{"id":927,"date":"2024-10-04T17:24:36","date_gmt":"2024-10-04T14:24:36","guid":{"rendered":"https:\/\/market-monitor.staginghub.net\/?p=927"},"modified":"2024-10-27T12:58:42","modified_gmt":"2024-10-27T09:58:42","slug":"sectiunea-de-educatie-study-case-pypl","status":"publish","type":"post","link":"https:\/\/market-monitor.staginghub.net\/ro\/2024\/10\/04\/sectiunea-de-educatie-study-case-pypl\/","title":{"rendered":"SEC\u021aIUNEA DE EDUCA\u021aIE: STUDY CASE PYPL"},"content":{"rendered":"\n<p><strong>ANALIZA FUNDAMENTALA<\/strong><\/p>\n\n\n\n<p>Articol publicat in nr. 1 al Newsletter-ului nostru din data de 5 august 2024<\/p>\n\n\n\n<p><strong>STUDY CASE: PAYPAL HOLDINGS (PYPL)<\/strong><\/p>\n\n\n\n<p><strong>\u00cen ciuda faptului c\u0103 rezultatele financiare au fost bune, pre\u021bul ac\u021biunilor a sc\u0103zut. Ce anume a determinat acest fapt? Cum po\u021bi \u00een\u021belege situa\u021bii din pia\u021b\u0103 asem\u0103n\u0103toare:&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><img loading=\"lazy\" decoding=\"async\" alt=\"IMG_259\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdlFEjfp_KVWRoFyRwbXqqUzMnw_kMPSDteMVEZ1kanaOszwQLLZ_WAhdrFEjXuqeyrQmxLEysQB3dDGgzdA1EipvkZiJYcOHZn75_WQntO2VXpcEU3C9f0id_01vaDeC9c86smOvwBfQ-84VVx_E6S3ERkw0o8gQqHBLPraIPnFCc0huz551w?key=HpTuZigYxCoFgYf4f2o8Ig\" width=\"550\" height=\"291\"><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><em>Sursa: TradingView \u2013 evolutia pretului actiunilor PayPal \u00een perioada 2017-2024.<\/em><\/p>\n\n\n\n<p>Pre\u021bul ac\u021biunilor PayPal a \u00eenceput s\u0103 creasc\u0103 \u00eencep\u00e2nd cu aprilie 2020 odat\u0103 cu debutul crizei COVID. Acesta cre\u0219tere a continuat p\u00e2n\u0103 \u00een august&nbsp; 2021. Dup\u0103 aceast\u0103 perioad\u0103 pre\u021bul a \u00eenceput s\u0103 scad\u0103, \u00een ciuda \u00eenregistr\u0103rii unor rezultate financiare bune ale companiei, a\u0219a cum vom vedea \u00een continuare.&nbsp;<\/p>\n\n\n\n<p>Rezultatul net anual a \u00eenregistrat \u00eentr-adev\u0103r o scadere \u00een 2022 dar profitul a revenit la nivelul celui din 2019 \u00een anul 2023 (vezi grafic stanga).<\/p>\n\n\n\n<p>Mai mult, dac\u0103 analiz\u0103m rezultatele trimestriale (grafic dreapta), acestea au fost \u00een cre\u0219tere pe parcursul anului 2023, cand \u00een trimestrul 4 marja net\u0103 \u00een procente a ajuns la niveluri comparabile cu cele din 2020 (17,46% in trimestrul 4 2023, \u00een timp ce marja net\u0103 \u00een 2020 a fost de 19,60%), atunci c\u00e2nd pre\u021bul ac\u021biunilor atingea maximul (vezi liniile galbene de mai jos, \u201cNet margin %\u201d).&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><img loading=\"lazy\" decoding=\"async\" width=\"272\" height=\"169\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXe_RnGz4eoKDO1Ai00J4ExosS0pIELILfUxak6oFRcTEk7r17zBnVm5zNx8a9DezyhNX4Z5y8IuOBFYYHIeYdSo5zMvUZUt1qmfmcEpxYY0O1dFvZdkaeVtQrcMf3OfB5FPAJlN2zBhPdZy2MWA_LsVkpl2zLhyWe5ZnbST4d59dFiT6xrFbw?key=HpTuZigYxCoFgYf4f2o8Ig\" alt=\"IMG_260\"><\/strong>      <strong><img loading=\"lazy\" decoding=\"async\" width=\"267\" height=\"172\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfE-YsC2YvQyWA4KhJJ8x2oXBkdwnAA_hPbcCxOqBBsYN4F8NjCJMNqNERUUQLJk1YHHHRg3mlwEf6FTGboo2HWB9EiAEmndb9ezKwluTBbYdRFmN24qzUq3T-EjJSu0vBRmSCd5RczsX1j2fAiNfQNgGhUW_ckqSM3ml21W9Os2rFc_KlX7hs?key=HpTuZigYxCoFgYf4f2o8Ig\" alt=\"IMG_261\"><\/strong><\/p>\n\n\n\n<p><em>Sursa: TradingView &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Sursa: TradingView<\/em><\/p>\n\n\n\n<p>Mai mult, dac\u0103 ne uit\u0103m la evolutia activelor din bilantul anual pentru perioada 2019 \u2013 2023, vom observa o cre\u0219tere (coloana mov din graficul de mai jos), ceea ce reprezinta un lucru pozitiv. Pe de alt\u0103 parte, datoriile companiei cresc \u0219i ele, iar ponderea datoriilor din active cre\u0219te \u0219i ea (vezi linia albastra din graficul de mai jos) ceea ce \u00eenseamn\u0103 un grad mare de \u00eendatorare al companiei.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><img loading=\"lazy\" decoding=\"async\" alt=\"IMG_262\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXe3cz_YlR4U8cHkQo8PLIZSFOo0acbXx3l-harqa67jg8kNezOOEhbIdchRBDDICuwvZW_L16CVuDirFT7Bzq9K1caacKER5KYDERX7cKT62x-4UfCfXJgIb6z5BfJ17t-P1LZrAEyj1gF2vINjHW-x4M23YOYyk9RsmxBD-eDTQ_W77l9wSw?key=HpTuZigYxCoFgYf4f2o8Ig\" width=\"338\" height=\"228\"><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><em>Sursa: TradingView<\/em><\/p>\n\n\n\n<p class=\"has-text-align-left\"><br>Acest grad de \u00eendatorare ne face sa arunc\u0103m o privire la situa\u021bia fluxurilor de trezorerie care ne poate da un indiciu in plus.&nbsp;<\/p>\n\n\n\n<p>Fluxul net de numerar din activitatea de investi\u021bii a \u00eenregistrat o valoare negativ\u0103 de 16,22 miliarde de dolari de unde deducem c\u0103 PayPal a investit intens \u00een cursul anului 2020.&nbsp;<\/p>\n\n\n\n<p>Mai mult, \u00een anii ce urmeaz\u0103 (din 2021 pana in 2023) fluxul net de trezorerie din activitatea de finan\u021bare este negativ, ceea ce indica o presiune la rambursarea datoriilor.&nbsp;<\/p>\n\n\n\n<p><em>Ce trebuie s\u0103 \u00een\u021belegem din acest exemplu este c\u0103, de\u0219i rezultatele unei companii revin (si aici ne referim strict la profit si la marj\u0103 net\u0103), pre\u021bul ac\u021biunilor nu urmeaz\u0103 \u00eentotdeauna acela\u0219i trend.&nbsp;<\/em><\/p>\n\n\n\n<p class=\"has-text-align-left\">Acest lucru se explica prin faptul ca pre\u021bul unei ac\u021biuni este influen\u021bat de mul\u021bi factori, printre care a\u0219tept\u0103rile viitoare ale investitorilor \u00een ceea ce prive\u0219te poten\u021bialul de business al companiei in viitor, care, \u00een acest caz, nu s-a ridicat la nivelul a\u0219teptat.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ANALIZA FUNDAMENTALA Articol publicat in nr. 1 al Newsletter-ului nostru din data de 5 august 2024 STUDY CASE: PAYPAL HOLDINGS (PYPL) \u00cen ciuda faptului c\u0103 rezultatele financiare au fost bune, pre\u021bul ac\u021biunilor a sc\u0103zut. Ce anume a determinat acest fapt? Cum po\u021bi \u00een\u021belege situa\u021bii din pia\u021b\u0103 asem\u0103n\u0103toare:&nbsp; Sursa: TradingView \u2013 evolutia pretului actiunilor PayPal \u00een [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[72],"tags":[],"class_list":{"0":"post-927","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-educatie-ro"},"acf":[],"_links":{"self":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/927"}],"collection":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/comments?post=927"}],"version-history":[{"count":1,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/927\/revisions"}],"predecessor-version":[{"id":928,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/927\/revisions\/928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media\/887"}],"wp:attachment":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media?parent=927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/categories?post=927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/tags?post=927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}