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• 15 Réponses trié par Votes Date
• GroupePretoria

  janvier 2017 Vote Up0Vote Down

  Personnellement une croissance de 15%annuelle à 22x les profits je trouve pas ça un deal sans être très dispendieux...  Sinon je ne connais pas cette entreprise.
• philrancourt

  janvier 2017 Vote Up0Vote Down

  Je ne connais pas beaucoup l'entreprise mais je me rappelle que c'était un chouchou de 2014 :
  
  http://forum.entrepreneurboursier.com/portefeuille/chouchous2014.html
  
• aissa

  janvier 2017 Vote Up0Vote Down

  Je ne connais pas beaucoup l'entreprise mais je me rappelle que c'était un chouchou de 2014 :
  
  http://forum.entrepreneurboursier.com/portefeuille/chouchous2014.html
  

  Oui Phil, et c'est encore mon chouchou vu que je utilise leurs produits dans mon travail!

  il y a une baisse aujourd'hui de 3% peut être un bon point d'entré!
• aissa

  janvier 2017 Vote Up0Vote Down

  
  

  Stock in Focus: IPG Photonics Corporation (NASDAQ:IPGP)

  G Photonics Corporation (NASDAQ:IPGP) currently has a 6 month price index of 1.20806. The six month price index is easily measured by dividing the current share price by the share price six months ago. A ratio above one indicates an increase in share price over the six month period. A ratio below one indicates that the price has decreased over that specific period.

  Traders might also be keeping an eye on the Piotroski Score or F-Score. The score is named after its developer Joseph Piotroski who created a ranking scale from 0-9 to help determine the financial strength of a company. IPG Photonics Corporation (NASDAQ:IPGP) currently has a Piotroski Score of 4. To arrive at this score, Piotroski gave one point for every piece of criteria met out of the nine considered. In terms of profitability, one point was given if there was a positive return on assets in the current year, one point if operating cash flow was positive in the current year, one point for higher ROA in the current period compared to ROA for the previous year, and one point for cash flow from operations greater than ROA. In terms of leverage and liquidity, one point was given for a lower ratio of long term debt in the current period compared to the previous year, one point was given for higher current ratio compared to the previous year, and one point if no new shares were issued in the last year. In terms of operating efficiency, one point was given for higher gross margin compared to the previous year, and one point was given for a higher asset turnover ratio compared to the previous year. In general, a stock with a score of 8 or 9 would be considered strong while a stock with a score from 0-2 would be considered weak.

  Investors may also be watching company stock volatility data. IPG Photonics Corporation (NASDAQ:IPGP)’s 12 month volatility is presently 28.772300. The 6 month volatility is 24.231000, and the 3 month is noted at 29.483500. Stock price volatility may be used to identify changes in market trends. When markets become very volatile, this may point to a change in investor sentiment. Watching volatility in combination with other technical indicators may help investors discover important trading information.

  Diving in a bit further, we can take a quick look at the Q.i. (Liquidity) Value. IPG Photonics Corporation (NASDAQ:IPGP) has a present Q.i. value of 32.00000. This value ranks stocks using EBITDA yield, FCF yield, earnings yield and liquidity ratios. The Q.i. value may help spot companies that are undervalued. A larger value would represent low turnover and a higher chance of shares being mispriced. A lower value may indicate larger traded value meaning more sell-side analysts may cover the company leading to a smaller chance shares are priced improperly.

  Investors keeping an eye on shares of IPG Photonics Corporation (NASDAQ:IPGP) may be examining the company’s FCF or Free Cash Flow. FCF is a measure of the financial performance of a company. FCF is calculated by subtracting capital expenditures from operating cash flow. Currently, IPG Photonics Corporation (NASDAQ:IPGP) has an FCF score of 0.979493. The FCF score is an indicator that is calculated by combining free cash flow stability with free cash flow growth. Typically, a higher FCF score value would indicate high free cash flow growth. The company currently has an FCF quality score of 3.416084. The free quality score helps estimate free cash flow stability. FCF quality is calculated as the 12 ltm cash flow per share over the average of the cash flow numbers. With this score, it is generally considered that the lower the ratio, the bette
• Pas_77

  janvier 2017 janvier 2017 modifié Vote Up0Vote Down

  Pour les intéressés, l'entreprise a divulgué des résultats préliminaires supérieurs aux attentes aujourd'hui. 

  
  

  Au début du mois, l'entreprise a également présenté les occasions de croissance pour les prochaines années. 

  
  

  Voici les liens : 

  
  

  http://investor.ipgphotonics.com/~/media/Files/I/Ipg-Photonics-IR/reports-and-presentations/ipg-needham-presentation-01-17.pdf

  
  

  http://investor.ipgphotonics.com/press-releases/year-2017/pr-01-30-2017-130136613 
• Pas_77

  janvier 2017 Vote Up0Vote Down

  @GroupePetroria

  Personnellement une croissance de 15%annuelle à 22x les profits je trouve pas ça un deal sans être très dispendieux...  Sinon je ne connais pas cette entreprise.

  Je suis curieux de connaitre ton taux de rendement exigé sur tes placements pour ne pas être intéressé par un un P/E de 22 et une croissance de 15 % ? Ou du moins qu'elle croissance demanderais-tu pour un tel P/E ? 

  
  

   

  
  

   
• GroupePretoria

  janvier 2017 janvier 2017 modifié Vote Up0Vote Down

  Environ le même taux que la croissance .
  
  P/e 15 = croissance de 15% soutenue
  P/e 22 = croissance de 22% soutenue
• Pas_77

  janvier 2017 Vote Up0Vote Down

  Daccord Merci, 

  
  

   Ça te fait une bonne marge de sécurité. 
• GroupePretoria

  janvier 2017 janvier 2017 modifié Vote Up0Vote Down

  Daccord Merci, 

  
  

   Ça te fait une bonne marge de sécurité. 

  C'est le but, ça permet de faire du profit et de voir venir si la croissance diminue.  C'est lorsque la croissance est de 50% que c'est difficile à évaluer.  Je ne suis jamais à l'aise avec un P/E de 50...  Exemple XPEL.  La plus petite erreur de parcours peut faire tout tomber.
• aissa

  janvier 2018 Vote Up0Vote Down

  Une analyse qui explique pourquoi le titre est devenu trop chère
  
  Analysis
  
  Summary
  
  Une analyse pourquoi le titre est devIPG Photonics has seen accelerating operating momentum, which triggered a huge run in its share price this year.
  Despite a recent 20% pullback, shares have still doubled this year.
  I like the impeccable track record of the business, accelerating momentum and the great prospects.
  While the latest pullback makes the shares appealing to me, I am waiting for a further drop before joining this laser-focused company.
  Shares of IPG Photonics (NASDAQ:IPGP) have recently lost 20% of their value following a correction in technology and momentum names, which warrants an investigation. Despite the rather violent sell-off, shares have still doubled so far this year, in part because revenue growth accelerated to 48% in the third quarter.
  
  Despite a great track record and current conditions, valuation multiples have increased at the same time as well, which causes some risk, especially as growth is expected to slow down quite a bit in the near term. To find real appeal in what otherwise remains a great business, I am looking for a further pullback before jumping aboard.
  
  The Business
  
  IPG is the market leader in industrial fiber lasers which are used for welding, cutting, drilling, additives and surface treatment, among other applications. These lasers are used in a variety of end markets, which means that IPG benefits from a growing industry. The company furthermore benefits from the fact that fiber lasers offer benefits over CO2 and other lasers, making that the market grows rapidly.
  
  IPG aims to fend off competition through a focus on innovation, which has resulted in nearly 250 patents and many more applications. The company is furthermore able to fetch high margins and control the business through far-fetched vertical integration and, of course, economies of scale as a result of its leadership position.
  
  It has a great track record in delivering upon organic growth. Sales have grown from $200 million in 2007 to $1.3 billion on a trailing basis, and could actually approach $1.4 billion this year. Since 2011, the company has been posting very fat margins, with operating profits ranging between 35-40% of sales. The remarkable thing is that sales have increased by a factor of 7 times over the past decade, while dilution of the share count has been limited to 17%.
  
  The resulting 10 times increase in earnings over the past 10 years has been well reflected in the share price. Shares traded in the single digits during the crisis, rose to $70 in 2011, and ever since have mostly traded in a $40-100 range - that is until January of this year. A huge momentum run pushed shares up from $100 to a peak of $250 in recent weeks, before falling back to $200 at the moment following the sell-off which hit technology and momentum names.
  
  While this is a sizeable correction, shares have still doubled so far this year as the market recognises the great track record and continued rosy prospects of the business.
  
  2017, Acceleration Of Growth
  
  IPG has reported very resilient growth numbers in recent years, and while sales growth has been volatile, it has, on average, been quite impressive. Growth showed a dramatic acceleration this year, with third-quarter revenue growth of 48% boosting the growth number for the first nine months of the year to 44%.
  
  The company's already fat margins saw a significant boost on the back of this acceleration in sales. Third-quarter operating margins came in at 40.8%, far above the long-term target of 32-37%, and up more than 5 points compared to the same quarter last year. Strength was driven by China, Europe as well as by high-power laser sales.
  
  While this enthusiasm is great, IPG warns investors to not simply extrapolate the growth results into the future, as quarterly fluctuations are quite large. Fourth-quarter revenue growth is set to slow down to 18-27%, which remain great growth numbers by all means. With fourth-quarter earnings seen at $1.55-1.80 per share, full-year earnings are seen around $7 per share on $1.4 billion in sales. Trading at $200 per share, this indicates that valuation multiples have risen to roughly 30 times earnings, but that is not entirely true.
  
  IPG's very strong earnings power made that net cash positions have risen to $1.0 billion, equivalent to $18 per share. That suggests that at $200 per share, operating assets are valued at $182 per share, for a 26 times earnings multiples based on an enterprise valuation basis.
  
  Given the growth trajectory, continued growth and prospects for further growth, that multiple could easily be justified. One important point to stress in this discussion is that operating margins are even higher than already fat margins in the past and the long-term target. If we use 35% margins (the midpoint of management's long-term guidance) on $1.4 billion in sales, operating profits could come in at $490 million a year. With an effective tax rate of 27%, that comes in at $358 million per year, for earnings of $6.50 per share compared to current earnings of $7.00 per share. If those margins are truly sustainable and we are willing to attach a 25 times multiple to such business, while adding back net cash, fair value could be seen at $180 per share.
  
  Great Business, Cautious Stance
  
  The discussion above shows that $180 could be fair value, but we have to acknowledge that the market has seen such a big run this year. One big factor is that shares have been largely flat for years in a row, while the underlying business kept growing at a decent rate. Applying a more modest 22 times multiple on structural margins of 30% yields a fair valuation of $140 per share - levels at which I feel more comfortable owning the shares.
  
  Shares actually traded at these levels as recently as July, which is not that long ago, as one has to recognise that momentum has been very strong in 2017. The near-$50 pullback in recent weeks looks very big, but the momentum run in the months before has been even stronger. While part of this move has been justified, supported by strong operating growth, perhaps multiple inflation has been prominent as well.
  
  This makes me a patient buyer looking for further pullbacks towards the $150 mark before gradually participating in this laser-focused business.
• aissa

  janvier 2018 Vote Up0Vote Down

  
  

  Une analyse qui explique pourquoi le titre est devenu trop chère
  
  Analysis
  
  Summary
  
  Une analyse pourquoi le titre est devIPG Photonics has seen accelerating operating momentum, which triggered a huge run in its share price this year.
  Despite a recent 20% pullback, shares have still doubled this year.
  I like the impeccable track record of the business, accelerating momentum and the great prospects.
  While the latest pullback makes the shares appealing to me, I am waiting for a further drop before joining this laser-focused company.
  Shares of IPG Photonics (NASDAQ:IPGP) have recently lost 20% of their value following a correction in technology and momentum names, which warrants an investigation. Despite the rather violent sell-off, shares have still doubled so far this year, in part because revenue growth accelerated to 48% in the third quarter.
  
  Despite a great track record and current conditions, valuation multiples have increased at the same time as well, which causes some risk, especially as growth is expected to slow down quite a bit in the near term. To find real appeal in what otherwise remains a great business, I am looking for a further pullback before jumping aboard.
  
  The Business
  
  IPG is the market leader in industrial fiber lasers which are used for welding, cutting, drilling, additives and surface treatment, among other applications. These lasers are used in a variety of end markets, which means that IPG benefits from a growing industry. The company furthermore benefits from the fact that fiber lasers offer benefits over CO2 and other lasers, making that the market grows rapidly.
  
  IPG aims to fend off competition through a focus on innovation, which has resulted in nearly 250 patents and many more applications. The company is furthermore able to fetch high margins and control the business through far-fetched vertical integration and, of course, economies of scale as a result of its leadership position.
  
  It has a great track record in delivering upon organic growth. Sales have grown from $200 million in 2007 to $1.3 billion on a trailing basis, and could actually approach $1.4 billion this year. Since 2011, the company has been posting very fat margins, with operating profits ranging between 35-40% of sales. The remarkable thing is that sales have increased by a factor of 7 times over the past decade, while dilution of the share count has been limited to 17%.
  
  The resulting 10 times increase in earnings over the past 10 years has been well reflected in the share price. Shares traded in the single digits during the crisis, rose to $70 in 2011, and ever since have mostly traded in a $40-100 range - that is until January of this year. A huge momentum run pushed shares up from $100 to a peak of $250 in recent weeks, before falling back to $200 at the moment following the sell-off which hit technology and momentum names.
  
  While this is a sizeable correction, shares have still doubled so far this year as the market recognises the great track record and continued rosy prospects of the business.
  
  2017, Acceleration Of Growth
  
  IPG has reported very resilient growth numbers in recent years, and while sales growth has been volatile, it has, on average, been quite impressive. Growth showed a dramatic acceleration this year, with third-quarter revenue growth of 48% boosting the growth number for the first nine months of the year to 44%.
  
  The company's already fat margins saw a significant boost on the back of this acceleration in sales. Third-quarter operating margins came in at 40.8%, far above the long-term target of 32-37%, and up more than 5 points compared to the same quarter last year. Strength was driven by China, Europe as well as by high-power laser sales.
  
  While this enthusiasm is great, IPG warns investors to not simply extrapolate the growth results into the future, as quarterly fluctuations are quite large. Fourth-quarter revenue growth is set to slow down to 18-27%, which remain great growth numbers by all means. With fourth-quarter earnings seen at $1.55-1.80 per share, full-year earnings are seen around $7 per share on $1.4 billion in sales. Trading at $200 per share, this indicates that valuation multiples have risen to roughly 30 times earnings, but that is not entirely true.
  
  IPG's very strong earnings power made that net cash positions have risen to $1.0 billion, equivalent to $18 per share. That suggests that at $200 per share, operating assets are valued at $182 per share, for a 26 times earnings multiples based on an enterprise valuation basis.
  
  Given the growth trajectory, continued growth and prospects for further growth, that multiple could easily be justified. One important point to stress in this discussion is that operating margins are even higher than already fat margins in the past and the long-term target. If we use 35% margins (the midpoint of management's long-term guidance) on $1.4 billion in sales, operating profits could come in at $490 million a year. With an effective tax rate of 27%, that comes in at $358 million per year, for earnings of $6.50 per share compared to current earnings of $7.00 per share. If those margins are truly sustainable and we are willing to attach a 25 times multiple to such business, while adding back net cash, fair value could be seen at $180 per share.
  
  Great Business, Cautious Stance
  
  The discussion above shows that $180 could be fair value, but we have to acknowledge that the market has seen such a big run this year. One big factor is that shares have been largely flat for years in a row, while the underlying business kept growing at a decent rate. Applying a more modest 22 times multiple on structural margins of 30% yields a fair valuation of $140 per share - levels at which I feel more comfortable owning the shares.
  
  Shares actually traded at these levels as recently as July, which is not that long ago, as one has to recognise that momentum has been very strong in 2017. The near-$50 pullback in recent weeks looks very big, but the momentum run in the months before has been even stronger. While part of this move has been justified, supported by strong operating growth, perhaps multiple inflation has been prominent as well.
  
  This makes me a patient buyer looking for further pullbacks towards the $150 mark before gradually participating in this laser-focused business.

  La source de l'analyse dans le post précédent : seekingalpha.com/article/4130547

  
  

  Une chose est sure :IPG va régner pour des années sur le marché des lasers vu ses prix compétitives, son portefeuilles de brevets, sa diversification et surtout la demande croissante du marché de l'automobile et l'aéronautique.
• Pas_77

  janvier 2018 Vote Up0Vote Down

  Analyse intéressante, à mon avis, son évaluation est sensé. D'où provient cet article ? 

  
  

  Pour ceux qui s’intéresse à l'entreprise, : voici un lien vers une petite présentation de l'entreprise :

  http://investor.ipgphotonics.com/~/media/Files/I/Ipg-Photonics-IR/reports-and-presentations/ipgp-investor-presentation-2017-06.pdf 

  
  

  
  
• aissa

  janvier 2018 Vote Up0Vote Down

  Analyse intéressante, à mon avis, son évaluation est sensé. D'où provient cet article ? 

  
  

  Pour ceux qui s’intéresse à l'entreprise, : voici un lien vers une petite présentation de l'entreprise :

  http://investor.ipgphotonics.com/~/media/Files/I/Ipg-Photonics-IR/reports-and-presentations/ipgp-investor-presentation-2017-06.pdf 

  
  

  
  

  c'est une analyse que j'ai trouvé sur Seeking alfa. je l'ai ajouté le lien dans mon dernier post (je n'ai pas pu le rajouter avec le post original ).
• Pas_77

  août 2018 Vote Up0Vote Down

  Petite mise à jour : 
  
  L'entreprise a connu des résultats très impressionnants depuis les deux dernières années, mais le prix de l'action a connu une baisse importante dans les dernières semaines suite  à l'annonce d'une concurrence féroce en Chine et de tensions commerciales et des revenus projetée plus bas qu'anticipé pour 2018 (sigle digit growth). 
  
  L'évaluation de l'entreprise est maintenant de retour au même niveau qu'au moment où j'ai introduit l'entreprise en janvier 2017 soit : EV/EBITDA de 11, PE 22.5. Je pense que c'est un prix raisonnable et intéressant pour une entreprise avec son historique de rentabilité. 
  
  Divulgation : Je possède des actions. 
  
  
  
  
  
  
   
• Pas_77

  mars 2019 Vote Up0Vote Down

  Pour être totalement transparent, j'ai réduit ma position dans les derniers temps, le titre à bien performé en début d'année malgré le dernier trimestre qui n'était pas très beau. Les marges bénéficiares ont beaucoup diminué alors les inventaires ont augmenté de façon importante. Ce n'est pas une belle position pour IPGP présentement. 
  Je détiens toujours quelques actions.