{"id":9506,"date":"2024-01-07T06:10:48","date_gmt":"2024-01-07T11:10:48","guid":{"rendered":"https:\/\/lions.financial\/?p=9506"},"modified":"2024-05-14T04:28:49","modified_gmt":"2024-05-14T09:28:49","slug":"investment-research-analysis-risk-management-aero-mexico","status":"publish","type":"post","link":"https:\/\/lions.financial\/fr\/investment-research-analysis-risk-management-aero-mexico\/","title":{"rendered":"Recherche en mati\u00e8re d'investissement Analyse Gestion des risques Aero Mexico"},"content":{"rendered":"<p><a href=\"https:\/\/lions.financial\/fr\/\">Financi\u00e8re Lions<\/a> est un cabinet de conseil sp\u00e9cialis\u00e9 dans la fourniture de services financiers complets aux institutions financi\u00e8res et aux entreprises. Notre objectif principal est d'aider nos clients, ainsi que leurs conseillers fiscaux et juridiques, durant les \u00e9tapes critiques de la vie de l'entreprise. <a href=\"https:\/\/lions.financial\/fr\/services\/financial-due-diligence-services\/\">Due Diligence et \u00e9valuation.<\/a> Ces \u00e9tapes sont cruciales pour prendre des d\u00e9cisions financi\u00e8res \u00e9clair\u00e9es et strat\u00e9giques qui m\u00e8nent au succ\u00e8s.<\/p>\n<p>Dans le cas d'Aero Mexico, nous pouvons offrir une vue d'ensemble d\u00e9taill\u00e9e de la situation financi\u00e8re de la compagnie a\u00e9rienne et l'aider \u00e0 analyser ses forces, ses faiblesses, ses opportunit\u00e9s et ses menaces. Notre \u00e9quipe d'experts financiers proc\u00e9dera \u00e0 une \u00e9valuation approfondie des \u00e9tats financiers, des flux de tr\u00e9sorerie, des bilans et des comptes de r\u00e9sultat d'Aero Mexico. Cette analyse fournira des informations pr\u00e9cieuses sur la performance financi\u00e8re, la liquidit\u00e9, la rentabilit\u00e9 et la solvabilit\u00e9 de l'entreprise.<\/p>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img fetchpriority=\"high\" decoding=\"async\" style=\"--dominant-color: #234d70;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-1.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-1.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-1-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-1-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-1-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"234d70\" \/> <\/a><\/p>\n<p>Aerovias de Mexico, SA de CV, connue sous le nom d'Aeromexico, exploite une flotte d'avions et est la compagnie a\u00e9rienne nationale du Mexique, bas\u00e9e \u00e0 Mexico. Fond\u00e9e en 1934, Aeromexico fournit des services de transport a\u00e9rien, y compris le transport national et international de passagers, de courrier et de fret vers plus de 100 destinations dans le monde entier, notamment au Mexique, en Am\u00e9rique du Nord et du Sud, dans les Cara\u00efbes, en Europe et en Asie.<\/p>\n<p>La plate-forme principale d'Aeromexico est situ\u00e9e \u00e0 Mexico, avec des plates-formes secondaires \u00e0 Guadalajara et Monterrey. Aeromexico transporte plus de 14,8 millions de passagers par an, avec une flotte de 115 avions compos\u00e9e de Boeing 787 et 737 modernes et de mod\u00e8les Embraer 170 et 190 de nouvelle g\u00e9n\u00e9ration.<\/p>\n<p>Aeromexico travaille en \u00e9troite collaboration avec Delta Airlines et, en 2017, les deux compagnies ont conclu un accord commercial commun en vertu duquel elles partagent les informations, les co\u00fbts et les recettes sur tous leurs vols entre les \u00c9tats-Unis et le Mexique. Avec Delta, Aeromexico est l'un des membres fondateurs de l'alliance SkyTeam. Avant la pand\u00e9mie de Covid-19 en 2020, Delta Airlines d\u00e9tenait 49% d'Aeromexico (son investissement le plus important dans une compagnie a\u00e9rienne au niveau mondial), mais depuis la proc\u00e9dure de faillite d'Aeromexico au titre du chapitre 11 aux \u00c9tats-Unis, la participation de Delta Airlines a \u00e9t\u00e9 fortement dilu\u00e9e, d\u00e9tenant actuellement environ 20% d'Aeromexico.<\/p>\n<p>La mission d'Aeromexico est d'aller toujours plus loin en \u00e9tant leader de l'industrie. La compagnie s'est engag\u00e9e \u00e0 compenser son empreinte carbone en int\u00e9grant des Boeing 787 Dreamliners dans sa flotte.<\/p>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img decoding=\"async\" style=\"--dominant-color: #244e71;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-2.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-2.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-2-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-2-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-2-18x2.png 18w\" alt=\"Aero Mexico\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"244e71\" \/> <\/a><\/p>\n<p>Aerovias de Mexico a \u00e9t\u00e9 fond\u00e9e par le banquier et entrepreneur Antonio Diaz Lombardo \u00e0 Mexico, au Mexique, en 1934. Aeromexico est devenue l'une des plus grandes compagnies a\u00e9riennes du Mexique, avec la distinction suppl\u00e9mentaire d'\u00eatre la compagnie a\u00e9rienne nationale.<\/p>\n<p><b><i>Javier Arrigunaga<\/i><\/b>\u00a0est PDG de Xokan Adivisors, une soci\u00e9t\u00e9 de conseil financier et, depuis 2015, pr\u00e9sident du conseil d'administration de Grupo Aeromexico. Il est conseiller du Canadian Pensions Plan Investments Fund et de Lazard M\u00e9xico. Il est partenaire fondateur et directeur de Prestanomico, une fintech sp\u00e9cialis\u00e9e dans le pr\u00eat en tant que service.<\/p>\n<p><b>Membres du conseil d'administration<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Javier Arrigunaga G\u00f3mez del Campo (Pr\u00e9sident)<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Edward H. Bastian<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">William Carroll<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Andr\u00e9s Conesa Labastida<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Antonio Cos\u00edo Pando<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Luis De la Calle Pardo<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Valent\u00edn Diez Morodo<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">William H. Easter III<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Jorge Esteve Recol\u00f3ns<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Arturo Mart\u00ednez del Campo Saucedo<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Mar\u00eda Tricio G\u00f3mez<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Eduardo Tricio Haro<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Jos\u00e9 Antonio Tricio Haro<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Rafael Tricio Haro<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Carlos Villarreal Tricio<\/li>\n<\/ul>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img decoding=\"async\" style=\"--dominant-color: #1e496d;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-3.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-3.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-3-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-3-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-3-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"1e496d\" \/> <\/a><\/p>\n<h6>Dirigeants actuels :<\/h6>\n<p><b>Andres Conesa Labasitda <\/b><em>(Directeur g\u00e9n\u00e9ral du Grupo Aeromexico)<\/em><\/p>\n<p>M. Conesa a \u00e9t\u00e9 nomm\u00e9 PDG de Grupo Aeromexico en 2005. Il est membre int\u00e9rimaire de SkyTeam et membre du Conseil des gouverneurs de l'Association internationale du transport a\u00e9rien depuis 2008. Il a \u00e9t\u00e9 nomm\u00e9 pr\u00e9sident du Conseil en 2015, devenant ainsi le premier Mexicain \u00e0 occuper ce poste. En outre, M. Conesa est \u00e9galement membre du conseil d'administration de Sempra LNG (Sempra Energy).<\/p>\n<p>M. Conesa est titulaire d'un dipl\u00f4me en \u00e9conomie de l'Institut technologique autonome du Mexique et d'un doctorat en \u00e9conomie du MIT.<\/p>\n<p><b>Ricardo Sanchez Baker<\/b><em> (Directeur financier et vice-pr\u00e9sident ex\u00e9cutif)<\/em><\/p>\n<p>M. Baker est directeur financier et vice-pr\u00e9sident ex\u00e9cutif d'Aeromexico depuis 2006. Auparavant, il \u00e9tait directeur de la gestion des revenus et conseiller du directeur g\u00e9n\u00e9ral. Il a men\u00e9 une longue carri\u00e8re dans le secteur de l'aviation et au sein du gouvernement mexicain. Par le pass\u00e9, il a occup\u00e9 le poste de pr\u00e9sident de Sabre Corp.<\/p>\n<p>M. Baker est titulaire d'un doctorat en \u00e9conomie de l'UCLA.<\/p>\n<p><b>Aaron Murray<\/b><em> (Directeur commercial)<\/em><\/p>\n<p>Aaron Murray a plus de vingt ans d'exp\u00e9rience dans l'aviation commerciale au sein de diff\u00e9rentes compagnies a\u00e9riennes telles que Northwest Airlines, Delta Airlines et Aeromexico. M. Murray est devenu directeur commercial d'Aeromexico en novembre 2021.<\/p>\n<p>En 2019, il a rejoint Aeromexico en tant que vice-pr\u00e9sident de la gestion des revenus, o\u00f9 il a dirig\u00e9 l'\u00e9quipe afin d'atteindre les objectifs de revenus de la compagnie.<\/p>\n<p>M. Murray est titulaire d'une licence en marketing et d'un MBA en marketing et commerce international, tous deux obtenus \u00e0 l'universit\u00e9 de l'\u00c9tat du Michigan.<\/p>\n<p><b>Santiago Diago<\/b><em> (Directeur des op\u00e9rations)<\/em><\/p>\n<p>M. Diago a plus de vingt-cinq ans d'exp\u00e9rience dans des compagnies a\u00e9riennes telles que LAC, LAN et Avianca. Dans cette derni\u00e8re, il \u00e9tait vice-pr\u00e9sident ex\u00e9cutif des op\u00e9rations et supervisait plus de 12 000 employ\u00e9s r\u00e9partis dans sept pays.<\/p>\n<p><b>Angelica Garza <\/b><em>(Directeur des ressources humaines et vice-pr\u00e9sident ex\u00e9cutif)<\/em><\/p>\n<p>Mme Garza est responsable de l'acquisition, de la gestion et du d\u00e9veloppement des talents. Tout au long de sa carri\u00e8re, elle a jou\u00e9 des r\u00f4les cl\u00e9s dans des entreprises telles que PepsiCo, o\u00f9 elle a \u00e9t\u00e9 directrice des ressources humaines pour le Mexique et, plus r\u00e9cemment, du d\u00e9veloppement organisationnel pour l'Am\u00e9rique latine. Avant Pepsi, elle \u00e9tait directrice des ressources humaines chez Microsoft Mexique.<\/p>\n<p>Mme Garza est titulaire d'un dipl\u00f4me en psychologie organisationnelle de l'ITESM et d'un MBA.<\/p>\n<p><b>Luis De la Calle Pardo <\/b><em>(Pr\u00e9sident du Comit\u00e9 d'audit et des pratiques d'entreprise)<\/em><\/p>\n<p>Luis De la Calle Pardo est administrateur ind\u00e9pendant d'Aeromexico, S.A.B. de C.V. depuis 2008. Auparavant, il a \u00e9t\u00e9 directeur g\u00e9n\u00e9ral de Public Strategies de Mexico Inc, membre du conseil d'administration d'El Seminario et administrateur ind\u00e9pendant d'Acciones y Valores Banamex et de Cintra, entre autres.<\/p>\n<p>M. De la Calle Pardo est titulaire d'une licence en \u00e9conomie de l'Institut technologique autonome du Mexique, ainsi que d'une ma\u00eetrise et d'un doctorat en \u00e9conomie, tous deux obtenus \u00e0 l'universit\u00e9 de Virginie.<\/p>\n<p><b>Javier Arrigunaga del Campo<\/b><em> (Pr\u00e9sident du conseil d'administration, du comit\u00e9 d'audit et des pratiques d'entreprise et du comit\u00e9 des finances)<\/em><\/p>\n<p>Javier Arrigunaga est PDG de Xokan Advisors, une soci\u00e9t\u00e9 de conseil financier, et pr\u00e9sident du conseil d'administration de Grupo Aeromexico depuis 2015. Il est \u00e9galement conseiller du Fonds d'investissement du R\u00e9gime de pensions du Canada et de Lazard Mexico. M. Arrigunaga est \u00e9galement partenaire fondateur et directeur de Prestanomico, une fintech sp\u00e9cialis\u00e9e dans le pr\u00eat en tant que service.<\/p>\n<p>M. Arrigunaga a eu une longue carri\u00e8re dans le secteur financier, notamment en tant que PDG de Banamex (Citigroup), et il est membre du conseil d'administration de plusieurs soci\u00e9t\u00e9s latino-am\u00e9ricaines, dont Gentera, Dine et Kuo.<\/p>\n<p>Auparavant, il a travaill\u00e9 pendant 15 ans \u00e0 la Banque centrale mexicaine, o\u00f9 il a exerc\u00e9 diff\u00e9rentes responsabilit\u00e9s. M. Arrigunaga est membre du conseil d'administration d'Aeromexico depuis 2007 et membre du comit\u00e9 ex\u00e9cutif.<\/p>\n<h6>Participation au capital de l'entreprise :<\/h6>\n<p>La soci\u00e9t\u00e9 est d\u00e9tenue par un groupe diversifi\u00e9 d'investisseurs priv\u00e9s ainsi que par Fondos Banamex (une filiale de Citigroup) et GBM, ainsi que par un groupe d'investisseurs priv\u00e9s dont les pourcentages ne sont pas divulgu\u00e9s, qui d\u00e9tiennent une participation combin\u00e9e de 51% dans Aeromexico.<\/p>\n<p>Delta Air Lines d\u00e9tient les 49% restants. Les actions ont \u00e9t\u00e9 dilu\u00e9es depuis qu'Aeromexico a d\u00e9pos\u00e9 son bilan pendant la pand\u00e9mie de 2021.<\/p>\n<p>Grupo Aeromexico compte 16 propri\u00e9taires et actionnaires institutionnels qui ont d\u00e9pos\u00e9 des formulaires 13D\/G ou 13F aupr\u00e8s de la SEC. Ces institutions d\u00e9tiennent un total de 954 371 actions.<\/p>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #1d486c;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-4.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-4.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-4-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-4-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/Inside-title-design-4-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"1d486c\" \/> <\/a><\/p>\n<ul>\n<li aria-level=\"1\"><b>Points forts<\/b><\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"2\">Services complets : offrir un produit de premi\u00e8re classe et un service de haute qualit\u00e9 aux passagers d'affaires. Par exemple, des \u00e9crans vid\u00e9o individuels sur chaque si\u00e8ge.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">Partenariats strat\u00e9giques attrayants : relations avec Delta Air Line, adh\u00e9sion \u00e0 Skyteam.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">Programme de fid\u00e9lisation : Le Club Premier aide Aeromexico \u00e0 fid\u00e9liser ses clients, ce qui peut contribuer \u00e0 g\u00e9n\u00e9rer des revenus, \u00e0 augmenter les recommandations et \u00e0 atteindre une croissance globale.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul>\n<li aria-level=\"1\"><b>Faiblesses<\/b><\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"2\">La concurrence : Il est difficile pour Aeromexico de concurrencer efficacement les autres compagnies a\u00e9riennes en leur offrant des services plus performants, des prix plus bas ou une plus grande notori\u00e9t\u00e9.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">Faible marge : Les marges des compagnies a\u00e9riennes sont faibles. Les investisseurs auront des difficult\u00e9s s'ils investissent \u00e0 long terme.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">Les voyages d'affaires ne reviendront peut-\u00eatre pas \u00e0 ce qu'ils \u00e9taient avant Covid-19. Pendant la pand\u00e9mie, les gens ont trouv\u00e9 de nouveaux moyens pour organiser des r\u00e9unions d'affaires, notamment par l'interm\u00e9diaire de logiciels de t\u00e9l\u00e9phonie vid\u00e9o tels que Zoom. M\u00eame si la pand\u00e9mie a presque disparu, les r\u00e9unions d'affaires se d\u00e9roulent encore principalement \u00e0 distance et les voyages d'affaires ont diminu\u00e9 par rapport \u00e0 ce qu'ils \u00e9taient avant le Covid-19. En tant que compagnie qui se concentre principalement sur les passagers d'affaires, Aeromexico aura du mal \u00e0 d\u00e9gager des b\u00e9n\u00e9fices.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul>\n<li aria-level=\"1\"><b>Opportunit\u00e9s<\/b><\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"2\">Apr\u00e8s Covid-19, l'offre de voyages et de d\u00e9placements augmente, ce qui peut aider Aeromexico \u00e0 retrouver de bonnes performances.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">En se pla\u00e7ant volontairement sous la protection du chapitre 11 de la loi sur les faillites, Aeromexico a eu la possibilit\u00e9 de se restructurer et de se d\u00e9barrasser de ses dettes excessives.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul>\n<li aria-level=\"1\"><b>Menaces<\/b><\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"2\">\u00c9v\u00e9nements ext\u00e9rieurs : attaques terroristes, catastrophes naturelles, baisse du tourisme, augmentation de la criminalit\u00e9 ou apparition de maladies contagieuses, comme le Covid-19. Si l'entreprise est affect\u00e9e n\u00e9gativement, le prix de l'action baissera.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #295174;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/competitive-analysis-globally.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/competitive-analysis-globally.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/competitive-analysis-globally-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/competitive-analysis-globally-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/competitive-analysis-globally-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"295174\" \/> <\/a><\/p>\n<p>Malgr\u00e9 la croissance r\u00e9cente d'Aeromexico, la compagnie a\u00e9rienne a \u00e9t\u00e9 confront\u00e9e ces derni\u00e8res ann\u00e9es \u00e0 un paysage concurrentiel avec des rivaux qui se d\u00e9veloppaient encore plus rapidement. Sur le march\u00e9 mexicain de l'aviation, le trafic augmente malgr\u00e9 des conditions \u00e9conomiques incertaines. La concurrence \u00e9mergente provient d'une combinaison de nouvelles compagnies a\u00e9riennes \u00e0 bas prix et de transporteurs a\u00e9riens internationaux de plus en plus sophistiqu\u00e9s. Pour ajouter \u00e0 cette pression, les attentes des clients en mati\u00e8re de qualit\u00e9 \u00e9taient de plus en plus \u00e9lev\u00e9es en raison de la concurrence accrue.<\/p>\n<p>Si Aeromexico est consid\u00e9r\u00e9e comme l'une des principales compagnies a\u00e9riennes du Mexique, il existe de nombreuses autres compagnies a\u00e9riennes mexicaines qui proposent des vols nationaux et internationaux. Aeromexico a l'avantage concurrentiel de faire partie de SkyTeam et de l'alliance Skymiles. L'alliance permet aux clients d'acc\u00e9der \u00e0 une plus grande connectivit\u00e9 entre les compagnies a\u00e9riennes et de gagner des r\u00e9compenses lorsqu'ils voyagent. Il n'existe que deux niveaux d'\u00e9lite SkyTeam, de sorte qu'il n'est pas trop difficile pour les voyageurs fr\u00e9quents d'atteindre le niveau le plus \u00e9lev\u00e9. Aeromexico excelle dans le service \u00e0 la client\u00e8le et dans la rapidit\u00e9 et la facilit\u00e9 du processus d'enregistrement. Aeromexico propose le plus grand nombre de vols nationaux et internationaux.<\/p>\n<p>Viva Aerobus est l'un des concurrents nationaux d'Aeromexico. Cependant, Aeromexico dispose d'un avantage concurrentiel car Viva Aerobus est connue pour ses surr\u00e9servations et ses retards constants.<\/p>\n<p>Volaris, une compagnie a\u00e9rienne mexicaine \u00e0 bas prix, est \u00e9galement l'un des concurrents d'Aeromexico, bien que la qualit\u00e9 de ses produits et services ne soit pas \u00e0 la hauteur des normes \u00e9lev\u00e9es d'Aeromexico.<\/p>\n<p>Aeromexico est \u00e9galement en concurrence avec des compagnies a\u00e9riennes internationales qui desservent le Mexique, notamment des compagnies telles que :<\/p>\n<ul>\n<li>United Airlines (vols directs vers Mexico et Guadalajara)<\/li>\n<li>Southwest Airlines (vols directs vers Cancun, Los Cabos)<\/li>\n<li>Alaskan Airlines (neuf destinations au Mexique)<\/li>\n<li>American Airlines<\/li>\n<li>JetBlue (l'une des compagnies a\u00e9riennes proposant les vols les moins chers vers Cancun)<\/li>\n<li>British Airways Avios (voyage direct du Royaume-Uni au Mexique)<\/li>\n<li>Turkish Airlines (avec des vols directs de la Turquie vers Cancun et Mexico)<\/li>\n<\/ul>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #1d486c;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/10k-research.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/10k-research.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/10k-research-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/10k-research-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/10k-research-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"1d486c\" \/> <\/a><\/p>\n<h6>Risque majeur en glissement annuel<\/h6>\n<figure><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image49.png\" sizes=\"(max-width: 359px) 100vw, 359px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image49.png 359w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image49-248x300.png 248w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image49-10x12.png 10w\" alt=\"Source from market share\" width=\"359\" height=\"435\" \/> <\/a><figcaption>Source : parts de march\u00e9<\/figcaption><\/figure>\n<p style=\"text-align: left;\">Le risque cl\u00e9 de l'ann\u00e9e est celui qui est mentionn\u00e9 pour la premi\u00e8re fois dans le rapport financier ou qui a eu une grande influence ou qui est bien connu de la soci\u00e9t\u00e9 ; lorsqu'il n'y a pas de risque cl\u00e9, c'est le carburant qui est le risque cl\u00e9. Certains de ces risques cl\u00e9s \u00e9taient globaux et affectaient de nombreuses personnes. Certaines ann\u00e9es, Aeromexico est confront\u00e9e \u00e0 de multiples risques, le risque le plus important \u00e9tant le risque cl\u00e9 de l'ann\u00e9e.<\/p>\n<h6>Niveau et facteurs de risque en glissement annuel<\/h6>\n<figure><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image56-1024x383.png\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image56-1024x383.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image56-300x112.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image56-768x287.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image56-1536x574.png 1536w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image56-18x7.png 18w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image56.png 1567w\" alt=\"Risk Level and Factors YoY\" width=\"1024\" height=\"383\" \/> <\/a><figcaption>Source : parts de march\u00e9<\/figcaption><\/figure>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Les risques qui ont pu \u00eatre trouv\u00e9s dans les rapports financiers et les ressources en ligne de tiers ont \u00e9t\u00e9 r\u00e9sum\u00e9s en 8 cat\u00e9gories.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Le carburant est r\u00e9pertori\u00e9 s\u00e9par\u00e9ment comme une d\u00e9pense importante.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Le carburant et les accidents d'avion sont les risques les plus importants d'Aeromexico ; les situations internationales, les accidents d'avion et le covid sont des risques inattendus.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Les perturbations des op\u00e9rations et les r\u00e9glementations gouvernementales font r\u00e9f\u00e9rence aux risques strat\u00e9giques.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Le niveau de risque correspond au nombre de facteurs de risque qui sont devenus des pertes au cours de l'exercice.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #1a466a;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/debt-equity.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/debt-equity.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/debt-equity-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/debt-equity-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/debt-equity-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"1a466a\" \/> <\/a><\/p>\n<h6>Niveau de risque avec<\/h6>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image59.png\" sizes=\"(max-width: 752px) 100vw, 752px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image59.png 752w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image59-300x180.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image59-18x12.png 18w\" alt=\"Risk Level with\" width=\"752\" height=\"452\" \/> <\/a><\/p>\n<p>Si les rapports financiers ne contiennent pas de mises \u00e0 jour sur les facteurs de risque, les corr\u00e9lations entre le niveau de risque et les dettes\/fonds propres ont \u00e9t\u00e9 incluses. \u00c9tant donn\u00e9 que les rapports financiers ne peuvent remonter qu'\u00e0 six ans, les donn\u00e9es utilis\u00e9es dans le graphique vont de 2016 \u00e0 2021. Le graphique montre une corr\u00e9lation positive entre l'endettement et le niveau de risque, et une corr\u00e9lation n\u00e9gative entre les capitaux propres et le niveau de risque. \u00c9tant donn\u00e9 que l'\u00e9cart entre la dette et les capitaux propres continue de se creuser et que l'environnement international est volatil, le niveau de risque futur reste relativement \u00e9lev\u00e9.<\/p>\n<h6>Prix du carburant avec \u00e9quit\u00e9<\/h6>\n<figure><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image2.png\" sizes=\"(max-width: 752px) 100vw, 752px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image2.png 752w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image2-300x180.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image2-18x12.png 18w\" alt=\"Fuel Price with Equity\" width=\"752\" height=\"452\" \/> <\/a><figcaption>Source : parts de march\u00e9<\/figcaption><\/figure>\n<p>Ce graphique permet de suivre le niveau de risque de la mani\u00e8re la plus synchronis\u00e9e possible. L'\u00e9pid\u00e9mie s'am\u00e9liorant, les \u00e9conomies des diff\u00e9rents pays ont commenc\u00e9 \u00e0 se redresser, et l'industrie du voyage et du transport a\u00e9rien s'est \u00e9galement redress\u00e9e progressivement. Toutefois, les conflits internationaux ont entra\u00een\u00e9 une hausse continue du prix du carburant, alors que la demande de carburant augmente. Le prix \u00e9lev\u00e9 du carburant et la faiblesse des capitaux propres indiquent un niveau de risque \u00e9lev\u00e9 pour l'avenir.<\/p>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #285073;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-sheet.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-sheet.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-sheet-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-sheet-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-sheet-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"285073\" \/> <\/a><br \/>\n<a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image42-1024x592.png\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image42-1024x592.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image42-300x174.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image42-768x444.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image42-18x10.png 18w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image42.png 1196w\" alt=\"Current Assets\" width=\"1024\" height=\"592\" \/> <\/a><br \/>\n<a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image23-1024x271.png\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image23-1024x271.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image23-300x79.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image23-768x203.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image23-18x5.png 18w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image23.png 1199w\" alt=\"Current Liabilities\" width=\"1024\" height=\"271\" \/> <\/a><br \/>\n<a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image22-1024x472.png\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image22-1024x472.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image22-300x138.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image22-768x354.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image22-18x8.png 18w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image22.png 1109w\" alt=\"Current Assets\" width=\"1024\" height=\"472\" \/> <\/a><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Ann\u00e9e<\/b><\/td>\n<td><b>2021<\/b><\/td>\n<td><b>2020<\/b><\/td>\n<td><b>2019<\/b><\/td>\n<td><b>2018<\/b><\/td>\n<td><b>2017<\/b><\/td>\n<\/tr>\n<tr>\n<td>Total des actifs<\/td>\n<td>86847965000<\/td>\n<td>80383743000<\/td>\n<td>100988431000<\/td>\n<td>76772852000<\/td>\n<td>76897303000<\/td>\n<\/tr>\n<tr>\n<td>Total des actifs Variation<\/td>\n<td>8.04%<\/td>\n<td>-20.40%<\/td>\n<td>31.54%<\/td>\n<td>-0.16%<\/td>\n<td>8.56%<\/td>\n<\/tr>\n<tr>\n<td>Total du passifInt\u00e9r\u00eat minoritaire net<\/td>\n<td>141354310000<\/td>\n<td>113335403000<\/td>\n<td>95211742000<\/td>\n<td>65118567000<\/td>\n<td>63904838000<\/td>\n<\/tr>\n<tr>\n<td>Total du passifInt\u00e9r\u00eat minoritaire net Variation<\/td>\n<td>24.72%<\/td>\n<td>19.04%<\/td>\n<td>46.21%<\/td>\n<td>1.90%<\/td>\n<td>13.07%<\/td>\n<\/tr>\n<tr>\n<td>Total des capitaux propresInt\u00e9r\u00eats minoritaires bruts<\/td>\n<td>-54506345000<\/td>\n<td>-32951660000<\/td>\n<td>5776689000<\/td>\n<td>11654285000<\/td>\n<td>12992465000<\/td>\n<\/tr>\n<tr>\n<td>Total des capitaux propres et des int\u00e9r\u00eats minoritaires bruts Variation<\/td>\n<td>65.41%<\/td>\n<td>-670.42%<\/td>\n<td>-50.43%<\/td>\n<td>-10.30%<\/td>\n<td>-9.25%<\/td>\n<\/tr>\n<tr>\n<td>Capitalisation totale<\/td>\n<td>-54511217000<\/td>\n<td>-32956066000<\/td>\n<td>14921527000<\/td>\n<td>11650610000<\/td>\n<td>39977485000<\/td>\n<\/tr>\n<tr>\n<td>Capitalisation totale2<\/td>\n<td>65.41%<\/td>\n<td>-320.86%<\/td>\n<td>28.08%<\/td>\n<td>-70.86%<\/td>\n<td>5.05%<\/td>\n<\/tr>\n<tr>\n<td>Dette totale<\/td>\n<td>75982442000<\/td>\n<td>63555110000<\/td>\n<td>63420674000<\/td>\n<td>36625029000<\/td>\n<td>34365707000<\/td>\n<\/tr>\n<tr>\n<td>Dette totale Variation<\/td>\n<td>19.55%<\/td>\n<td>0.21%<\/td>\n<td>73.16%<\/td>\n<td>6.57%<\/td>\n<td>12.02%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #204a6e;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-analysis-since-ipo.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-analysis-since-ipo.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-analysis-since-ipo-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-analysis-since-ipo-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/current-balance-analysis-since-ipo-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"204a6e\" \/> <\/a><\/p>\n<p>L'actif total d'Aeromexico a affich\u00e9 une tendance stable et lentement croissante de 2016 \u00e0 2018, et a connu une croissance rapide en 2019, atteignant 100 milliards avec une augmentation de 31%. Cependant, impact\u00e9 n\u00e9gativement par la pand\u00e9mie, l'actif total est revenu \u00e0 sa position initiale apr\u00e8s 2020, 80 milliards en 2020 et 86 milliards en 2021.<\/p>\n<p>Les capacit\u00e9s totales d'Aeromexico ont augment\u00e9 rapidement entre 2016 et 2021, passant de 5,6 milliards \u00e0 141 milliards, avec le Covid 19, la plus forte augmentation en 2019 avec un taux de croissance de 46%, pour finalement atteindre 141 milliards en 2021, soit pr\u00e8s de trois fois les capacit\u00e9s totales de 2016.<\/p>\n<p>La dette totale d'Aeromexico a augment\u00e9 r\u00e9guli\u00e8rement et lentement ces derni\u00e8res ann\u00e9es, passant de 30 milliards \u00e0 environ 76 milliards. Avec le Covid 19, le taux le plus rapide est en 2019, avec une augmentation de 73%, de 36 milliards \u00e0 63 milliards.<\/p>\n<p>Les capitaux propres totaux d'Aeromexico ont connu une tendance g\u00e9n\u00e9rale \u00e0 la baisse de 2016 \u00e0 2019, et une forte baisse de 2019 \u00e0 2021, en particulier en 2020, le ratio de baisse a atteint 670%, soit une diminution de 5 fois par rapport \u00e0 2016, les capitaux propres totaux ont \u00e9galement diminu\u00e9 et ont atteint 54 milliards en 2021.<\/p>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image30.png\" sizes=\"(max-width: 710px) 100vw, 710px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image30.png 710w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image30-300x257.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image30-14x12.png 14w\" alt=\"Total Assets and Total Liabilities\" width=\"710\" height=\"609\" \/> <\/a><\/p>\n<figure><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image58.png\" sizes=\"(max-width: 581px) 100vw, 581px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image58.png 581w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image58-300x292.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image58-12x12.png 12w\" alt=\"Total Debt and Equity\" width=\"581\" height=\"566\" \/> <\/a><figcaption>Source : parts de march\u00e9<\/figcaption><\/figure>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #2e5677;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/capitalization-requirements-.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/capitalization-requirements-.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/capitalization-requirements--300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/capitalization-requirements--768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/capitalization-requirements--18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"2e5677\" \/> <\/a><\/p>\n<h6>Liquidit\u00e9s depuis l'introduction en bourse<\/h6>\n<p>Les liquidit\u00e9s d'Aeromexico ont fortement augment\u00e9 d'environ 177,86% en 2020, lorsque la Covid-19 a \u00e9clat\u00e9. En effet, pendant la pand\u00e9mie, l'industrie du transport a\u00e9rien a \u00e9t\u00e9 fortement touch\u00e9e et d\u00e9vast\u00e9e. Aeromexico s'est volontairement plac\u00e9e sous la protection du chapitre 11 de la loi sur les faillites en 2020 et a obtenu environ 1,4 milliard de dollars de pr\u00eats non garantis reconnus et environ 1,4 milliard de dollars am\u00e9ricains de certains pr\u00eats dans le cadre de la proc\u00e9dure de faillite. Il \u00e9tait judicieux de conserver beaucoup de liquidit\u00e9s pendant la pand\u00e9mie. En effet, si les recettes ont \u00e9t\u00e9 tr\u00e8s faibles pendant cette p\u00e9riode, les co\u00fbts fixes sont rest\u00e9s tr\u00e8s \u00e9lev\u00e9s.<\/p>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image24.png\" sizes=\"(max-width: 674px) 100vw, 674px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image24.png 674w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image24-300x185.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image24-18x12.png 18w\" alt=\"Cash on Hand since IPO\" width=\"674\" height=\"415\" \/> <\/a><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11332\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/DE-Ratio-Anlysis.png\" alt=\"\" width=\"1053\" height=\"135\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/DE-Ratio-Anlysis.png 1053w, https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/DE-Ratio-Anlysis-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/DE-Ratio-Anlysis-1024x131.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/DE-Ratio-Anlysis-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/DE-Ratio-Anlysis-18x2.png 18w\" sizes=\"(max-width: 1053px) 100vw, 1053px\" \/><\/p>\n<p>La pand\u00e9mie a eu un impact n\u00e9gatif sur les capitaux propres d'Aeromexico, qui sont pass\u00e9s de 5 777 millions en 2019 \u00e0 -32 952 millions en 2020 (environ 670%). La dette totale d'Aeromexico n'a pas beaucoup chang\u00e9, mais en raison des capitaux propres n\u00e9gatifs, le ratio d'endettement d'Aeromexico est devenu n\u00e9gatif. Ce ratio est consid\u00e9r\u00e9 comme un signe de risque \u00e9lev\u00e9 et de n\u00e9cessit\u00e9 de se placer sous la protection de la loi sur les faillites, ce qu'Aeromexico a d\u00e9j\u00e0 fait.<\/p>\n<figure><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image4.png\" sizes=\"(max-width: 626px) 100vw, 626px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image4.png 626w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image4-300x188.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image4-18x12.png 18w\" alt=\"Debt\/Equity Ratio\" width=\"626\" height=\"392\" \/> <\/a><figcaption>Source : parts de march\u00e9<\/figcaption><\/figure>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #254e71;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/breakeven-analysis.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/breakeven-analysis.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/breakeven-analysis-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/breakeven-analysis-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/breakeven-analysis-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"254e71\" \/> <\/a><\/p>\n<figure><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image17.png\" sizes=\"(max-width: 643px) 100vw, 643px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image17.png 643w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image17-300x186.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image17-18x12.png 18w\" alt=\"Operational Revenue and Expense\" width=\"643\" height=\"399\" \/> <\/a><figcaption>Source : parts de march\u00e9<\/figcaption><\/figure>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #254e71;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-statement.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-statement.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-statement-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-statement-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-statement-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"254e71\" \/> <\/a><\/p>\n<table>\n<thead>\n<tr>\n<th><b>Ann\u00e9e<\/b><\/th>\n<th><b>12\/31\/2021<\/b><\/th>\n<th><b>12\/31\/2020<\/b><\/th>\n<th><b>12\/31\/2019<\/b><\/th>\n<th><b>12\/31\/2018<\/b><\/th>\n<th><b>12\/31\/2017<\/b><\/th>\n<\/tr>\n<tr>\n<th>Flux de tr\u00e9sorerie d'exploitation<\/th>\n<th>1,125,945,000<\/th>\n<th>-864,346,000<\/th>\n<th>11,152,069,000<\/th>\n<th>2,226,031,000<\/th>\n<th>6,264,634,000<\/th>\n<\/tr>\n<tr>\n<th>InvestissementsFlux de tr\u00e9sorerie<\/th>\n<th>-2,432,027,000<\/th>\n<th>-6,020,041,000<\/th>\n<th>-4,010,332,000<\/th>\n<th>-2,297,606,000<\/th>\n<th>-611,523,000<\/th>\n<\/tr>\n<tr>\n<th>FinancementFlux de tr\u00e9sorerie<\/th>\n<th>13,421,362,000<\/th>\n<th>7,390,283,000<\/th>\n<th>-7,880,757,000<\/th>\n<th>-1,586,258,000<\/th>\n<th>-5,309,658,000<\/th>\n<\/tr>\n<tr>\n<th>EndCashPosition<\/th>\n<th>19,380,449,000<\/th>\n<th>7,381,822,000<\/th>\n<th>6,974,826,000<\/th>\n<th>7,686,629,000<\/th>\n<th>9,344,167,000<\/th>\n<\/tr>\n<tr>\n<th>Changements dans la tr\u00e9sorerie<\/th>\n<th>12,115,280,000<\/th>\n<th>505,896,000<\/th>\n<th>-739,020,000<\/th>\n<th>-1,657,833,000<\/th>\n<th>343,453,000<\/th>\n<\/tr>\n<tr>\n<th>D\u00e9penses d'investissement<\/th>\n<th>-3,964,676,000<\/th>\n<th>-4,394,504,000<\/th>\n<th>-4,732,389,000<\/th>\n<th>-4,492,641,000<\/th>\n<th>-4,799,334,000<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u00c9mission de capital-actions<\/td>\n<td>0<\/td>\n<td>13,405,000<\/td>\n<td>32,565,000<\/td>\n<td>29,080,000<\/td>\n<td>238,688,000<\/td>\n<\/tr>\n<tr>\n<td>\u00c9mission de la dette<\/td>\n<td>14,125,085,000<\/td>\n<td>15,512,686,000<\/td>\n<td>5,443,513,000<\/td>\n<td>5,011,604,000<\/td>\n<td>5,971,378,000<\/td>\n<\/tr>\n<tr>\n<td>Remboursement de la dette<\/td>\n<td>-75,000,000<\/td>\n<td>-5,650,618,000<\/td>\n<td>-6,235,262,000<\/td>\n<td>-6,273,595,000<\/td>\n<td>-10,011,187,000<\/td>\n<\/tr>\n<tr>\n<td>Rachat de capital-actions<\/td>\n<td>0<\/td>\n<td>-17,824,000<\/td>\n<td>-159,267,000<\/td>\n<td>-244,186,000<\/td>\n<td>-682,263,000<\/td>\n<\/tr>\n<tr>\n<td>FreeCashFlow<\/td>\n<td>-2,838,731,000<\/td>\n<td>-5,258,850,000<\/td>\n<td>6,419,680,000<\/td>\n<td>-2,266,610,000<\/td>\n<td>1,465,300,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<figure><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image26.png\" sizes=\"(max-width: 703px) 100vw, 703px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image26.png 703w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image26-300x189.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image26-18x12.png 18w\" alt=\"Cash Flow\" width=\"703\" height=\"442\" \/> <\/a><figcaption>Source : parts de march\u00e9<\/figcaption><\/figure>\n<p><img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #234c70;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-analysis.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-analysis.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-analysis-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-analysis-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/cash-flow-analysis-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"234c70\" \/><\/p>\n<p>Le flux de tr\u00e9sorerie d'exploitation d'Aeromexico pr\u00e9sente une tendance g\u00e9n\u00e9rale \u00e0 la fluctuation et au d\u00e9clin. Sous l'influence de Covid-19, en 2019, il a atteint le niveau le plus \u00e9lev\u00e9, soit 11 milliards, mais en 2020, il a atteint le niveau le plus bas, diminuant jusqu'\u00e0 un montant n\u00e9gatif de 864 millions.<\/p>\n<p>Le flux de tr\u00e9sorerie de financement d'Aeromexico est n\u00e9gatif de 2017 \u00e0 2019, et positif de 2020 \u00e0 2021, avec un minimum de 8 milliards en 2019 et un maximum de 13 milliards en 2021.<\/p>\n<p>Le flux de tr\u00e9sorerie d'Aeromexico, les donn\u00e9es des cinq derni\u00e8res ann\u00e9es sont toutes n\u00e9gatives, et ont montr\u00e9 une tendance \u00e0 la baisse rapide de 2017 \u00e0 2020, atteignant le point le plus bas de -6 milliards en 2020, mais il est rapidement revenu \u00e0 -2,4 milliards en 2021.<\/p>\n<p>Tant EndCash que Changeincash ont affich\u00e9 une tendance relativement stable de 2017 \u00e0 2020. En outre, la variation en esp\u00e8ces en 2018 est relativement \u00e9lev\u00e9e, atteignant 1,6 milliard. En outre, les deux ont montr\u00e9 une croissance explosive en 2021. EndCash1,9 milliard, Changeincash \u00e0 1,2 milliard.<\/p>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #234c70;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/income-statement.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/income-statement.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/income-statement-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/income-statement-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/income-statement-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"234c70\" \/> <\/a><\/p>\n<p>Outre 2020, le b\u00e9n\u00e9fice brut global d'AreoMexico a connu une augmentation faible et r\u00e9guli\u00e8re de 2017 \u00e0 2021, et \u00e9tait g\u00e9n\u00e9ralement sup\u00e9rieur \u00e0 80%, avec 84% en 2017, 87% en 2018, 88% en 2019, et 99% en 2021.En outre, la valeur d'Adally a augment\u00e9 rapidement pour atteindre 140% en 2020, ce qui est le plus \u00e9lev\u00e9 en cinq ans.<\/p>\n<p>En ce qui concerne les d\u00e9penses de fonctionnement, \u00e0 c\u00f4t\u00e9 de 2020, de 2017 \u00e0 2021, la proportion est comprise entre 0 et 20%, 16% en 2017, 13% en 2018, 12% en 2019, 1% en 2020, mais le taux d'int\u00e9r\u00eat diminue rapidement en 2020, pour atteindre 40% n\u00e9gatifs.<\/p>\n<p>Un autre changement tr\u00e8s \u00e9vident est le b\u00e9n\u00e9fice avant int\u00e9r\u00eats et imp\u00f4ts (EBIT), qui montre g\u00e9n\u00e9ralement une tendance \u00e0 la baisse, de 3% en 2017 \u00e0 37% en 2021 \u00e0 c\u00f4t\u00e9 de 2020, et le changement le plus \u00e9vident est en 2020, repr\u00e9sentant 139% n\u00e9gatifs.<\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Ann\u00e9e<\/b><\/td>\n<td><b>12\/31\/2021<\/b><\/td>\n<td><b>12\/31\/2020<\/b><\/td>\n<td><b>12\/31\/2019<\/b><\/td>\n<td><b>12\/31\/2018<\/b><\/td>\n<td><b>12\/31\/2017<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Total des recettes<\/b><\/td>\n<td>45,461,320,000<\/td>\n<td>28,522,135,000<\/td>\n<td>68,766,003,000<\/td>\n<td>70,264,025,000<\/td>\n<td>61,481,197,000<\/td>\n<\/tr>\n<tr>\n<td><b>Produits d'exploitation<\/b><\/td>\n<td>45,461,320,000<\/td>\n<td>28,522,135,000<\/td>\n<td>68,766,003,000<\/td>\n<td>70,264,025,000<\/td>\n<td>61,481,197,000<\/td>\n<\/tr>\n<tr>\n<td><b>Co\u00fbt des recettes<\/b><\/td>\n<td>44,817,092,000<\/td>\n<td>40,035,494,000<\/td>\n<td>60,171,990,000<\/td>\n<td>61,130,877,000<\/td>\n<td>51,767,045,000<\/td>\n<\/tr>\n<tr>\n<td><b>B\u00e9n\u00e9fice brut<\/b><\/td>\n<td>644,228,000<\/td>\n<td>-11,513,359,000<\/td>\n<td>8,594,013,000<\/td>\n<td>9,133,148,000<\/td>\n<td>9,714,152,000<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00e9penses de fonctionnement<\/b><\/td>\n<td>6,637,746,000<\/td>\n<td>6,125,545,000<\/td>\n<td>6,729,965,000<\/td>\n<td>8,780,217,000<\/td>\n<td>8,189,187,000<\/td>\n<\/tr>\n<tr>\n<td><b>Revenu d'exploitation<\/b><\/td>\n<td>-5,993,518,000<\/td>\n<td>-17,638,904,000<\/td>\n<td>1,864,048,000<\/td>\n<td>352,931,000<\/td>\n<td>1,524,965,000<\/td>\n<\/tr>\n<tr>\n<td><b>Revenu avant imp\u00f4t<\/b><\/td>\n<td>-21,209,394,000<\/td>\n<td>-42,983,087,000<\/td>\n<td>-3,322,727,000<\/td>\n<td>-3,130,696,000<\/td>\n<td>-49,838,000<\/td>\n<\/tr>\n<tr>\n<td><b>TaxProvision<\/b><\/td>\n<td>-2,428,305,000<\/td>\n<td>-454,000,000<\/td>\n<td>-953,797,000<\/td>\n<td>-1,252,149,000<\/td>\n<td>-67,993,000<\/td>\n<\/tr>\n<tr>\n<td><b>Total des d\u00e9penses<\/b><\/td>\n<td>51,454,838,000<\/td>\n<td>46,161,039,000<\/td>\n<td>66,901,955,000<\/td>\n<td>69,911,094,000<\/td>\n<td>59,956,232,000<\/td>\n<\/tr>\n<tr>\n<td><b>EBIT<\/b><\/td>\n<td>-16,715,345,000<\/td>\n<td>-39,594,365,000<\/td>\n<td>583,620,000<\/td>\n<td>-992,416,000<\/td>\n<td>1,780,687,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<tbody>\n<tr>\n<td><b>Ann\u00e9e<\/b><\/td>\n<td><b>2021<\/b><\/td>\n<td><b>2020<\/b><\/td>\n<td><b>2019<\/b><\/td>\n<td><b>2018<\/b><\/td>\n<td><b>2017<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Total des recettes<\/b><\/td>\n<td>100%<\/td>\n<td>100%<\/td>\n<td>100%<\/td>\n<td>100%<\/td>\n<td>100%<\/td>\n<\/tr>\n<tr>\n<td><b>Co\u00fbt des recettes<\/b><\/td>\n<td>100%<\/td>\n<td>100%<\/td>\n<td>100%<\/td>\n<td>100%<\/td>\n<td>100%<\/td>\n<\/tr>\n<tr>\n<td><b>B\u00e9n\u00e9fice brut<\/b><\/td>\n<td>99%<\/td>\n<td>140%<\/td>\n<td>88%<\/td>\n<td>87%<\/td>\n<td>84%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00e9penses de fonctionnement<\/b><\/td>\n<td>1%<\/td>\n<td>-40%<\/td>\n<td>12%<\/td>\n<td>13%<\/td>\n<td>16%<\/td>\n<\/tr>\n<tr>\n<td><b>Frais g\u00e9n\u00e9raux et administratifs<\/b><\/td>\n<td>15%<\/td>\n<td>21%<\/td>\n<td>10%<\/td>\n<td>12%<\/td>\n<td>13%<\/td>\n<\/tr>\n<tr>\n<td><b>Frais de vente et de marketing<\/b><\/td>\n<td>0%<\/td>\n<td>0%<\/td>\n<td>0%<\/td>\n<td>0%<\/td>\n<td>0%<\/td>\n<\/tr>\n<tr>\n<td><b>Revenu d'exploitation<\/b><\/td>\n<td>-13%<\/td>\n<td>-62%<\/td>\n<td>3%<\/td>\n<td>1%<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td><b>Revenu avant imp\u00f4t<\/b><\/td>\n<td>-47%<\/td>\n<td>-151%<\/td>\n<td>-5%<\/td>\n<td>-4%<\/td>\n<td>0%<\/td>\n<\/tr>\n<tr>\n<td><b>TaxProvision<\/b><\/td>\n<td>-5%<\/td>\n<td>-2%<\/td>\n<td>-1%<\/td>\n<td>-2%<\/td>\n<td>0%<\/td>\n<\/tr>\n<tr>\n<td><b>Total des d\u00e9penses<\/b><\/td>\n<td>113%<\/td>\n<td>162%<\/td>\n<td>97%<\/td>\n<td>99%<\/td>\n<td>98%<\/td>\n<\/tr>\n<tr>\n<td><b>EBIT<\/b><\/td>\n<td>-37%<\/td>\n<td>-139%<\/td>\n<td>1%<\/td>\n<td>-1%<\/td>\n<td>3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h5><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11333\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/Cash-Flow-Projection.png\" alt=\"\" width=\"1053\" height=\"135\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/Cash-Flow-Projection.png 1053w, https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/Cash-Flow-Projection-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/Cash-Flow-Projection-1024x131.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/Cash-Flow-Projection-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2024\/03\/Cash-Flow-Projection-18x2.png 18w\" sizes=\"(max-width: 1053px) 100vw, 1053px\" \/><\/h5>\n<p>J'ai utilis\u00e9 les donn\u00e9es de 2018 \u00e0 2021 d'Aeromexico pour la projection des flux de tr\u00e9sorerie actualis\u00e9s. Le prix projet\u00e9 de l'action est de 121,93. Compar\u00e9 au prix du march\u00e9, qui est de 178,77, Aeromexico n'est pas un tr\u00e8s bon choix d'investissement.<\/p>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image48.png\" sizes=\"(max-width: 621px) 100vw, 621px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image48.png 621w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image48-300x130.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image48-18x8.png 18w\" alt=\"Capital Structure\" width=\"621\" height=\"270\" \/> <\/a><br \/>\n<a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image61-1024x426.png\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image61-1024x426.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image61-300x125.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image61-768x319.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image61-18x7.png 18w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image61.png 1518w\" alt=\"Capital Structure Million\" width=\"1024\" height=\"426\" \/> <\/a><br \/>\n<a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image52-1024x314.png\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image52-1024x314.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image52-300x92.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image52-768x235.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image52-18x6.png 18w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image52.png 1104w\" alt=\"Free Cash Flow\" width=\"1024\" height=\"314\" \/> <\/a><\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image43-1024x191.png\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image43-1024x191.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image43-300x56.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image43-768x143.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image43-18x3.png 18w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image43.png 1514w\" alt=\"Free Cash Flow to Firm\" width=\"1024\" height=\"191\" \/><figcaption>Source : investopedia<\/figcaption><\/figure>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image36.png\" sizes=\"(max-width: 547px) 100vw, 547px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image36.png 547w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image36-300x193.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image36-18x12.png 18w\" alt=\"DCF Calculation Summary\" width=\"547\" height=\"352\" \/><br \/>\n<a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #214b6f;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/industry-average-valuation-multiples.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/industry-average-valuation-multiples.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/industry-average-valuation-multiples-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/industry-average-valuation-multiples-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/industry-average-valuation-multiples-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"214b6f\" \/> <\/a><\/p>\n<p>L'industrie du transport a\u00e9rien est un march\u00e9 tr\u00e8s concurrentiel, avec plus de 5 000 compagnies a\u00e9riennes dot\u00e9es de codes OACI. Parmi les compagnies a\u00e9riennes publiques qui sont \u00e9galement membres de Skyteam et qui proposent des vols vers le Mexique, j'ai choisi United Airlines, American Airlines, Southwest Airlines et JetBlue comme concurrents d'Aeromexico.<\/p>\n<p>Aeromexico a un ratio VE\/Revenu de 3,7, ce qui est le plus \u00e9lev\u00e9 parmi ces 5 soci\u00e9t\u00e9s. Ce ratio est un peu \u00e9lev\u00e9 et peut \u00eatre consid\u00e9r\u00e9 comme malsain, ce qui signifie que les actions sont sur\u00e9valu\u00e9es et qu'il n'est pas rentable pour les investisseurs d'y investir.<\/p>\n<p>Le ratio VE\/EBITDA d'Aeromexico est de 32,6, bien qu'il ne soit pas le plus \u00e9lev\u00e9 des quatre entreprises, il est encore trop \u00e9lev\u00e9 pour \u00eatre consid\u00e9r\u00e9 comme sain. Un ratio EV\/EBITDA \u00e9lev\u00e9 indique \u00e9galement qu'Aeromexico est peut-\u00eatre sur\u00e9valu\u00e9.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image11.png\" sizes=\"(max-width: 929px) 100vw, 929px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image11.png 929w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image11-300x41.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image11-768x106.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image11-18x2.png 18w\" alt=\"As of June 2022 in USD\" width=\"929\" height=\"128\" \/><figcaption>Source : parts de march\u00e9<\/figcaption><\/figure>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #244e71;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/stock-price-analysis.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/stock-price-analysis.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/stock-price-analysis-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/stock-price-analysis-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/stock-price-analysis-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"244e71\" \/> <\/a><\/p>\n<p style=\"text-align: left;\"><b>1.1 Prix de l'introduction en bourse<\/b><\/p>\n<p>Le 14 avril 2011, Grupo Aeromexico (BMV : AEROMEX) a annonc\u00e9 \u00e0 la communaut\u00e9 des investisseurs que l'offre publique initiale de la soci\u00e9t\u00e9 par l'interm\u00e9diaire de la Bolsa Mexicana de Valores (Bourse mexicaine) avait \u00e9t\u00e9 couronn\u00e9e de succ\u00e8s. Il s'agissait d'une offre primaire 100%. Comme annonc\u00e9 pr\u00e9c\u00e9demment, Aeromexico pr\u00e9voit d'utiliser le produit de l'introduction en bourse pour poursuivre la consolidation de son plan d'investissement.<\/p>\n<p>Le prix de l'offre publique initiale (IPO) \u00e9tait de 31 pesos par action (US$2,58), pour un total de 125 513 903 actions, dont 16 371 738 actions provenant de l'option greenshoe mentionn\u00e9e dans le prospectus. La valeur totale de l'offre, y compris l'option de surallocation, s'\u00e9levait \u00e0 324 244 249 US$.<\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 6pt;\">1.2 \u00c9volution du cours de l'action depuis l'introduction en bourse<\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 6pt;\">1.2.1 Tendances g\u00e9n\u00e9rales depuis l'introduction en bourse<\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; text-indent: 21pt; text-align: justify; margin-top: 0pt; margin-bottom: 6pt;\">Pour \u00e9tudier les tendances du prix des actions depuis l'introduction en bourse, nous t\u00e9l\u00e9chargeons les donn\u00e9es quotidiennes d'Aeromexico \u00e0 partir de Yahoo Finance avec Python. L'horizon temporel s'\u00e9tend du 29 avril 2011 au 23 septembre 2022, comme le montre le tableau 1. Pour l'analyse du cours de l'action, nous nous concentrons principalement sur le cours de cl\u00f4ture de l'action Aeromexico. D'apr\u00e8s les statistiques du tableau 2, le cours de cl\u00f4ture est pass\u00e9 d'un minimum de 0,44 peso \u00e0 un maximum de 373,87 pesos. L'\u00e9cart entre ces deux prix est \u00e9norme.<\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; text-align: center; margin-top: 0pt; margin-bottom: 6pt;\"><em>Tableau 1 Cours de l'action Aeromexico depuis l'introduction en bourse<\/em><\/p>\n<p dir=\"ltr\" style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.50.23-PM.png\" alt=\"\" width=\"1170\" height=\"734\" \/><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.51.47-PM.png\" alt=\"\" width=\"474\" height=\"510\" \/><\/p>\n<p><em>Source : investopedia\u00a0<\/em><\/p>\n<p>Pour approfondir la recherche, nous analysons les tendances g\u00e9n\u00e9rales des cours boursiers en visualisant les donn\u00e9es en Python. La figure 1 montre l'\u00e9volution du cours des actions sur 11 ans. On remarque une augmentation soudaine du cours de l'action en mars 2022. Cela peut s'expliquer par la r\u00e9organisation d'Aeromexico. Plus pr\u00e9cis\u00e9ment, Aeromexico a mis en \u0153uvre son plan de r\u00e9organisation et a conclu avec succ\u00e8s son processus de restructuration financi\u00e8re et s'est lib\u00e9r\u00e9e du chapitre 11 \u00e0 cette date. Comme indiqu\u00e9 dans le plan de r\u00e9organisation, la valeur des capitaux propres de la soci\u00e9t\u00e9 r\u00e9organis\u00e9e est d'environ 2 564 000 000,00 USD et les nouvelles actions cot\u00e9es en bourse sont de 136 423 959 USD (\u00e0 l'exclusion des actions d'autocontr\u00f4le en attente de souscription d'un montant de 13 642 396). Le nombre total autoris\u00e9 d'actions \u00e9mises par la soci\u00e9t\u00e9 est de 150 066 355 actions.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.52.21-PM.png\" alt=\"\" width=\"920\" height=\"580\" \/><\/p>\n<p style=\"text-align: center;\">Figure 1 \u00c9volution globale des cours des actions<\/p>\n<p><b>1.2.2 L'\u00e9volution du cours des actions en trois phases<\/b><\/p>\n<p>Pour obtenir des informations plus d\u00e9taill\u00e9es sur les variations du cours des actions depuis l'introduction en bourse et couvrir l'influence de COVID-19, nous s\u00e9parons le cours quotidien des actions en trois phases : de 2011-4-29 \u00e0 2020-01-20, de 2020-01-21 \u00e0 2022-03-18, et de 2022-03-19 \u00e0 2022-09-23.<\/p>\n<p>Les cours des actions d'une entreprise sont parfois influenc\u00e9s par les tendances de l'ensemble du march\u00e9. C'est pourquoi nous avons rassembl\u00e9 les prix de l'indice IPC mexicain et les avons visualis\u00e9s avec ceux d'Aeromexico dans un seul graphique. L'indice mexicain IPC (Indice de Precios y Cotizaciones) est un indice boursier majeur qui suit les performances des principales soci\u00e9t\u00e9s cot\u00e9es \u00e0 la bourse mexicaine. Il se compose d'une s\u00e9lection d'actions repr\u00e9sentatives de l'ensemble des actions cot\u00e9es \u00e0 la bourse et issues de diff\u00e9rents secteurs de l'\u00e9conomie. Il s'agit d'un indice pond\u00e9r\u00e9 en fonction de la capitalisation.<\/p>\n<p><b>(1) \u00c9volution du cours des actions avant COVID-19<\/b><\/p>\n<p>De 2011 \u00e0 2020, la figure 2 montre qu'Aeromexico a \u00e9t\u00e9 plus volatile que l'indice du march\u00e9 public au cours de cette p\u00e9riode. Le cours de l'action d'Aeromexico a chut\u00e9 \u00e0 partir de 2011, principalement en raison de l'intensification de la concurrence entre les compagnies a\u00e9riennes au Mexique. Par exemple, l'un des concurrents d'Aeromexico, Volaris, a mis en place des strat\u00e9gies \u00e0 bas prix qui \u00e9taient plus comp\u00e9titives que celles d'Aeromexico \u00e0 l'\u00e9poque.<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.53.02-PM.png\" alt=\"\" width=\"994\" height=\"612\" \/><\/p>\n<p><em>Source : yahoo finance<\/em><\/p>\n<p style=\"text-align: center;\">Figure 2 Cours de l'action Aeromexico avant COVID-19<\/p>\n<p>En 2015, le cours de l'action d'Aeromexico a atteint 40 pesos par action en raison de l'am\u00e9lioration de l'environnement \u00e9conomique et des faibles prix du carburant qui ont contribu\u00e9 \u00e0 augmenter les revenus. Cette hausse est \u00e9galement due \u00e0 l'ajustement des strat\u00e9gies d'exploitation d'Aeromexico, notamment la r\u00e9duction des co\u00fbts sur les liaisons int\u00e9rieures et l'ouverture de nouvelles liaisons internationales. En cons\u00e9quence, Aeromexico s'est remise de la guerre des prix avec Volaris.<\/p>\n<p>Cependant, en 2018, les prix des actions ont atteint un sommet avant de retomber \u00e0 un niveau inf\u00e9rieur. Un accident d'avion s'est produit avec l'appareil d'Aeromexico. Plusieurs personnes ont \u00e9t\u00e9 bless\u00e9es dans cet accident. Les passagers se sont inqui\u00e9t\u00e9s de la s\u00e9curit\u00e9 d'Aeromexico. Les investisseurs ont eu des attentes n\u00e9gatives quant \u00e0 la performance de ses actions.<\/p>\n<p><b>(2)<\/b>\u00a0<b style=\"font-style: inherit; color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif;\">\u00c9volution du cours des actions apr\u00e8s COVID-19 et avant la r\u00e9organisation<\/b><\/p>\n<p>En janvier 2020, les Centers for Disease Control and Prevention (CDC) ont signal\u00e9 le premier cas de nouveau coronavirus 2019 confirm\u00e9 en laboratoire aux \u00c9tats-Unis. D'apr\u00e8s la figure 3, en raison de l'apparition du COVID-19, le march\u00e9 mexicain et le cours de l'action d'Aeromexico ont fortement chut\u00e9 \u00e0 partir de janvier 2020.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.53.34-PM.png\" alt=\"\" width=\"1018\" height=\"594\" \/><\/p>\n<p style=\"text-align: center;\">Figure 3 Cours de l'action d'Aeromexico apr\u00e8s le COVID-19 et avant la r\u00e9organisation<\/p>\n<p style=\"text-align: left;\">En avril 2020, l'ensemble du march\u00e9 mexicain a commenc\u00e9 \u00e0 se redresser, tandis que le cours de l'action d'Aeromexico continuait \u00e0 chuter.<\/p>\n<p>En juin 2020, Aeromexico a d\u00e9pos\u00e9 son bilan apr\u00e8s que la pand\u00e9mie de grippe aviaire COVID-19 a r\u00e9duit la demande de voyages.<\/p>\n<p>Au d\u00e9but du mois de mars 2022, les actions de Grupo Aeromexico ont plong\u00e9 pour la quatri\u00e8me journ\u00e9e cons\u00e9cutive apr\u00e8s que pr\u00e8s d'un cinqui\u00e8me du capital de l'entreprise a \u00e9t\u00e9 vendu \u00e0 1 cent par action dans le cadre d'une offre publique de vente, dans le cadre de son plan de restructuration visant \u00e0 sortir de la faillite.<\/p>\n<p><strong>(3) <b>\u00c9volution du cours des actions apr\u00e8s une r\u00e9organisation<\/b><\/strong><\/p>\n<p>Le 18 mars 2022, Aeromexico est sortie de la protection de la loi sur les faillites. Elle a pr\u00e9vu de d\u00e9penser $5 milliards au cours des cinq prochaines ann\u00e9es pour la modernisation de sa flotte et d'autres am\u00e9liorations. Suite \u00e0 cette bonne nouvelle, le cours de l'action d'Aeromexico a atteint le niveau record de 373 pesos (figure 4).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.54.04-PM.png\" alt=\"\" width=\"1062\" height=\"604\" \/><\/p>\n<p><em>Source : yahoofinance<\/em><\/p>\n<p style=\"text-align: center;\">Figure 4 Cours de l'action Aeromexico apr\u00e8s la r\u00e9organisation<\/p>\n<p>De mai \u00e0 juin 2022, le cours des actions de la compagnie a\u00e9rienne Aeromexico a chut\u00e9 \u00e0 175 pesos apr\u00e8s que l'entreprise a d\u00e9clar\u00e9 avoir demand\u00e9 l'autorisation \u00e0 l'autorit\u00e9 de r\u00e9gulation des valeurs mobili\u00e8res du pays de lancer un programme de rachat d'actions dans le cadre de son transfert du march\u00e9 national vers une bourse am\u00e9ricaine.<\/p>\n<p><b>2 Analyse de la moyenne mobile du cours de l'action<\/b><\/p>\n<p>Les moyennes mobiles sont largement utilis\u00e9es en finance pour d\u00e9terminer les tendances du march\u00e9. Nous analysons les trois types de moyennes mobiles les plus populaires sur la base des donn\u00e9es de n\u00e9gociation d'Aeromexico : (1) la moyenne mobile simple (SMA), (2) la moyenne mobile cumulative (CMA) et (3) la moyenne mobile exponentielle (EMA).<\/p>\n<p><b>2.1 La moyenne mobile simple (SMA)<\/b><\/p>\n<p>La moyenne mobile simple est la moyenne non pond\u00e9r\u00e9e des M points de donn\u00e9es pr\u00e9c\u00e9dents. Le choix de M (fen\u00eatre coulissante) d\u00e9pend du degr\u00e9 de lissage souhait\u00e9, car l'augmentation de la valeur de M am\u00e9liore le lissage au d\u00e9triment de la pr\u00e9cision.<\/p>\n<p>Comme nous l'avons mentionn\u00e9 dans l'analyse pr\u00e9c\u00e9dente, la r\u00e9organisation du 18 mars 2022 a provoqu\u00e9 un \u00e9norme \u00e9cart de prix. Afin de visualiser les donn\u00e9es commerciales et la moyenne mobile de mani\u00e8re claire et pr\u00e9cise, nous effectuons une analyse de la moyenne mobile bas\u00e9e sur les donn\u00e9es apr\u00e8s la restructuration d'Aeromexico.<\/p>\n<p>Avec le paquet Pandas en Python, nous calculons la moyenne mobile simple sur une p\u00e9riode de 10 et 20 ans, ce qui correspond \u00e0 la taille des fen\u00eatres glissantes, en s\u00e9lectionnant dans tous les cas un nombre minimum de p\u00e9riodes de 1. Nous ajoutons ensuite les donn\u00e9es des r\u00e9sultats aux cadres de donn\u00e9es existants, comme le montre le tableau 3.<\/p>\n<p style=\"text-align: center;\">Tableau 3 Moyenne mobile du cours de l'action<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.54.56-PM.png\" alt=\"\" width=\"1314\" height=\"536\" \/><\/p>\n<p>Le graphique suivant (figure 5) montre le cours de l'action Aeromexico et les moyennes mobiles sur 10 et 20 ans.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.55.26-PM.png\" alt=\"\" width=\"1152\" height=\"630\" \/><\/p>\n<p style=\"text-align: center;\">Figure 5 Cours de l'action Aeromexico SMA<\/p>\n<p>Nous pouvons conclure que la SMA a de bons effets pour refl\u00e9ter les tendances des actions \u00e0 terme. Remarquez que la SMA a la m\u00eame direction et les m\u00eames tendances changeantes que les prix des actions. \u00c0 proximit\u00e9 de l'intersection des moyennes mobiles \u00e0 10 ans et \u00e0 20 ans, les cours des actions changent de direction. Mais il y a parfois un d\u00e9calage dans le temps. La SMA est donc capable de visualiser correctement les tendances, mais n'est pas vraiment efficace pour pr\u00e9dire la direction des tendances des prix.<\/p>\n<p><b>2.2 La moyenne mobile cumulative (MMC)<\/b><\/p>\n<p>La moyenne mobile cumulative est la moyenne non pond\u00e9r\u00e9e des valeurs pr\u00e9c\u00e9dentes jusqu'\u00e0 l'instant t. La moyenne mobile simple a une fen\u00eatre coulissante de taille constante M. En revanche, la taille de la fen\u00eatre devient plus grande au fur et \u00e0 mesure que le temps passe lors du calcul de la moyenne mobile cumulative.<\/p>\n<p>De m\u00eame, nous calculons la moyenne mobile cumulative avec Pandas, en ajoutant les r\u00e9sultats aux cadres de donn\u00e9es existants (tableau 3). Le graphique suivant (figure 6) montre la moyenne mobile cumulative du cours de cl\u00f4ture de l'action Aeromexico.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.56.13-PM.png\" alt=\"\" width=\"1120\" height=\"642\" \/><\/p>\n<p style=\"text-align: center;\">Figure 6 Cours de l'action Aeromexico CMA<\/p>\n<p>D'apr\u00e8s la figure 6, la moyenne mobile cumulative s'est \u00e9cart\u00e9e des prix des actions apr\u00e8s mai 2022. La moyenne mobile cumulative prend en compte toutes les valeurs pr\u00e9c\u00e9dentes lors du calcul de la moyenne. C'est pourquoi elle ne constitue pas une option id\u00e9ale pour d\u00e9terminer les tendances des prix, en particulier dans le cas de longues s\u00e9ries chronologiques.<\/p>\n<p><b>2.3 La moyenne mobile exponentielle (EMA)<\/b><\/p>\n<p>La moyenne mobile exponentielle est une m\u00e9thode largement utilis\u00e9e pour filtrer le bruit et identifier les tendances. Le poids de chaque \u00e9l\u00e9ment diminue progressivement avec le temps, ce qui signifie que la moyenne mobile exponentielle donne plus de poids aux points de donn\u00e9es r\u00e9cents. Cette m\u00e9thode repose sur l'id\u00e9e que les donn\u00e9es r\u00e9centes sont plus pertinentes que les donn\u00e9es anciennes. Par rapport \u00e0 la moyenne mobile simple, la moyenne mobile exponentielle r\u00e9agit plus rapidement aux changements, car elle est plus sensible aux mouvements r\u00e9cents. Dans la formule alg\u00e9brique de calcul de la moyenne mobile exponentielle, il y a un param\u00e8tre de lissage \"alpha\" qui a une valeur comprise entre 0 et 1, repr\u00e9sentant la pond\u00e9ration appliqu\u00e9e \u00e0 la p\u00e9riode la plus r\u00e9cente.<\/p>\n<p>Nous calculons les moyennes mobiles exponentielles avec un facteur de lissage de 0,1 et 0,3. Comme pr\u00e9c\u00e9demment, nous ajoutons les EMA aux cadres de donn\u00e9es existants (tableau 3).<\/p>\n<p>Comme le montre la figure 7, l'EMA avec un facteur de pond\u00e9ration alpha 0,3 pr\u00e9sente des tendances plus similaires \u00e0 celles du prix de l'action, ce qui se traduit par une r\u00e9action plus rapide aux changements r\u00e9cents.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.56.47-PM.png\" alt=\"\" width=\"1048\" height=\"594\" \/><\/p>\n<p><em>Source : yahoo finance<\/em><\/p>\n<p style=\"text-align: center;\">Figure 7 Cours de l'action Aeromexico EMA<\/p>\n<p>En r\u00e9sum\u00e9, la moyenne mobile exponentielle avec un facteur de lissage de 0,3 est une m\u00e9thode relativement meilleure pour d\u00e9terminer la direction du prix des actions.<\/p>\n<p><b>\u00a0Ratio cours\/b\u00e9n\u00e9fice 5 ans<\/b><\/p>\n<p>Le ratio cours\/b\u00e9n\u00e9fice (P\/E) est un indicateur tr\u00e8s important qui montre comment les investisseurs \u00e9valuent la rentabilit\u00e9 de l'entreprise sous-jacente. Les investisseurs utilisent la valeur de march\u00e9 par action par rapport au b\u00e9n\u00e9fice par action pour trouver le ratio.<\/p>\n<p>L'analyse du rapport cours\/b\u00e9n\u00e9fice a deux objectifs : (1) comparer les donn\u00e9es historiques d'une entreprise et (2) comparer les secteurs.<\/p>\n<p><b>3.1 Analyse du rapport cours\/b\u00e9n\u00e9fice \u00e0 partir des donn\u00e9es historiques d'Aeromexico<\/b><\/p>\n<p>L'objectif de ce type d'analyse P\/E est de savoir si une entreprise est sous-\u00e9valu\u00e9e ou sur\u00e9valu\u00e9e entre le pass\u00e9 et le pr\u00e9sent.<\/p>\n<p>Le compte de r\u00e9sultat d'Aeromexico indique que les b\u00e9n\u00e9fices par action annuels de 2019 \u00e0 2021 sont n\u00e9gatifs, de sorte que le ratio cours\/b\u00e9n\u00e9fice pour cet horizon temporel est exprim\u00e9 comme N\/A et ne peut pas \u00eatre compar\u00e9. Par cons\u00e9quent, nous recueillons le ratio cours\/b\u00e9n\u00e9fice annuel d'Aeromexico sur 5 ans, de 2014 \u00e0 2018.<\/p>\n<p>Le tableau 4 montre que le ratio cours\/b\u00e9n\u00e9fice de 2018 est le plus bas des cinq derni\u00e8res ann\u00e9es. Ce ratio inf\u00e9rieur indique que la croissance d'Aeromexico a \u00e9t\u00e9 lente en 2018. Les investisseurs n'avaient pas de bonnes perspectives quant \u00e0 la performance des b\u00e9n\u00e9fices. C'\u00e9tait raisonnable si l'on consid\u00e8re le cours de l'action d'Aeromexico \u00e0 cette p\u00e9riode. Le cours a chut\u00e9 \u00e0 partir de 2017 et n'a pas sembl\u00e9 se redresser en 2019.<\/p>\n<p style=\"text-align: center;\">Tableau 4 Comparaison des ratios P\/E<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.54.04-PM.png\" alt=\"\" width=\"1062\" height=\"604\" \/> <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.58.16-PM.png\" alt=\"\" width=\"1156\" height=\"484\" \/><\/p>\n<p><em>Source : yahoofinance<\/em><\/p>\n<p><b>3.2 Analyse P\/E entre compagnies a\u00e9riennes.<\/b><\/p>\n<p>En outre, nous comparons le ratio cours\/b\u00e9n\u00e9fice actuel d'Aeromexico \u00e0 celui d'autres entreprises du m\u00eame secteur. Pour ce faire, nous rassemblons les ratios cours\/b\u00e9n\u00e9fice des entreprises comparables dans le secteur des compagnies a\u00e9riennes et les fusionnons avec le ratio cours\/b\u00e9n\u00e9fice d'Aeromexico dans un seul tableau. Quatre concurrents sont pris en compte. L'un des concurrents nationaux, Volaris, est une compagnie a\u00e9rienne mexicaine \u00e0 bas prix, mentionn\u00e9e dans la partie pr\u00e9c\u00e9dente de l'analyse concurrentielle. Copa Airlines, GOL Intelligent Airlines et LAN Airlines sont trois grands groupes a\u00e9riens d'Am\u00e9rique latine.<\/p>\n<p>La figure 8 montre la comparaison du ratio cours\/b\u00e9n\u00e9fice sur 5 ans entre Aeromexico et ses quatre concurrents. On remarque que le ratio cours\/b\u00e9n\u00e9fice d'Aeromexico \u00e9tait sup\u00e9rieur au ratio cours\/b\u00e9n\u00e9fice moyen en 2015 et 2016. \u00c0 cette \u00e9poque, l'action \u00e9tait peut-\u00eatre sur\u00e9valu\u00e9e. Les investisseurs s'attendaient \u00e0 une croissance des b\u00e9n\u00e9fices plus \u00e9lev\u00e9e \u00e0 l'avenir que la moyenne.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.59.11-PM.png\" alt=\"\" width=\"1094\" height=\"604\" \/><\/p>\n<p style=\"text-align: center;\">Figure 8 Comparaison des ratios cours\/b\u00e9n\u00e9fice<\/p>\n<p>En 2017 et 2018, le ratio cours\/b\u00e9n\u00e9fice d'Aeromexico \u00e9tait inf\u00e9rieur au ratio cours\/b\u00e9n\u00e9fice moyen. En 2018, le ratio cours\/b\u00e9n\u00e9fice d'Aeromexico \u00e9tait le plus bas par rapport \u00e0 ses concurrents. Cela indique que les investisseurs n'ont pas de perspectives positives quant aux b\u00e9n\u00e9fices futurs d'Aeromexico.<\/p>\n<p>Cependant, le ratio cours\/b\u00e9n\u00e9fice d'Aeromexico est exprim\u00e9 comme N\/A apr\u00e8s 2020, date \u00e0 laquelle la soci\u00e9t\u00e9 a d\u00e9pos\u00e9 son bilan. Cela s'explique par le fait que les ratios C\/B sont calcul\u00e9s comme des nombres n\u00e9gatifs, qui n'ont aucune signification. La partie n\u00e9gative du ratio C\/B provient du fait que le b\u00e9n\u00e9fice par action (BPA) de la soci\u00e9t\u00e9 est n\u00e9gatif.<\/p>\n<p>C'est pourquoi, dans la partie suivante, nous utiliserons les ratios prix\/ventes (P\/S) pour \u00e9valuer les actions.<\/p>\n<p><b>4 Rapport prix\/ventes 5 ans<\/b><\/p>\n<p>Le ratio prix\/ventes (P\/S) est calcul\u00e9 en divisant la capitalisation boursi\u00e8re d'une entreprise par le total de ses ventes ou de son chiffre d'affaires au cours des 12 derniers mois. Ce ratio indique la valeur que le march\u00e9 attribue \u00e0 chaque dollar de chiffre d'affaires de l'entreprise. Ce ratio peut s'av\u00e9rer efficace pour \u00e9valuer les entreprises en croissance qui n'ont pas encore r\u00e9alis\u00e9 de b\u00e9n\u00e9fices ou qui ont subi un revers temporaire. Nous savons qu'Aeromexico n'a pas r\u00e9alis\u00e9 de b\u00e9n\u00e9fices apr\u00e8s sa faillite, son ratio C\/B n'a pas de signification, c'est pourquoi nous utilisons ici l'analyse du ratio P\/S.<\/p>\n<p style=\"text-align: center;\">Tableau 5 Comparaison des ratios P\/S<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-23-at-6.59.55-PM.png\" alt=\"\" width=\"1064\" height=\"1074\" \/><\/p>\n<p style=\"text-align: center;\">Figure 9 Comparaison du rapport P\/S<\/p>\n<p>Nous collectons les ratios P\/S annuels sur 5 ans d'Aeromexico et de ses quatre concurrents (Volaris, Copa Airlines, GOL Intelligent Airlines et LAN Airlines) de 2017 \u00e0 2021. Le tableau 5 montre la comparaison des ratios P\/S sur 5 ans entre Aeromexico et ses quatre concurrents. Les tendances d'\u00e9volution sont illustr\u00e9es \u00e0 la figure 9. On remarque que les ratios P\/S d'Aeromexico au cours des cinq derni\u00e8res ann\u00e9es sont inf\u00e9rieurs \u00e0 ceux des entreprises comparables du m\u00eame secteur qui sont rentables. De 2017 \u00e0 2020, les ratios P\/S d'Aeromexico se maintiennent \u00e0 un faible niveau. Puis, apr\u00e8s 2020, lorsque Aeromexico a d\u00e9pos\u00e9 son bilan, ses ratios P\/S ont continu\u00e9 \u00e0 chuter pour atteindre un niveau proche de z\u00e9ro. Par cons\u00e9quent, Aeromexico et ses actions \u00e9taient sous-\u00e9valu\u00e9es. En revanche, sa soci\u00e9t\u00e9 comparable, Copa Airlines, \u00e9tait relativement sur\u00e9valu\u00e9e. Nous pouvons \u00e9galement conclure que si Aeromexico parvient \u00e0 redresser sa situation op\u00e9rationnelle apr\u00e8s avoir \u00e9merg\u00e9 de la faillite, ses actions conna\u00eetront une hausse substantielle, car le rapport cours\/b\u00e9n\u00e9fice se rapprochera de celui de ses pairs.<\/p>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #1e496d;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/index-analysis.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/index-analysis.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/index-analysis-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/index-analysis-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/index-analysis-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"1e496d\" \/> <\/a><\/p>\n<p>L'indice NYSE Arca Global Airline Index (\"AXGAL\" ou \"indice\") est un indice modifi\u00e9 \u00e0 pond\u00e9ration \u00e9gale en dollars con\u00e7u pour mesurer la performance des compagnies a\u00e9riennes internationales hautement capitalis\u00e9es et liquides. L'indice suit l'\u00e9volution du prix d'une s\u00e9lection d'actions du march\u00e9 local ou d'ADR de grandes compagnies a\u00e9riennes am\u00e9ricaines et \u00e9trang\u00e8res. L'indice a \u00e9t\u00e9 \u00e9tabli avec une valeur de r\u00e9f\u00e9rence de 1000,00 le 27 novembre 2006. Les valeurs de l'indice sont publi\u00e9es par NYSE Euronext Inc. (\"Index Provider\"), la valeur de l'indice est publi\u00e9e toutes les 15 secondes par le biais du Consolidated Tape Association's Network B sous le symbole \"AXGAL\".<\/p>\n<figure><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image50-1024x476.png\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image50-1024x476.png 1024w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image50-300x139.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image50-768x357.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image50-1536x714.png 1536w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image50-18x8.png 18w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image50.png 1599w\" alt=\"AXGAL\" width=\"1024\" height=\"476\" \/> <\/a><\/figure>\n<p style=\"text-align: center;\">Source : yahoofinance<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Aeromexico surperforme S&amp;P 500 et XAL depuis le 06 mars 2022 gr\u00e2ce \u00e0 la sortie de faillite.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Les pand\u00e9mies et les conflits internationaux rendent l'industrie du transport a\u00e9rien plus volatile.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" style=\"margin-left: 0px; margin-top: 0px;\" 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\" width=\"623\" height=\"325\" \/><br \/>\n<a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #224c70;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/market-research.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/market-research.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/market-research-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/market-research-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/market-research-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"224c70\" \/> <\/a><\/p>\n<h5>\u00c9tude du march\u00e9 cible<\/h5>\n<p><strong>Clients cibl\u00e9s<\/strong><\/p>\n<p>Les clients cibl\u00e9s par Aeromexico sont des passagers nationaux et internationaux d'entreprises et de plusieurs entit\u00e9s gouvernementales, qui choisissent le service en fonction de diff\u00e9rentes d\u00e9cisions, telles que l'itin\u00e9raire, l'horaire, le co\u00fbt, etc. Au 31 d\u00e9cembre 2020, Aeromexico assurait plus de 283 vols de passagers par jour, vers 41 destinations nationales et 31 destinations internationales au d\u00e9part du Mexique. Le volume de passagers \u00e9tait d'environ 28 236 461 passagers pour les vols nationaux au Mexique et d'environ 19 843 156 passagers pour les vols internationaux, selon l'AFAC4 (Autorit\u00e9 de l'aviation civile), pour l'ann\u00e9e se terminant le 31 d\u00e9cembre 2020.<\/p>\n<h5>Comment acqui\u00e8rent-ils des clients cibl\u00e9s ?<\/h5>\n<p><strong style=\"font-size: 16px; color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif;\">1.<\/strong><strong style=\"font-size: 16px; color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif;\">\u00a0Canaux de distribution indirects<\/strong><\/p>\n<p><b>\u00a0<\/b><\/p>\n<p>Les agences de voyage sont la principale source indirecte de distribution de billets pour Aeromexico. Les ventes indirectes de billets par les agences de voyage ont repr\u00e9sent\u00e9 46,2% des segments de vol achet\u00e9s au cours de l'exercice clos le 31 d\u00e9cembre 2020. Aeromexico verse aux agences de voyage une commission standard comprise entre 0,1% et 12% pour la vente de leurs billets d'avion. Certaines agences de voyage ont \u00e9galement sign\u00e9 des accords avec Aeromexico afin d'obtenir des primes d'incitation \u00e0 la performance comprises entre 1% et 7% en fonction du volume des ventes de billets.<\/p>\n<p><b>2.\u00a0<\/b><strong style=\"font-size: 16px; color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif;\">Canaux de distribution directe<\/strong><\/p>\n<p>Aeromexico vend \u00e9galement des billets d'avion et des produits compl\u00e9mentaires directement aux clients sur le site Internet, par l'interm\u00e9diaire de centres d'appels ou dans des boutiques de voyage. Les recettes provenant de la vente de billets sur le site Internet ont repr\u00e9sent\u00e9 26,1% des recettes des passagers pour l'exercice clos le 31 d\u00e9cembre 2020. Les recettes provenant de la vente de billets par l'interm\u00e9diaire du centre d'appel ont repr\u00e9sent\u00e9 12% des recettes des vols d'Aeromexico en 2020.<\/p>\n<h5>Quel type de marketing l'entreprise met-elle en \u0153uvre pour accro\u00eetre la notori\u00e9t\u00e9 de sa marque ?<\/h5>\n<p><strong>1. Relations avec Delta Air Lines<\/strong><\/p>\n<p>Aeromexico entretient des relations commerciales \u00e9troites avec Delta Air Lines sous la forme d'accords r\u00e9ciproques de partage de codes, de r\u00e9ciprocit\u00e9 en mati\u00e8re de fid\u00e9lisation, de privil\u00e8ges d'acc\u00e8s aux salons VIP partag\u00e9s avec Delta Air Lines et de notre accord de coop\u00e9ration conjoint (JCA) entre le Mexique et les \u00c9tats-Unis. Cette relation est unique pour une compagnie a\u00e9rienne mexicaine. En particulier, l'accord de coop\u00e9ration conjointe a aid\u00e9 Aeromexico \u00e0 \u00e9tablir le plus grand partenariat transfrontalier entre le Mexique et les \u00c9tats-Unis, et \u00e0 \u00e9tendre la concurrence et les avantages pour les clients des deux compagnies a\u00e9riennes.<\/p>\n<p><strong>2. Adh\u00e9sion \u00e0 SkyTeam<\/strong><\/p>\n<p>Aeromexico est un membre fondateur de SkyTeam. Cette adh\u00e9sion offre la possibilit\u00e9 de conclure des accords de partage de code, de r\u00e9ciprocit\u00e9 dans les programmes de fid\u00e9lisation, d'acc\u00e8s aux salons VIP et de r\u00e9alisation d'activit\u00e9s de marketing communes.<\/p>\n<p><strong>3. Club Premier<\/strong><\/p>\n<p>\"Club Premier\" est un programme de fid\u00e9lisation d'Aeromexico. Il continue d'apporter une valeur ajout\u00e9e \u00e0 ses clients gr\u00e2ce \u00e0 l'ajout de nouveaux partenaires et de nouvelles m\u00e9thodes pour gagner et \u00e9changer des points. Il permet \u00e0 ses membres d'utiliser et d'accumuler des points Premier pour acheter des vols, des h\u00f4tels, des locations de voiture et des achats dans certains magasins de d\u00e9tail. Gr\u00e2ce au Club Premier, Aeromexico peut fid\u00e9liser ses anciens clients et en attirer de nouveaux. Aeromexico renforce \u00e9galement sa marque gr\u00e2ce aux cartes de cr\u00e9dit co-marqu\u00e9es American Express et Santander.<\/p>\n<h4>Part de march\u00e9<\/h4>\n<p>Aeromexico se consid\u00e8re comme une compagnie a\u00e9rienne de premier plan au Mexique et comme le premier choix des voyageurs d'affaires. Elle se concentre principalement sur la satisfaction des besoins de voyage des passagers d'affaires dans l'\u00e9conomie mexicaine en pleine croissance. Selon ses rapports financiers de 2021, elle d\u00e9tenait une part de 25,3% du march\u00e9 int\u00e9rieur mexicain et une part de 11,3% du march\u00e9 international.<\/p>\n<h5>Classement des entreprises<\/h5>\n<ul>\n<li>Selon airlineratings.com, Aeromexico a re\u00e7u une note de 7 \u00e9toiles pour sa conformit\u00e9 \u00e0 la norme Covid-19. Cette note est bas\u00e9e sur les crit\u00e8res suivants :<\/li>\n<\/ul>\n<p><strong>Informations et instructions relatives au site web COVID-19<\/strong><\/p>\n<ul>\n<li>Distanciation sociale \u00e0 l'embarquement<\/li>\n<li>\u00c9quipement de protection individuelle des h\u00f4tesses de l'air et stewards<\/li>\n<li>Masques de protection obligatoires<\/li>\n<li>Modification du service des repas<\/li>\n<li>Kit de d\u00e9sinfection pour les passagers<\/li>\n<li>Nettoyage en profondeur de l'avion<\/li>\n<\/ul>\n<p><a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image14.png\" sizes=\"(max-width: 446px) 100vw, 446px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image14.png 446w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image14-167x300.png 167w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image14-7x12.png 7w\" alt=\"AEROMEXICO\" width=\"446\" height=\"803\" \/> <\/a><br \/>\n<a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" style=\"--dominant-color: #2b5375;\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/mergers-and-acquisitions.png\" sizes=\"(max-width: 936px) 100vw, 936px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/mergers-and-acquisitions.png 936w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/mergers-and-acquisitions-300x38.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/mergers-and-acquisitions-768x98.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/mergers-and-acquisitions-18x2.png 18w\" alt=\"\" width=\"936\" height=\"120\" data-has-transparency=\"true\" data-dominant-color=\"2b5375\" \/> <\/a><br \/>\n<a href=\"https:\/\/lions.financial\/fr\/contact\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image16.png\" sizes=\"(max-width: 906px) 100vw, 906px\" srcset=\"https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image16.png 906w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image16-300x31.png 300w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image16-768x81.png 768w, https:\/\/lions.financial\/wp-content\/uploads\/2022\/10\/image16-18x2.png 18w\" alt=\"Mergers and Acquisitions\" width=\"906\" height=\"95\" \/> <\/a><\/p>\n<p>Delta et l'acquisition le 10 mars 2017 de 32% du capital social \u00e9mis d'Aero Mexico pour $53 par action, une fois l'acquisition r\u00e9alis\u00e9e, Delta Air Lines d\u00e9tient 36,2% des actions en circulation d'Aero Mexico et 12,8% d'options suppl\u00e9mentaires, ainsi que l'obtention des approbations r\u00e9glementaires requises au Mexique.<\/p>\n<p>Le 15 juillet 2022, AeroMexico a acquis une participation de 48,9% dans PLM Premier, propri\u00e9taire et exploitant de sa division Club premiere, faisant de PLM une filiale \u00e0 100 % de la compagnie a\u00e9rienne. Aimia Holdings UK Limited et Aimia Holdings UK II Limited recevront un produit net en esp\u00e8ces d'environ 1,4 milliard de tonnes \u00e0 la suite de la r\u00e9alisation de la transaction PLM.<\/p>","protected":false},"excerpt":{"rendered":"<p>Lions Financial is a consultancy firm that specializes in providing comprehensive financial services to financial institutions and businesses. Our primary focus is to assist our [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":11240,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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