{"id":3780,"date":"2022-07-27T18:16:03","date_gmt":"2022-07-27T16:16:03","guid":{"rendered":"https:\/\/successfultunisia.com\/fr\/?p=3780"},"modified":"2022-07-27T18:16:07","modified_gmt":"2022-07-27T16:16:07","slug":"lagence-de-notation-pbr-rating-octroie-a-telnet-holding","status":"publish","type":"post","link":"https:\/\/successfultunisia.com\/fr\/2022\/07\/27\/lagence-de-notation-pbr-rating-octroie-a-telnet-holding\/","title":{"rendered":"L\u2019agence de notation PBR Rating octroie \u00e0 Telnet Holding<\/strong>"},"content":{"rendered":"\n

la note de A+ (tun) <\/sub>avec perspective positive<\/strong><\/p>\n\n\n\n

Telnet Holding a fait appel \u00e0 l\u2019agence de notation nationale PBR Rating pour une \u00e9valuation en vue de se doter d\u2019une notation financi\u00e8re. <\/strong>Le diagnostic a permis de mesurer la solvabilit\u00e9 et, plus globalement, la qualit\u00e9 de la gestion financi\u00e8re de la holding.<\/strong><\/p>\n\n\n\n

A l\u2019issue de l\u2019\u00e9valuation, l\u2019agence de notation PBR Rating a octroy\u00e9 \u00e0 Telnet Holding la note (en monnaie locale*) de A+(TUN)<\/sub><\/strong> <\/sub><\/strong>avec perspective positive, sur une \u00e9chelle de notation allant de AAA \u00e0 D. Cette note refl\u00e8te une position bilancielle solide marqu\u00e9e, notamment, par une importante capacit\u00e9 de g\u00e9n\u00e9ration de liquidit\u00e9 dans un contexte \u00e9conomique local difficile, fragilis\u00e9 par les impacts exog\u00e8nes dus \u00e0 la crise du COVID-19. Par ailleurs, le rapport de notation a mis l\u2019accent sur les perspectives de croissance des activit\u00e9s de Telnet \u00e0 travers des strat\u00e9gies de diversification structurelles qui permettront \u00e0 la Holding de consolider davantage ses performances op\u00e9rationnelles et financi\u00e8res.<\/p>\n\n\n\n

Telnet Holding est un acteur de r\u00e9f\u00e9rence dans le domaine de la technologie en Tunisie. La structure jouit d\u2019une forte notori\u00e9t\u00e9 aupr\u00e8s d\u2019une client\u00e8le de renomm\u00e9e internationale. L\u2019orientation export de la Holding (97,1% des revenus de 2021) repr\u00e9sente un v\u00e9ritable atout et un levier de s\u00e9curit\u00e9 important au regard de la conjoncture \u00e9conomique locale.<\/p>\n\n\n\n

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Telnet Holding affiche un ratio de solvabilit\u00e9 de 122,7% \u00e0 fin 2021, refl\u00e9tant une bonne situation financi\u00e8re mais aussi une importante capacit\u00e9 de remboursement \u00e0 terme. Ces niveaux de solvabilit\u00e9 augurent \u00e9galement des perspectives d\u2019\u00e9volution favorables pour le groupe, particuli\u00e8rement au vu du d\u00e9veloppement continu observ\u00e9 au fil des ann\u00e9es (lancement de l\u2019activit\u00e9 space, drones, intelligence artificielle et voitures \u00e9lectriques pr\u00e9vues pour les prochains exercices\u2026).<\/p>\n\n\n\n

En mati\u00e8re d’autonomie financi\u00e8re, la mission de notation a constat\u00e9 une stabilisation des principaux indicateurs \u00e0 des niveaux plus que satisfaisants sur la p\u00e9riode 2016-2021 (une moyenne de 91,6%), t\u00e9moignant d\u2019une couverture marqu\u00e9e des capitaux permanents du groupe par ses capitaux propres. Ces niveaux refl\u00e8tent \u00e9galement une certaine soutenabilit\u00e9 face aux engagements financiers et un important degr\u00e9 d\u2019autonomie financi\u00e8re.<\/p>\n\n\n\n

Telnet Holding jouit d\u2019une position d\u2019endettement hautement favorable. En effet, le ratio d\u2019endettement global a emprunt\u00e9 une trajectoire baissi\u00e8re depuis 2014 pour atteindre, en 2021, son plus bas sur la derni\u00e8re d\u00e9cennie, soit 1,5%. Ce niveau extr\u00eamement faible d\u2019endettement traduit la quasi-absence des besoins de financement externe du groupe. Il est \u00e0 noter que sur la p\u00e9riode 2016-2021, la dette financi\u00e8re brute de la Holding a \u00e9volu\u00e9, en moyenne, de -14,2%.<\/p>\n\n\n\n

La position de tr\u00e9sorerie du groupe est \u00e9galement refl\u00e9t\u00e9e par des ratios de liquidit\u00e9 qui, malgr\u00e9 leur \u00e9volution irr\u00e9guli\u00e8re sur les derniers exercices, se situent \u00e0 des niveaux largement sup\u00e9rieurs \u00e0 ceux de son peer group. Le ratio de liquidit\u00e9 g\u00e9n\u00e9rale s\u2019est \u00e9tabli \u00e0 186% en 2021, un niveau refl\u00e9tant l\u2019aisance dont dispose Telnet pour faire face \u00e0 ses engagements \u00e0 court terme.<\/p>\n\n\n\n

Du c\u00f4t\u00e9 de la rentabilit\u00e9, apr\u00e8s avoir connu une trajectoire volatile sur la p\u00e9riode 2016-2018, le taux de marque a enregistr\u00e9 une hausse sur la p\u00e9riode 2019-2021, passant de 84,1% \u00e0 89,4%, pour une marge brute allant de 36,835 MTND \u00e0 44,162 MTND sur la m\u00eame p\u00e9riode. Cela traduit une rentabilit\u00e9 commerciale de plus en plus appr\u00e9ciable sur la vente des services de Telnet.  <\/p>\n\n\n\n

Le groupe a affich\u00e9 un EBITDA ajust\u00e9 en progression soutenue sur la p\u00e9riode 2017-2021, passant de 7,371 MTND \u00e0 12,680 MTND, repr\u00e9sentant respectivement un taux de marge d\u2019EBITDA de 16,8% et 25,7%. Ces niveaux, sup\u00e9rieurs aux exigences en la mati\u00e8re, t\u00e9moignent de l\u2019efficacit\u00e9 des efforts engag\u00e9s en termes de r\u00e9duction des co\u00fbts d\u2019exploitation.<\/p>\n\n\n\n

Quant \u00e0 la marge nette, elle a suivi une tendance baissi\u00e8re sur la p\u00e9riode 2017-2019 (pour se situer \u00e0 10% en 2019), avant de repartir \u00e0 la hausse d\u00e8s 2020, pour s\u2019\u00e9tablir \u00e0 18,4% en 2021. Cette trajectoire est \u00e0 l\u2019image de l\u2019\u00e9volution du r\u00e9sultat net du groupe sur la m\u00eame p\u00e9riode, lequel atteint 9,063 MTND en 2021 contre 4,378 MTND en 2019.<\/p>\n\n\n\n

Globalement, la mission de notation de l\u2019agence PBR Rating a observ\u00e9 une structure financi\u00e8re hautement favorable, caract\u00e9ris\u00e9e par un faible endettement et une importante capacit\u00e9 de g\u00e9n\u00e9ration de liquidit\u00e9 au regard d\u2019un cycle d\u2019exploitation de plus en plus efficace en termes de conception et de commercialisation de produits et de services technologiques \u00e0 haute valeur ajout\u00e9e au profit des leaders mondiaux de la mon\u00e9tique et de la t\u00e9l\u00e9communication. La mission estime que Telnet Holding dispose de perspectives de croissance tr\u00e8s positives, ainsi que d\u2019une marge de man\u0153uvre confortable en termes de d\u00e9veloppement.<\/p>\n\n\n\n

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\"\"<\/figure>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"

la note de A+ (tun) avec perspective positive Telnet Holding a fait appel \u00e0 l\u2019agence de notation nationale PBR Rating pour une \u00e9valuation en vue de se doter d\u2019une notation financi\u00e8re. Le diagnostic a permis de mesurer la solvabilit\u00e9 et, plus globalement, la qualit\u00e9 de la gestion financi\u00e8re de la holding. A l\u2019issue de l\u2019\u00e9valuation, …<\/p>\n","protected":false},"author":1,"featured_media":3781,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[44],"tags":[],"yoast_head":"\nL\u2019agence de notation PBR Rating octroie \u00e0 Telnet Holding - Successful Tunisia<\/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:\/\/successfultunisia.com\/fr\/2022\/07\/27\/lagence-de-notation-pbr-rating-octroie-a-telnet-holding\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"L\u2019agence de notation PBR Rating octroie \u00e0 Telnet Holding - Successful Tunisia\" \/>\n<meta property=\"og:description\" content=\"la note de A+ (tun) avec perspective positive Telnet Holding a fait appel \u00e0 l\u2019agence de notation nationale PBR Rating pour une \u00e9valuation en vue de se doter d\u2019une notation financi\u00e8re. 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