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Posted: Tue 18:53, 10 Sep 2013 Post subject: hollister france How To Get The Best Online Tutori |
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Posted: Wed 11:58, 11 Sep 2013 Post subject: |
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Posted: Fri 7:39, 13 Sep 2013 Post subject: |
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Révision des stratégies
pour 7,95 milliards d'euros (Le Monde du 5 avril). Alors que Vivendi était [link widoczny dla zalogowanych] seul en lice, le PDG de Vodafone, Vittorio [link widoczny dla zalogowanych] Colao, [link widoczny dla zalogowanych] a obtenu une forte prime par rapport aux multiples de valorisation en vigueur dans le secteur. Cette transaction révèle que dans la course entre [link widoczny dla zalogowanych] ces deux s, M. Colao a une longueur d'avance sur son homologue de Vivendi, Jean-Bernard Lévy.
?
Plus de commentaires sur l'actualité économique et financière sur .
La réaction mitigée des investisseurs vient du fait que cette transaction était attendue de longue date. Mais si on compare les performances de Vodafone et de Vivendi, il semble que M. Colao gagne une partie d'une autre ampleur : l'écart entre la valeur [link widoczny dla zalogowanych] globale de son groupe et la somme des entités qui le composent.
Le Monde.fr a le plaisir de vous la lecture de cet article habituellement réservé aux abonnés du Monde.fr.Profitez de tous [link widoczny dla zalogowanych] les articles réservés du Monde.fr en
Mais M. Lévy, président du directoire de Vivendi, avait besoin d'un accord à tout prix. Cette transaction lui permet de développer SFR à l'. Le groupe pourra aussi améliorer ses offres [link widoczny dla zalogowanych] commerciales en combinant les triple-play (téléphonie, télévision et Internet) de SFR et les activités de télévision payante de Vivendi. Et le conglomérat sur les télécommunications, source de revenus plus stables que les ou la musique. Pour autant, l'opération reste cher payée, surtout si l'on considère que la concurrence s'intensifiera en 2012, lorsque le quatrième opérateur de téléphonie mobile, , fera son entrée sur le marché fran?ais.
Pour le groupe fran?ais - qui s'appuie sur ses propres techniques comptables -, le prix d'achat équivaut à 6,2 fois l'excédent brut d'exploitation (Ebitda) 2010 de SFR, quand Vodafone l'estime à 6,7 fois l'Ebitda. Quoi qu'il en soit, il s'agit d'une prime appréciable - les valeurs européennes des [link widoczny dla zalogowanych] télécommunications se négocient à 5,1 ou 5,3 fois l'Ebitda, selon . En réalité, Vivendi paie une prime comprise entre 17 % et 31 % pour le contr?le du deuxième opérateur de téléphonie mobile fran?ais. Et Vodafone empoche en outre un acompte de 200 millions d'euros sur les dividendes de SFR.
Quant au [link widoczny dla zalogowanych] PDG de Vodafone, son grand défi consiste à accro?tre les bénéfices du numéro un du [link widoczny dla zalogowanych] mobile aux Etats-Unis, , dont il détient 45 % du capital, et qui ne verse toujours pas de dividendes. Or, tous les indicateurs sont au vert [link widoczny dla zalogowanych] pour 2011. Encore un effort et [link widoczny dla zalogowanych] M. Colao franchira la ligne d'arrivée en vainqueur.
Or, depuis que M. Lévy a cédé la participation de 20 % détenue par Vivendi dans [link widoczny dla zalogowanych] NBC Universal fin 2009, les actions du [link widoczny dla zalogowanych] conglomérat fran?ais font du surplace. Sur la même période, le Vodafone s'est adjugé 30 %. Ce groupe a, il est [link widoczny dla zalogowanych] vrai, revu sa stratégie en cédant des participations minoritaires en (China Mobile), au (Softbank) et à présent en France, tout en s'engageant à sa trésorerie excédentaire à ses actionnaires. Même si Vivendi se sépare d'activités de télévision et de vidéo qu'il ne contr?le pas à 100 %, il gardera son statut de conglomérat.
(Traduction de Béatrice Laroche.)
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