{"id":5992,"date":"2022-04-15T11:57:18","date_gmt":"2022-04-15T15:57:18","guid":{"rendered":"https:\/\/cdialumni.ecademydj.com\/?p=5992"},"modified":"2022-04-15T11:57:18","modified_gmt":"2022-04-15T15:57:18","slug":"encore-une-vente-a-decouvert","status":"publish","type":"post","link":"https:\/\/cdialumni.ecademydj.com\/fr\/2022\/04\/15\/encore-une-vente-a-decouvert\/","title":{"rendered":"Encore une vente \u00e0 d\u00e9couvert\u2026"},"content":{"rendered":"<h3><strong>Par Dominique Jacquet<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<div id=\"attachment_5982\" style=\"width: 760px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5982\" class=\"wp-image-5982 size-full\" src=\"https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinbasemain.jpeg\" alt=\"\" width=\"750\" height=\"500\" srcset=\"https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinbasemain.jpeg 750w, https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinbasemain-300x200.jpeg 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><p id=\"caption-attachment-5982\" class=\"wp-caption-text\">\u00a0<\/p><\/div>\n<p>&nbsp;<\/p>\n<p>Le 18 mars dernier, alors que le cours de bourse de Coinbase atteint $186 pour une capitalisation boursi\u00e8re de pr\u00e8s de 50 milliards de dollars US, Jim Chanos vend \u00e0 d\u00e9couvert (vous empruntez les titres avec promesse de les restituer accompagn\u00e9s d\u2019une r\u00e9mun\u00e9ration contractuelle, puis vous les vendez en esp\u00e9rant que le cours s\u2019effondre\u2026) un peu plus de 4% des titres de la firme.<\/p>\n<p>&nbsp;<\/p>\n<p>Quelle rationalit\u00e9 ? Coinbase est une soci\u00e9t\u00e9 rentable dont l\u2019EBITDA repr\u00e9sente, au 4<sup>\u00e8me<\/sup> trimestre 2021, plus de 50% des revenus, le r\u00e9sultat net plus d\u2019un-tiers des ventes, ces derni\u00e8res ayant \u00e9t\u00e9 multipli\u00e9es par plus de 6 de 2020 \u00e0 2021.<\/p>\n<p>&nbsp;<\/p>\n<p>Jim Chanos a conquis ses titres de noblesse (financi\u00e8re) en vendant \u00e0 d\u00e9couvert les actions d\u2019Enron avant la chute, puis de Luckin Coffee, Wirecard et Hertz\u2026 Bref, un homme exp\u00e9riment\u00e9 et cr\u00e9dible qui a re\u00e7u le doux surnom de \u00ab\u00a0<em>catastrophe capitalist<\/em>\u00a0\u00bb.<\/p>\n<p>&nbsp;<\/p>\n<p>Chanos analyse les comptes, tente de d\u00e9couvrir des fraudes potentielles et s\u2019inqui\u00e8te lorsqu\u2019il identifie une firme dont il estime que la performance est \u00ab\u00a0trop belle pour \u00eatre vraie\u00a0\u00bb.<\/p>\n<p>&nbsp;<\/p>\n<p>Derri\u00e8re cette appr\u00e9ciation peuvent se cacher deux situations bien distinctes\u00a0: une fraude comptable qui surestime les profits, d\u2019une part, une rentabilit\u00e9 temporaire et fragile qui devrait dispara\u00eetre, par exemple sous l\u2019effet de la concurrence, d\u2019autre part.<\/p>\n<p>&nbsp;<\/p>\n<p>Dans le vidcast de mai 2021 d\u00e9crivant l\u2019entr\u00e9e en bourse de Coinbase, nous avions analys\u00e9 les deux sources de revenus transactionnels\u00a0: les \u00ab\u00a0individuels\u00a0\u00bb et les \u00ab\u00a0institutionnels\u00a0\u00bb. Clairement, le volume est du c\u00f4t\u00e9 des institutionnels, mais les marges sont g\u00e9n\u00e9r\u00e9es par les individuels, et de beaucoup. Nous avions conclu le vidcast par la question\u00a0: \u00ab\u00a0quel niveau de marge r\u00e9current\u00a0?&nbsp;\u00bb.<\/p>\n<p>&nbsp;<\/p>\n<p>Les deux graphes suivant montrent l\u2019\u00e9volution trimestrielle des transactions et le taux de commission pratiqu\u00e9 sur les deux cat\u00e9gories de clients\u00a0:<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5993 size-full\" src=\"https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinfr1-1.png\" alt=\"\" width=\"830\" height=\"544\" srcset=\"https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinfr1-1.png 830w, https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinfr1-1-300x197.png 300w, https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinfr1-1-768x503.png 768w\" sizes=\"auto, (max-width: 830px) 100vw, 830px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5995 size-full\" src=\"https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinbase2eng.png\" alt=\"\" width=\"830\" height=\"544\" srcset=\"https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinbase2eng.png 830w, https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinbase2eng-300x197.png 300w, https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/04\/coinbase2eng-768x503.png 768w\" sizes=\"auto, (max-width: 830px) 100vw, 830px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Apr\u00e8s avoir obtenu un niveau de commission de l\u2019ordre de 1,4% aupr\u00e8s des clients individuels, la firme facture toujours 1,2%, mais pour combien de temps ? La croissance (volume) vient des institutionnels, mais ces derniers paient de l\u2019ordre de 0,025%, ce qui, au total, repr\u00e9sente 346 <u>millions<\/u> de dollars de revenus pour Coinbase en 2021 alors que les individuels \u00e9taient factur\u00e9s \u00e0 hauteur de 6,5 <u>milliards<\/u> de dollars.<\/p>\n<p>&nbsp;<\/p>\n<p>Les charges op\u00e9rationnelles repr\u00e9sentaient 3,5 milliards de dollars en 2021. Un calcul simple montre qu\u2019une division par 3 des commissions per\u00e7ues aupr\u00e8s des clients individuels fait plonger Coinbase dans le d\u00e9ficit. Certes, ce serait une chute brutale, mais qui repr\u00e9senterait un taux de commission de 0,4% sur les transactions, ce qui est loin d\u2019\u00eatre irr\u00e9aliste en situation de concurrence croissante.<\/p>\n<p>&nbsp;<\/p>\n<p>Coinbase a annonc\u00e9 que 2022 \u00e9tait une ann\u00e9e \u00e0 risque. Les comptes du 1<sup>er<\/sup> trimestre ne seront vraisemblablement publi\u00e9s que mi-mai.<\/p>\n<p>&nbsp;<\/p>\n<p>En attendant, apr\u00e8s l\u2019annonce de Jim Chanos, le cours a progress\u00e9 pour atteindre un maximum de $207 le 29 mars. Il est, aujourd\u2019hui 14 avril, de $147, soit une perte de capitalisation boursi\u00e8re de l\u2019ordre de 11 milliards depuis le 18 mars. Le gain (avant r\u00e9mun\u00e9ration) du vendeur \u00e0 d\u00e9couvert serait de 440 millions de dollars\u2026 <em>And the winner is\u2026<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Par Dominique Jacquet &nbsp; &nbsp; Le 18 mars dernier, alors que le cours de bourse de&hellip;<\/p>\n","protected":false},"author":2,"featured_media":5990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Encore une vente \u00e0 d\u00e9couvert\u2026 - CDI Alumni E-Cademy<\/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:\/\/cdialumni.ecademydj.com\/fr\/2022\/04\/15\/encore-une-vente-a-decouvert\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Encore une vente \u00e0 d\u00e9couvert\u2026 - CDI Alumni E-Cademy\" \/>\n<meta property=\"og:description\" content=\"Par Dominique Jacquet &nbsp; 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