{"id":318,"date":"2010-06-17T14:22:27","date_gmt":"2010-06-17T12:22:27","guid":{"rendered":"https:\/\/www.devadeas.fr\/?p=318"},"modified":"2010-06-17T19:15:32","modified_gmt":"2010-06-17T17:15:32","slug":"france-telecom-un-dividende-a-contresens","status":"publish","type":"post","link":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/france-telecom-un-dividende-a-contresens\/","title":{"rendered":"France T\u00e9l\u00e9com : un dividende \u00e0 contresens"},"content":{"rendered":"<blockquote><p>Ce dividende occupe surtout dans le statut boursier de France T\u00e9l\u00e9com, sa communication et jusqu&rsquo;au coeur de son fonctionnement, une place sans \u00e9quivalent dans une soci\u00e9t\u00e9 fran\u00e7aise de cette taille. Il repose sur l&rsquo;engagement pris en 2006 par Didier Lombard, un an apr\u00e8s son arriv\u00e9e \u00e0 la pr\u00e9sidence, de \u00ab <em>distribuer \u00e0 ses actionnaires de 40 \u00e0 45 % de son cash-flow organique annuel<\/em> \u00bb. Une formulation d&#8217;embl\u00e9e \u00e9trange, car une politique de dividende s&rsquo;exprime en proportion des b\u00e9n\u00e9fices r\u00e9currents.<\/p><\/blockquote>\n<p>Extrait d&rsquo;un <a href=\"http:\/\/www.lesechos.fr\/info\/analyses\/020604175558-france-telecom-un-dividende-a-contresens.htm\">article de Gilles Coville dans Les Echos du 17 juin<\/a>, qui reprend et valide les analyses que nous formulons depuis plusieurs mois sur la politique de dividende de France T\u00e9l\u00e9com.<\/p>\n<p>Hormis la suggestion d&rsquo;utiliser l&rsquo;endettement pour racheter des actions et ainsi am\u00e9liorer m\u00e9caniquement l&rsquo;attractivit\u00e9 boursi\u00e8re de France T\u00e9l\u00e9com que nous n&rsquo;approuvons pas (il s&rsquo;agit encore de manipulations financi\u00e8res court-termistes qui peuvent s&rsquo;av\u00e9rer dangereuses), cette analyse de bon sens recoupe exactement la n\u00f4tre.<\/p>\n<p>Voil\u00e0 qui, venant d&rsquo;un journal \u00e9conomique r\u00e9put\u00e9 , donne une s\u00e9rieuse cr\u00e9dibilit\u00e9 \u00e0 nos propres travaux, quel que soit l&rsquo;aplomb avec lequel la Direction de l&rsquo;entreprise pr\u00e9tend que sa politique financi\u00e8re est parfaitement logique et saine !<\/p>\n<ul>\n<li><a href=\"http:\/\/www.lesechos.fr\/info\/analyses\/020604175558-france-telecom-un-dividende-a-contresens.htm\">Lire l&rsquo;article dans son int\u00e9gralit\u00e9 sur le site du quotidien<em> Les \u00c9chos<\/em><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ce dividende occupe surtout dans le statut boursier de France T\u00e9l\u00e9com, sa communication et jusqu&rsquo;au coeur de son fonctionnement, une place sans \u00e9quivalent dans une soci\u00e9t\u00e9 fran\u00e7aise de cette taille. Il repose sur l&rsquo;engagement pris en 2006 par Didier Lombard, un an apr\u00e8s son arriv\u00e9e \u00e0 la pr\u00e9sidence, de \u00ab distribuer \u00e0 ses actionnaires de [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[8],"tags":[21,36,23],"class_list":["post-318","post","type-post","status-publish","format-standard","hentry","category-revue-de-web","tag-bourse","tag-dividendes","tag-etat"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>France T\u00e9l\u00e9com : un dividende \u00e0 contresens - ADEAS<\/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:\/\/www.devadeas.fr\/index.php\/revue-de-web\/france-telecom-un-dividende-a-contresens\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"France T\u00e9l\u00e9com : un dividende \u00e0 contresens - ADEAS\" \/>\n<meta property=\"og:description\" content=\"Ce dividende occupe surtout dans le statut boursier de France T\u00e9l\u00e9com, sa communication et jusqu&rsquo;au coeur de son fonctionnement, une place sans \u00e9quivalent dans une soci\u00e9t\u00e9 fran\u00e7aise de cette taille. 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