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DSCG 2 Finance : Manuel et applications by Pascal Barneto, Georges Gregorio

By Pascal Barneto, Georges Gregorio

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Extra resources for DSCG 2 Finance : Manuel et applications

Sample text

Depuis le mois de septembre 2004, la série FTSEurofirst a été étendue pour englober les indices FTSEurofirst 300 et les indices sectoriels FTSEurofirst. 43 1 PARTIE APPLICATION ÉTUDE DE CAS N° 1 La notion de valeur en finance Monsieur Matt Phy, investisseur, a plusieurs opportunités d’investissement sur lesquels il doit se pronon­ cer. N’ayant aucune connaissance dans le domaine du calcul financier, il a du mal à apprécier l’intérêt des offres qu’il reçoit. Ainsi, parmi son courrier, figure une proposition de crédit permanent.

De la même façon, on aura P 0 = -------------2 n n (1 + i) (1 + i) (1 + i) (1 + i) On retrouve ainsi la relation fondamentale évoquée au début de ces développements, à savoir : n P0 = ∑ Dt (1 + i) –t + P n (1 + i) –n . t=1 C’est la base des modèles d’évaluation qui seront présentés par la suite. b) Les modèles d’actualisation des dividendes À partir des notions mises en évidence supra, la valeur des fonds propres d’une entreprise est déterminée à partir de l’actualisation des flux de dividendes revenant aux actionnaires.

40. 25 1 PARTIE 1 PARTIE CHAPITRE 1 – La valeur et le temps ■ Le raisonnement pour une période Ainsi, sur une période donnée, un investisseur possède-t-il deux sources de revenus potentiels : – la perception de dividendes tout au long de la période ; – le prix de vente de l’action à l’issue de la période. Si l’on pose que Pt et Dt sont respectivement le prix du titre et le dividende perçu à l’issue de l’année t, et si l’on se situe sur un horizon d’investissement d’un an, pour un investisseur on obtient les flux suivants : 0 1 − P0 D1 + P1 Comme, bien évidemment, le dividende et le prix futurs ne sont pas connus avec certitude, ces valeurs reposeront sur les attentes de l’investisseur au moment de l’acquisition de l’action : il acceptera de payer un prix qui, au pire, descendra jusqu’à annuler la valeur actuelle de ces revenus futurs.

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