{"id":560,"date":"2020-12-31T16:52:46","date_gmt":"2020-12-31T16:52:46","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&p=560"},"modified":"2026-04-09T01:39:54","modified_gmt":"2026-04-09T01:39:54","slug":"credit-in-the-time-of-covid","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/fr\/insights\/credit-in-the-time-of-covid\/","title":{"rendered":"030\u00a0: Le cr\u00e9dit en p\u00e9riode de COVID"},"content":{"rendered":"

Toute affirmation concernant l'ampleur des bouleversements engendr\u00e9s par l'ann\u00e9e 2020 risque d'\u00eatre un euph\u00e9misme. Outre la n\u00e9cessit\u00e9 de repenser leur vie personnelle et leurs habitudes, de nombreux investisseurs ont \u00e9t\u00e9 contraints de revoir leur conception du risque et des pertes potentielles \u2013 un sujet auquel nous avons consacr\u00e9 \u00e9norm\u00e9ment de temps ces six derniers mois.<\/p>\n\n

Bien que GRAPH s'enorgueillisse de r\u00e9fl\u00e9chir de mani\u00e8re cr\u00e9ative aux opportunit\u00e9s de cr\u00e9ation de valeur pour les nouveaux propri\u00e9taires, nous sommes souvent sollicit\u00e9s par des clients qui sont des investisseurs en cr\u00e9dit pour mener des enqu\u00eates approfondies sur les risques de baisse.<\/p><\/div>\n\n

\n\n

En tirant des enseignements de cette exp\u00e9rience (atypique) pour l'ensemble de la communaut\u00e9 des sponsors, quelques bonnes \u201c pratiques \u00e0 adopter face aux risques \u201d se d\u00e9gagent et pourraient s'av\u00e9rer utiles \u00e0 tous les investisseurs\u00a0:<\/p>\n\n

    \n
  1. Les investisseurs en cr\u00e9dit s'efforcent souvent davantage de \u201c sensibiliser \u201d le risque de baisse\u00a0:<\/em><\/strong>\u00a0<\/em>\u00c9tant donn\u00e9 que de nombreux sc\u00e9narios pertinents pour les investisseurs sont ax\u00e9s sur le potentiel de croissance ou impliquent de nouveaux investissements de capitaux, nos mandats de connaissance du client (CDD) traditionnels, orient\u00e9s vers les investisseurs, tendent \u00e0 privil\u00e9gier les opportunit\u00e9s de cr\u00e9ation de valeur. Nos documents destin\u00e9s aux investisseurs en cr\u00e9dit, quant \u00e0 eux, analysent en profondeur les principaux sc\u00e9narios d\u00e9favorables et s'interrogent sur les facteurs de r\u00e9silience op\u00e9rationnelle et financi\u00e8re de l'entreprise.<\/li>\n<\/ol>\n\n
      \n
    1. Essentialisation proactive des principaux indicateurs de performance\u00a0:<\/strong>\u00a0<\/em>L'un des principaux enseignements de cette analyse approfondie des sc\u00e9narios d\u00e9favorables est que les investisseurs en cr\u00e9dit avertis apprennent \u00e0 examiner de pr\u00e8s les indicateurs cl\u00e9s de performance susceptibles d'affecter l'entreprise en cas de difficult\u00e9s. Des \u00e9l\u00e9ments tels que les taux de d\u00e9sabonnement, les lignes de m\u00e9tier \u00e0 fort effet de levier op\u00e9rationnel et la concentration des marges brutes sur certains comptes deviennent des sujets de discussion essentiels, l'objectif \u00e9tant d'identifier des indicateurs avanc\u00e9s \u00e0 suivre. L'identification de ces indicateurs pr\u00e9coces de difficult\u00e9s est \u00e9galement pr\u00e9cieuse pour les sponsors. En anticipant les probl\u00e8mes, ils impressionnent les pr\u00eateurs potentiels en r\u00e9pondant proactivement \u00e0 ce besoin.<\/li>\n<\/ol>\n\n
        \n
      1. L\u2019analyse de cr\u00e9dit restreint toujours le champ d\u2019action, \u201c d\u00e9construisant \u201d le travail :\u00a0<\/em><\/strong>GRAPH a r\u00e9alis\u00e9 des projets d'envergure pour des investisseurs en cr\u00e9dit, se concentrant exclusivement sur des sujets tels que les taux de d\u00e9sabonnement. Ce niveau de sp\u00e9cialisation permet d'isoler certains \u00e9l\u00e9ments cl\u00e9s.\u00a0ce qui compte vraiment<\/em>\u00a0\u00e0 partir d'analyses d'entreprises approfondies. Certains investisseurs demandent la m\u00eame analyse boursi\u00e8re pour des op\u00e9rations tr\u00e8s diff\u00e9rentes\u00a0; c'est un gaspillage de ressources et une distraction potentiellement dangereuse qui d\u00e9tourne l'attention des v\u00e9ritables enjeux. Nous pensons que nos meilleurs clients investisseurs en actions proc\u00e8dent de m\u00eame\u00a0: en ciblant leurs efforts et en adoptant une approche progressive et m\u00e9thodique des questions essentielles par ordre de priorit\u00e9, ils parviennent \u00e0 obtenir des r\u00e9sultats concrets.\u00a0plus rapide<\/em>\u00a0En renfor\u00e7ant la confiance d\u00e8s le d\u00e9but du processus, ils b\u00e9n\u00e9ficient en outre des outils n\u00e9cessaires pour devenir des membres efficaces du conseil d'administration, en s'\u00e9tant concentr\u00e9s sur les questions essentielles.<\/li>\n<\/ol>\n\n

        Bien s\u00fbr, les sc\u00e9narios pessimistes peuvent \u00eatre accablants ces temps-ci\u00a0: la COVID-19 a engendr\u00e9 une incertitude consid\u00e9rable quant \u00e0 l\u2019offre et \u00e0 la demande pour de nombreuses entreprises. Dans ce contexte, identifier le bon sc\u00e9nario pessimiste peut s\u2019av\u00e9rer complexe. Il convient de commencer par les fondamentaux\u00a0: qu\u2019est-ce qui stimule la demande\u00a0? Ensuite, il faut analyser les comportements qui se d\u00e9veloppent lorsque celle-ci est menac\u00e9e, quelle qu\u2019en soit la cause potentielle. Il faut ensuite se pencher sur les forces de l\u2019entreprise et d\u00e9terminer (sans exag\u00e9rer) sa capacit\u00e9 \u00e0 influencer la demande, ainsi que son aptitude \u00e0 identifier et \u00e0 d\u00e9velopper des activit\u00e9s commerciales dans les segments de march\u00e9 o\u00f9 la demande est r\u00e9siliente. Quel que soit le sc\u00e9nario, un enseignement cl\u00e9 que nous avons tir\u00e9 est l\u2019importance de bien distinguer les changements susceptibles d\u2019\u00eatre permanents de ceux qui ne sont que temporaires. Nos clients les plus avis\u00e9s ne parlent pas d\u2019un \u201c\u00a0retour \u00e0 la normale\u00a0\u201d apr\u00e8s la COVID, mais plut\u00f4t d\u2019une r\u00e9invention de ce \u00e0 quoi l\u2019entreprise pourrait ressembler une fois les contraintes assouplies. Cela ne signifie pas forc\u00e9ment un avenir moins prometteur\u00a0; pour certains, un monde \u201c\u00a0post-COVID\u00a0\u201d, avec les investissements judicieux r\u00e9alis\u00e9s d\u00e8s maintenant, pourrait offrir des gains plus importants, et non des opportunit\u00e9s r\u00e9duites.<\/p>","protected":false},"excerpt":{"rendered":"

        Toute affirmation concernant l'ampleur des bouleversements engendr\u00e9s par l'ann\u00e9e 2020 risque d'\u00eatre un euph\u00e9misme. Outre la n\u00e9cessit\u00e9 de repenser leur vie personnelle et leurs habitudes, de nombreux investisseurs ont \u00e9t\u00e9 contraints de\u2026<\/p>","protected":false},"author":[82],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[44,106,110,78,66],"audience":[],"insight-category":[141],"class_list":["post-560","insight","type-insight","status-publish","hentry","topic-addressable-market","topic-customer-behavior","topic-distressed","topic-price","topic-profit-margin","insight-category-profit-pricing","author-jeff-merkle"],"yoast_head":"\n030: Credit in the time of COVID - Matters Graph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mattersgraph.com\/fr\/insights\/credit-in-the-time-of-covid\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"030: Credit in the time of COVID - Matters Graph\" \/>\n<meta property=\"og:description\" content=\"Any statement on the level of disruption that 2020 has served up risks being an understatement. 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