Natixis - Les valeurs technologiques amÃ©ricaines sont-elles trop chÃ¨resÂ ?

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Natixis

Patrick Artus

Les valeurs technologiques amÃ©ricaines sont-elles trop chÃ¨resÂ ?

On entend souvent dire que, avec lâ€™abondance de liquiditÃ© crÃ©Ã©e par les Banques Centrales, il y a dÃ©jÃ une bulle sur les cours boursiers des valeurs technologiques aux Etats-Unis. Nous examinons ce point pourÂ : les GAFAM, sÃ©parÃ©ment et globalementÂ ; le NASDAQÂ ; le NASDAQ hors GAFAM. On peut conclure Â : que les PER ont lâ€™air aujourdâ€™hui Ã©levÃ©s avec la mauvaise performance des bÃ©nÃ©fices en 2020 et 2021Â ; mais que la tendance de long terme des bÃ©nÃ©fices justifie un PER encore plus Ã©levÃ© que celui qui est observÃ©Â : 30 Ã 35 pour les GAFAM sauf Amazon, 30 pour le NASDAQ, 22 pour le NASDAQ hors GAFAMÂ ; seul e l a valorisation dâ€™Amazon (1 5 0 fois les bÃ©nÃ©fices) e st aberrante.

07/07/2020 6 FR

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Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

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Patrick Artus

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Les valeurs technologiques amÃ©ricaines sont-elles trop chÃ¨resÂ ?

Long Bono 01/41 vs. Short Bund 05/41

Overview of the Asian covered bond market

Consolidation after the euphoria?

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