Yahoo ou la critiquable politique du rachat d’actions
Le journal The New York Times par la plume de G. Morgenson revient sur le délicat débats de la légitimité des politiques de rachat d’actions : « In Yahoo, Another Example of the Buyback Mirage » (25 mars 2016).
It is one of the great investment conundrums of our time: Why do so many stockholders cheer when a company announces that it’s buying back shares?
(…) Consider Yahoo. The company bought back shares worth $6.6 billion from 2008 to 2014, according to Robert L. Colby, a retired investment professional and developer of Corequity, an equity valuation service used by institutional investors. These purchases helped increase Yahoo’s earnings per share about 16 percent annually, on average.
But a good bit of that performance was the buyback mirage. Growth in Yahoo’s overall net profits came in at about 11 percent annually.
(…) But Mr. Colby pointed out that buybacks provide only a one-time benefit, while smart investments in a company’s operations can generate years of gains.
À la prochaine…
Ivan Tchotourian