ailleurs appara\u00eetre un nouvel indicateur de risques\u00a0: <strong>l\u2019indice de r\u00e9silience<\/strong>.<\/p>\n<p>Ce questionnement peut \u00e9galement \u00eatre \u00e9tendu aux fonds d&rsquo;investissement qui eux aussi devront prendre en consid\u00e9ration les \u00e0-coups de l&rsquo;entreprise tant en termes d&rsquo;activit\u00e9 que de rentabilit\u00e9.<\/p>\n<p><strong>En conclusion, les semaines qui viennent vont vraisemblablement montrer les besoins de renfort des fonds propres et aussi, je dirais m\u00eame surtout, des quasi fonds propres. Il faudra trouver de nouvelles sources de financement. C\u2019est l\u00e0 encore un des r\u00f4les du conseil en fusion\/acquisition.<\/strong><\/p>\n<p><span style=\"color: #993366;\"><em>Vincent JUGUET<\/em><\/span><\/p>\n<p><span style=\"color: #993366;\"><em>MBA Capital Paris<\/em><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Revenons sur la conf\u00e9rence de presse AFiTE\/CNCEF que nous prolongerons de certaines r\u00e9flexions. Le march\u00e9 du M&amp;A est actif comme&#8230;<\/p>","protected":false},"author":2,"featured_media":7469,"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-4227","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>Rentr\u00e9e 2020 : quelles perspectives pour les activit\u00e9s de M&amp;A ?<\/title>\n<meta name=\"description\" content=\"Retour sur la conf\u00e9rence de presse AFite\/CNCEF. 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