{"id":1772,"date":"2008-10-19T08:02:42","date_gmt":"2008-10-19T08:02:42","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/10\/19\/la-bourse-fuit\/"},"modified":"2012-07-12T11:03:10","modified_gmt":"2012-07-12T11:03:10","slug":"la-bourse-fuit","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/10\/19\/la-bourse-fuit\/","title":{"rendered":"La Bourse fuit les activit\u00e9s mobilisatrices de capitaux"},"content":{"rendered":"<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;<strong><span style=\"font-size: 1.4em\">E<\/span><\/strong>n ces p\u00e9riodes de capitaux rares et donc de liquidit\u00e9s ch\u00e8res (credit crunch) les boursiers fuient toutes les Soci\u00e9t\u00e9s dont le fonctionnement n\u00e9cessite un endettement des clients pour alimenter les commandes ou d&rsquo;elles m\u00eames pour abonder le besoin en fond de roulement. La dette est mal vue. Les Groupes qui exercent leurs talents dans les \u00e9nergies renouvelables font partie de cette cat\u00e9gorie. Deux exemples simples peuvent illustrer ce propos. Tout d&rsquo;abord le danois VESTAS, fabricant d&rsquo;\u00e9oliennes, benchmark de tout placement \u00e9cologique, a vu son cours divis\u00e9 par deux en quelques semaines, bien que son activit\u00e9 soit saine, puisqu&rsquo;il fait payer ses clients \u00e0 la commande qu&rsquo;il livrera dans deux ans. Se pose alors une question existentielle pour Vestas: va-t-il avoir encore des clients?<a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/edfenvestas2008101.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"477\" alt=\"Edfenvestas200810\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/edfenvestas200810.jpg\" width=\"480\"  \/><\/a> <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; L&rsquo;action du fournisseur d&rsquo;\u00e9quipements va mal parce que ses futurs clients vont ramer pour trouver les liquidit\u00e9s n\u00e9cessaires \u00e0 leur investissement et payer les gros acomptes \u00e0 la commande. Sans aller chercher notre champion THEOLIA en pleine d\u00e9b\u00e2cle boursi\u00e8re (-73% depuis le d\u00e9but de l&rsquo;ann\u00e9e), le march\u00e9 fuit \u00e9galement la tr\u00e8s bien dot\u00e9e EDF Energies Nouvelles qui vient d&rsquo;\u00eatre recapitalis\u00e9e (500 M euros, merci!) apr\u00e8s avoir un peu trop fait la f\u00eate. Les filles de riches sont insouciantes! Mais le march\u00e9 n&rsquo;aime pas les fofolles qui engloutissent les capitaux, alors EDF EN perd 46% de sa valeur depuis le d\u00e9but de l&rsquo;ann\u00e9e (FIG.), sous performant ainsi le DJ EURO STOXX qui perd 42%.<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; En ces p\u00e9riodes de d\u00e9gonflement de bulles sp\u00e9culatives diverses et de sain ralentissement de l&rsquo;\u00e9conomie mettant fin \u00e0 la surchauffe, il est clair que la r\u00e9cr\u00e9ation est finie. Les Banques vont vouloir se refaire une sant\u00e9 en maintenant des &quot;spread&quot; \u00e9lev\u00e9s sur leurs pr\u00eats, il n&rsquo;est pas certain que la BCE ram\u00e8ne rapidement son taux de refinancement vers un indispensable 2%, la p\u00e9riode des commandes \u00e0 tout prix aux \u00e9quipementiers est finie, la d\u00e9tente des cours sur les mati\u00e8res premi\u00e8res est largement amorc\u00e9e. Nous allons conna\u00eetre une \u00e9poque o\u00f9 les acteurs \u00e9conomiques vont r\u00e9fl\u00e9chir avant d&rsquo;investir. Ce ne sera peut-\u00eatre pas plus mal?<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Dans un tel contexte on ne peut que douter de l&rsquo;avenir des grands projets pharaoniques de fermes \u00e9oliennes offshore aux rentabilit\u00e9s questionnables ou de projets solaires \u00e0 des co\u00fbts initiaux du MW install\u00e9 qui frisent l&rsquo;escroquerie. Le temps est venu des gains de productivit\u00e9, des d\u00e9lais tenus et des devis r\u00e9alis\u00e9s avec des prix calcul\u00e9s &quot;au plus juste&quot;. Une r\u00e9volution!<\/p>\n<p>Le 19 Octobre 2008.<\/p>\n<p>&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;En ces p\u00e9riodes de capitaux rares et donc de liquidit\u00e9s ch\u00e8res (credit crunch) les boursiers fuient toutes les Soci\u00e9t\u00e9s dont le fonctionnement n\u00e9cessite un endettement des clients pour alimenter les commandes ou d&rsquo;elles m\u00eames pour abonder le besoin en fond de roulement. La dette est mal vue. Les [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":10537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>La Bourse fuit les activit\u00e9s mobilisatrices de capitaux - leblogenergie.com<\/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:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/10\/19\/la-bourse-fuit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"La Bourse fuit les activit\u00e9s mobilisatrices de capitaux - leblogenergie.com\" \/>\n<meta name=\"twitter:description\" content=\"&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;En ces p\u00e9riodes de capitaux rares et donc de liquidit\u00e9s ch\u00e8res (credit crunch) les boursiers fuient toutes les Soci\u00e9t\u00e9s dont le fonctionnement n\u00e9cessite un endettement des clients pour alimenter les commandes ou d&rsquo;elles m\u00eames pour abonder le besoin en fond de roulement. La dette est mal vue. 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