{"id":1627,"date":"2020-06-10T22:46:56","date_gmt":"2020-06-10T20:46:56","guid":{"rendered":"https:\/\/blog.evaluation-entreprise.com\/?p=1627"},"modified":"2023-06-09T12:11:06","modified_gmt":"2023-06-09T10:11:06","slug":"les-lbo-la-bombe-a-retardement-de-la-crisepartie-1","status":"publish","type":"post","link":"https:\/\/blog.evaluation-entreprise.com\/index.php\/2020\/06\/10\/les-lbo-la-bombe-a-retardement-de-la-crisepartie-1\/","title":{"rendered":"Les LBO la bombe \u00e0 retardement de la crise ? (Partie 1)"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"174\" height=\"271\" src=\"https:\/\/blog.evaluation-entreprise.com\/wp-content\/uploads\/2020\/06\/LBO-4.jpg\" alt=\"Leverage Buy Out\" class=\"wp-image-1633\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">En pleine sortie de crise sanitaire et en d\u00e9but de crise \u00e9conomique nous recevons beaucoup de questions sur les LBO. J&rsquo;envisage de faire un LBO combien <a href=\"https:\/\/www.evaluation-entreprise.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">vaut ma cible<\/a> ? En cette p\u00e9riode que va devenir le LBO ? Est ce viable? Quid du PGN ? Impact sur le pr\u00eat garanti ? Valeur des titres ou du <a href=\"https:\/\/www.evaluation-commerce.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">fonds ?<\/a> <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">D\u00e9finition du LBO<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Un LBO (Leverage Buy-Out) est un montage financier \u00e9quivalent en fran\u00e7ais \u00e0 achat par effet de levier. Ils sont bas\u00e9s sur l\u2019achat de soci\u00e9t\u00e9s cibl\u00e9es par un financement en grande partie compos\u00e9 de dettes. Depuis 2016, les activit\u00e9s de ce montage sont stables et plus cons\u00e9quentes. On pourrait citer comme exemple connu , celui de Toys\u2019R\u2019Us. Il existe plusieurs types de LBO notamment les LMBO ou encore les LMBI. D\u2019autre part, la crise sanitaire que nous traversons actuellement dans le monde \u00e0 des cons\u00e9quences similaires sur les march\u00e9s boursiers et financiers. On peut rapprocher cette situation de celle de 2008, bien que les sources de crises soient diff\u00e9rentes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On peut alors chercher \u00e0 se demander quels impacts la crise sanitaire du COVID-19 va engrener sur les LBO.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour r\u00e9pondre \u00e0 cette probl\u00e9matique, nous allons aborder les LBO dans leur vue d\u2019ensemble, dans un premier temps, puis, dans un second temps, analyser le lien entre les crises et les op\u00e9rations de LBO.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">I. L\u2019essor des LBO<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1)&nbsp;&nbsp;&nbsp;&nbsp; La holding au c\u0153ur des Leverage Buy Out<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019op\u00e9ration  consiste en un achat d\u2019une soci\u00e9t\u00e9 cibl\u00e9e en ayant un recours important \u00e0 l\u2019endettement. La place de la holding dans ce montage est centrale. C\u2019est elle qui s\u2019endette pour acheter la cible. Elle est donc tenue pour responsable du paiement des int\u00e9r\u00eats et du remboursement du capital. Elle re\u00e7oit des capitaux propres de la part des actionnaires. En moyenne dans une holding, le financement de la cible se fait par&nbsp;: 15-25% de fonds propres et 75-85% de dettes. Le remboursement de la dette est lui financ\u00e9 par les remont\u00e9es de flux g\u00e9n\u00e9r\u00e9s par la cible. Ces remont\u00e9es sont les plus fr\u00e9quemment des dividendes mais peuvent parfois aussi \u00eatre des management fees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les dettes sont en moyenne contract\u00e9es sur des dur\u00e9es courtes, ce qui implique la n\u00e9cessit\u00e9 de bons rendements de la cible. Elles se composent autour de dettes seniors dans la plupart des situations mais aussi de dettes juniors ou mezzanines (plus flexibles). Pour diff\u00e9rencier ces deux derniers types de dettes, je vous renvoie sur <a href=\"https:\/\/questionsdargent.wordpress.com\/2011\/10\/31\/dette-junior-ou-dette-mezzanine\/\">https:\/\/questionsdargent.wordpress.com\/2011\/10\/31\/dette-junior-ou-dette-mezzanine\/<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vous pouvez directement lire la <a href=\"https:\/\/blog.evaluation-entreprise.com\/index.php\/2020\/06\/22\/la-crise-sanitaire-va-t-elle-ralentir-les-lbo-partie-2\/\">partie 2<\/a> de cet article.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dylan ROUX soci\u00e9t\u00e9 AVALOR le 10 Juin 2020<\/p>\n","protected":false},"excerpt":{"rendered":"<p>En pleine sortie de crise sanitaire et en d\u00e9but de crise \u00e9conomique nous recevons beaucoup de questions sur les LBO. J&rsquo;envisage de faire un LBO combien vaut ma cible ? En cette p\u00e9riode que va devenir le LBO ? Est ce viable? Quid du PGN ? Impact sur le pr\u00eat garanti ? Valeur des titres &hellip; <a href=\"https:\/\/blog.evaluation-entreprise.com\/index.php\/2020\/06\/10\/les-lbo-la-bombe-a-retardement-de-la-crisepartie-1\/\" class=\"more-link\">Continuer la lecture<span class=\"screen-reader-text\"> de &laquo;&nbsp;Les LBO la bombe \u00e0 retardement de la crise ? (Partie 1)&nbsp;&raquo;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-1627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Les LBO la bombe \u00e0 retardement de la crise ? 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