{"id":256,"date":"2025-09-02T11:02:20","date_gmt":"2025-09-02T11:02:20","guid":{"rendered":"https:\/\/www.trainy.co\/blog\/?p=256"},"modified":"2025-09-02T11:02:20","modified_gmt":"2025-09-02T11:02:20","slug":"construire-modele-accretion-dilution","status":"publish","type":"post","link":"https:\/\/www.trainy.co\/blog\/fr\/construire-modele-accretion-dilution\/","title":{"rendered":"Comment construire un mod\u00e8le d&rsquo;accretion \/ dilution ?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Un mod\u00e8le d&rsquo;accretion\/dilution est un outil essentiel en fusions et acquisitions (M&amp;A) pour \u00e9valuer l\u2019<strong>impact financier d\u2019une transaction sur le b\u00e9n\u00e9fice par action (BPA)<\/strong> de l\u2019acqu\u00e9reur. Cette analyse d\u00e9termine si l\u2019op\u00e9ration est accr\u00e9tive (augmentation du BPA) ou dilutive (diminution du BPA). Voici un guide \u00e9tape par \u00e9tape pour construire ce mod\u00e8le.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comprendre les donn\u00e9es cl\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Avant de construire le mod\u00e8le, collectez les donn\u00e9es suivantes :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li><strong>Informations sur l\u2019acqu\u00e9reur<\/strong> : BPA actuel, revenu net actuel, nombre d\u2019actions en circulation, prix de l\u2019action et multiple P\/E.<\/li>\n\n\n\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li><strong>Informations sur la cible<\/strong> : revenu net actuel, valorisation (prix d\u2019achat ou valeur d\u2019entreprise), niveau de dette et tr\u00e9sorerie disponible,<\/li>\n\n\n\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li><strong>Informations sur l\u2019op\u00e9ration<\/strong> : Prix d\u2019achat et prime, mode de paiement (cash, actions, dette), co\u00fbt de la dette (taux d\u2019int\u00e9r\u00eat) si l\u2019op\u00e9ration est financ\u00e9e, synergies (r\u00e9duction des co\u00fbts ou revenus suppl\u00e9mentaires attendus).<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Calculer le prix d\u2019achat total<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n\n\n\n<li><strong>Valeur des capitaux propres<\/strong> : multipliez le prix de l\u2019action de la cible par le nombre d\u2019actions en circulation, puis ajoutez une prime si applicable&nbsp;<\/li>\n\n\n\n<\/ol>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n\n\n\n<li><strong>Valeur d\u2019entreprise<\/strong> :a joutez la dette nette de la cible \u00e0 la valeur des capitaux propres.<\/li>\n\n\n\n<\/ol>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n\n\n\n<li><strong>Prendre en compte le mode de paiement<\/strong> :<\/li>\n\n\n\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li><strong>Cash<\/strong> : montant pay\u00e9 en liquidit\u00e9s.<\/li>\n\n\n\n\n\n\n<li><strong>Actions<\/strong> : nombre de nouvelles actions \u00e9mises (montant des actions divis\u00e9 par le prix de l\u2019action de l\u2019acqu\u00e9reur).<\/li>\n\n\n\n\n\n\n<li><strong>Dette :<\/strong> montant emprunt\u00e9 pour financer l\u2019op\u00e9ration.<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Estimer le revenu net pro forma<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Revenu net pro forma = Revenue net de la cible + synergies &#8211; frais financiers &#8211; Amortissements des intangibles&nbsp;&#8211; Impact fiscal<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li><strong>Revenu net de la cible<\/strong> : Ajoutez le revenu net de la cible \u00e0 celui de l\u2019acqu\u00e9reur.<\/li>\n\n\n\n\n\n\n<li><strong>Synergies<\/strong> : Ajoutez les synergies attendues.<\/li>\n\n\n\n\n\n\n<li><strong>Frais financiers<\/strong> : D\u00e9duisez les int\u00e9r\u00eats li\u00e9s \u00e0 la dette contract\u00e9e pour financer l\u2019op\u00e9ration.<\/li>\n\n\n\n\n\n\n<li><strong>Amortissement des intangibles<\/strong> : Retirez les frais li\u00e9s \u00e0 l\u2019amortissement des actifs incorporels (goodwill, relations clients).<\/li>\n\n\n\n\n\n\n<li><strong>Impact fiscal<\/strong> : Prenez en compte les \u00e9conomies d\u2019imp\u00f4ts li\u00e9es aux int\u00e9r\u00eats et autres ajustements fiscaux.<\/li>\n\n\n\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Calculer les actions en circulation pro forma<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ajoutez les actions existantes de l\u2019acqu\u00e9reur aux nouvelles actions \u00e9mises dans le cadre de la transaction :&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>Actions pro forma = Actions existantes + Nouvelles actions \u00e9mises<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Calculer le BPA pro forma<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Divisez le revenu net pro forma par les actions en circulation pro forma :&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>BPA pro forma = Revenu net pro forma \\ Actions pro forma<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comparer le BPA pour d\u00e9terminer l\u2019accroissement\/la dilution<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Comparez le BPA pro forma au BPA autonome de l\u2019acqu\u00e9reur :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li>Si le<strong> BPA pro forma &gt; BPA autonome<\/strong>, l\u2019<strong>op\u00e9ration est accr\u00e9tive<\/strong><\/li>\n\n\n\n\n\n\n<li>Si le <strong>BPA pro forma &lt; BPA autonome<\/strong>, l\u2019<strong>op\u00e9ration est dilutive<\/strong>.<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Effectuer une analyse de sensibilit\u00e9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Effectuez une analyse de sensibilit\u00e9 en modifiant les hypoth\u00e8ses cl\u00e9s :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li>Niveau des synergies.<\/li>\n\n\n\n\n\n\n<li>Co\u00fbt de la dette.<\/li>\n\n\n\n\n\n\n<li>Structure du paiement (cash vs. actions).<\/li>\n\n\n\n\n\n\n<li>Prime pay\u00e9e pour la cible.<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Enfin, afin de r\u00e9aliser une bonne analyse, voici quelque conseils :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li>Veillez \u00e0 ce que les hypoth\u00e8ses soient r\u00e9alistes, notamment sur les synergies et le financement.<\/li>\n\n\n\n\n\n\n<li>Validez les donn\u00e9es avec des \u00e9tats financiers et des donn\u00e9es de march\u00e9.<\/li>\n\n\n\n\n\n\n<li>Adoptez une approche modulaire pour ajuster facilement les hypoth\u00e8ses.<\/li>\n\n\n\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Dans cet article d\u00e9couvre le guide \u00e9tape par \u00e9tape pour construire un mod\u00e8le d&rsquo;accretion \/ dilution <\/p>\n","protected":false},"author":3,"featured_media":707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[383],"tags":[],"class_list":["post-256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-Finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Comment construire un 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