{"id":5928,"date":"2021-11-29T14:17:49","date_gmt":"2021-11-29T13:17:49","guid":{"rendered":"https:\/\/finharmony.net\/staging\/?p=5928"},"modified":"2024-04-30T11:40:54","modified_gmt":"2024-04-30T09:40:54","slug":"expertise-en-evaluation-mathematiques-financieres-appliquees-et-approches-specifiques-dans-des-situations-complexes","status":"publish","type":"post","link":"https:\/\/finharmony.net\/staging\/expertise-en-evaluation-mathematiques-financieres-appliquees-et-approches-specifiques-dans-des-situations-complexes\/","title":{"rendered":"Math\u00e9matiques financi\u00e8res appliqu\u00e9es et approches sp\u00e9cifiques dans des situations complexes"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<\/p>\n<h3>Math\u00e9matiques financi\u00e8res appliqu\u00e9es<\/h3>\n<p>Le choix d\u2019une <strong>approche d\u2019\u00e9valuation<\/strong> d\u00e9pend d\u2019abord de la d\u00e9marche sous-jacente. Cherche-t-on \u00e0 fournir une valeur, ou \u00e0 fixer un prix ? \u201cPrice is what you pay \u2013 Value is what you get\u201d Warren Buffet. Et la valeur d\u2019une entreprise n\u2019est certainement pas la m\u00eame pour toutes les parties prenantes !<\/p>\n<p>Ainsi, dans une transaction, au-del\u00e0 des <strong>4 approches classiques<\/strong> (patrimoniale par le bilan, de march\u00e9 par les multiples, potentielle par le DCF et d\u2019opportunit\u00e9 par les options r\u00e9elles), la perspective de l\u2019acheteur et celle du vendeur vont se confronter.[\/vc_column_text][vc_column_text]<strong>Du point de vue de l\u2019acheteur<\/strong>, quatre strat\u00e9gies fr\u00e9quentes :<\/p>\n<ul>\n<li>\u00a0Le pr\u00e9dateur (ou chasseur de bonnes affaires) aura une approche \u00ab liquidation value \u00bb ou \u00ab distressed value \u00bb sur sa cible.<\/li>\n<li>\u00a0Le sp\u00e9culateur (ou financier opportuniste) pr\u00e9f\u00e8rera une valeur \u00ab going concern basis \u00bb ou \u00ab stand alone value \u00bb.<\/li>\n<li>Le strat\u00e8ge (investisseur d\u00e9veloppeur) aura pour sa part une vision \u00ab fair value including synergies \u00bb ou \u00ab replacement cost \u00bb dans un arbitrage croissance organique versus croissance externe.<\/li>\n<li>Le BA ou VC, qui aime se faire briller les yeux, mais sait \u00eatre r\u00e9aliste, prendra lui \u00ab les choses \u00e0 l\u2019envers \u00bb. Il partira d\u2019une valeur de sortie en vision business model actualis\u00e9e \u00e0 un taux de rendement objectif s\u00e9v\u00e8re.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_column_text]<strong>Du point de vue du vendeur<\/strong>, la t\u00e2che est plus difficile. \u201c<em>Look, don&#8217;t congratulate us when we buy a company, congratulate us when we sell it. Because any fool can overpay and buy a company\u201d Henry Kravis<\/em>. La strat\u00e9gie du vendeur sera d\u2019exploiter les r\u00e9serves de valeur en fonction du contexte. Pour cela il devra consid\u00e9rer la phase du cycle de vie de sa p\u00e9pite. Et ici, les recommandations de Aswath Damodaran sont judicieuses :<\/p>\n<ul>\n<li>\u00a0Lancement : EV \/ market<\/li>\n<li>\u00a0Emergence : EV \/ user<\/li>\n<li>\u00a0D\u00e9collage : EV \/ sales<\/li>\n<li>\u00a0Expansion : Price Earning to Growth<\/li>\n<li>\u00a0Maturit\u00e9 : PER<\/li>\n<li>D\u00e9clin : Price to book<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_column_text]Enfin, dans tous les cas, acheteur et vendeur devront converger sur <strong>la prise en compte du facteur risque<\/strong>. Et pour \u00e9viter une guerre de position sur la composante risque dans le taux d\u2019actualisation, la mise en \u0153uvre de m\u00e9thodes type Monte-Carlo devient la r\u00e9f\u00e9rence permettant d\u2019int\u00e9grer une vision op\u00e9rationnelle et ma\u00eetris\u00e9e de la volatilit\u00e9 et de l\u2019incertitude.<\/p>\n<p>Autant de sujets passionnants, sur lesquels<span style=\"color: #008000;\"><a style=\"color: #008000;\" href=\"https:\/\/finharmony.net\/staging\/produit\/expertise-en-evaluation-mathematiques-financieres-appliquees-et-approches-specifiques-dans-des-situations-complexes\/\"> nous aurons plaisir \u00e0 \u00e9changer avec vous lors de cet atelier<\/a> !<\/span>[\/vc_column_text][vc_single_image image=&#8221;5929&#8243; img_size=&#8221;full&#8221; onclick=&#8221;custom_link&#8221; link=&#8221;https:\/\/finharmony.net\/staging\/produit\/expertise-en-evaluation-mathematiques-financieres-appliquees-et-approches-specifiques-dans-des-situations-complexes\/&#8221;][vc_column_text]Retrouvez l&#8217;ensemble de notre <a href=\"https:\/\/finharmony.net\/staging\/?post_type=product\">catalogue de formations ici.\u00a0<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] Math\u00e9matiques financi\u00e8res appliqu\u00e9es Le choix d\u2019une approche d\u2019\u00e9valuation d\u00e9pend d\u2019abord de la d\u00e9marche sous-jacente. Cherche-t-on \u00e0 fournir une valeur, ou \u00e0 fixer un prix ? \u201cPrice is what you&hellip;<\/p>\n","protected":false},"author":8,"featured_media":5938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"inline_featured_image":false,"footnotes":""},"categories":[735,1],"tags":[],"class_list":["post-5928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-non-classifiee"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Math\u00e9matiques financi\u00e8res appliqu\u00e9es - Expertise en \u00e9valuation<\/title>\n<meta name=\"description\" content=\"Comment comprendre les math\u00e9matiques financi\u00e8res appliqu\u00e9es l&#039;approche sp\u00e9cifique dans les situations complexes.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Math\u00e9matiques financi\u00e8res appliqu\u00e9es - 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