{"id":316088,"date":"2024-03-08T15:32:31","date_gmt":"2024-03-08T14:32:31","guid":{"rendered":"https:\/\/realites.com.tn\/fr\/?p=316088"},"modified":"2024-03-08T15:32:31","modified_gmt":"2024-03-08T14:32:31","slug":"pbr-rating-maintient-la-note-du-groupe-sopal-a-a-tun-avec-perspective-stable","status":"publish","type":"post","link":"https:\/\/realites.com.tn\/fr\/pbr-rating-maintient-la-note-du-groupe-sopal-a-a-tun-avec-perspective-stable\/","title":{"rendered":"\u00a0PBR Rating maintient la note du groupe SOPAL \u00e0 \u00ab\u00a0A (tun) avec perspective stable\u00a0\u00bb"},"content":{"rendered":"<p style=\"text-align: center;\"><em>L\u2019agence de notation nationale PBR Rating a effectu\u00e9 une \u00e9valuation de suivi du groupe SOPAL afin de remettre\u00a0\u00e0 la soci\u00e9t\u00e9 sa notation financi\u00e8re actualis\u00e9e.<\/em><\/p>\n<p>A l\u2019issue de l\u2019\u00e9valuation, l\u2019agence de notation PBR Rating a maintenu la note du groupe SOPAL, en monnaie locale*, \u00e0 A<sub>(TUN) <\/sub>avec perspective stable (sur une \u00e9chelle de notation allant de AAA \u00e0 D). Une notation stable et de m\u00eame rang entre le long terme (A<sub>(TUN)<\/sub>)<sub>\u00a0<\/sub>et le court terme (A1<sub>(TUN)<\/sub>). Cette note refl\u00e8te des fondamentaux solides, malgr\u00e9 la l\u00e9g\u00e8re baisse de la rentabilit\u00e9 du groupe sur la derni\u00e8re p\u00e9riode, au regard d\u2019un contexte local complexe.<br \/>\nAu fil des ann\u00e9es, SOPAL a r\u00e9ussi \u00e0 se positionner comme leader du secteur des articles sanitaires en Tunisie. La mission de suivi de notation par PBR Rating r\u00e9it\u00e8re son avis concernant la situation financi\u00e8re de SOPAL en tant que structure\u00a0robuste caract\u00e9ris\u00e9e par un niveau de capitaux propres important et une capacit\u00e9 notable de g\u00e9n\u00e9ration de cash, assurant une couverture appropri\u00e9e de la dette et des charges financi\u00e8res.<br \/>\nLa mission de suivi de notation par PBR Rating a observ\u00e9 la consolidation d\u2019une position de tr\u00e9sorerie confortable, refl\u00e9t\u00e9e par des ratios de liquidit\u00e9 en am\u00e9lioration et \u00e0 des niveaux appr\u00e9ciables sur les derniers exercices (un ratio de liquidit\u00e9 g\u00e9n\u00e9rale moyen de 217% sur la p\u00e9riode 2020-2022). Il est \u00e0 noter que le poids de la dette \u00e0 court terme de SOPAL, dans son financement total, a \u00e9t\u00e9 relativement stable sur les derniers exercices (une moyenne de 10,3% sur la p\u00e9riode 2020-2022), traduisant une gestion prudente de l\u2019\u00e9quilibre des ressources du groupe. Dans ce cadre, SOPAL affiche un ratio de couverture des charges financi\u00e8res par l\u2019EBIT, qui demeure \u00e0 un niveau satisfaisant, malgr\u00e9 sa baisse en 2022 (499% contre 685% une ann\u00e9e auparavant).<br \/>\nDu point de vue de la performance, la mission a constat\u00e9 le ralentissement de la croissance sur le march\u00e9 local, conjugu\u00e9 \u00e0 la contraction de la croissance \u00e9conomique et au d\u00e9clin de la demande locale. Cela a entra\u00een\u00e9 une stabilit\u00e9 des revenus du groupe en 2022 (+2% en rythme annuel \u00e0 204 MTND, contre +32% une ann\u00e9e auparavant), suivie d\u2019une l\u00e9g\u00e8re baisse au premier semestre de 2023 (-4% en glissement annuel \u00e0 98 MTND). Face \u00e0 cette r\u00e9alit\u00e9, SOPAL a adopt\u00e9 une strat\u00e9gie de diversification de ses produits et de ciblage de nouveaux march\u00e9s. Cette approche vise \u00e0 briser la r\u00e9sistance li\u00e9e au contexte local et \u00e0 stimuler la croissance de ses produits d&rsquo;exploitation.<\/p>\n<p>D&rsquo;autre part, la mission a not\u00e9 des efforts consid\u00e9rables d\u00e9ploy\u00e9s sur le march\u00e9 export, avec une augmentation remarquable de 34,5% en 2022. N\u00e9anmoins, il est important de noter que l&rsquo;impact des march\u00e9s export demeure encore relativement faible sur les revenus totaux de SOPAL.<br \/>\nLa mission de suivi de notation par PBR Rating a accord\u00e9 une attention particuli\u00e8re \u00e0 l&rsquo;analyse des agr\u00e9gats de rentabilit\u00e9 de SOPAL. Ces derniers ont affich\u00e9 des signes de stabilisation, apr\u00e8s un exercice 2021 exceptionnel en termes de performance, principalement en raison d&rsquo;une stabilit\u00e9 du volume d\u2019activit\u00e9, mais aussi d\u2019un effet moins favorable de la variation des stocks\u00a0; cette tendance s\u2019est poursuivie au terme de l\u2019exercice 2023. N\u00e9anmoins, les marges sont maintenues \u00e0 des niveaux largement appr\u00e9ciables, confort\u00e9s par des efforts importants en termes de ma\u00eetrise des co\u00fbts de production.<\/p>\n<p><em>*La notation en monnaie locale n\u2019est pas plafonn\u00e9e par la note souveraine en monnaie \u00e9trang\u00e8re.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>L\u2019agence de notation nationale PBR Rating a effectu\u00e9 une \u00e9valuation de suivi du groupe SOPAL afin de remettre\u00a0\u00e0 la soci\u00e9t\u00e9 sa notation financi\u00e8re actualis\u00e9e. A l\u2019issue de l\u2019\u00e9valuation, l\u2019agence de&hellip;<\/p>\n","protected":false},"author":60,"featured_media":316089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1464],"tags":[],"class_list":["post-316088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entreprises"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u00a0PBR Rating maintient la note du groupe SOPAL \u00e0 \u00ab\u00a0A (tun) avec perspective stable\u00a0\u00bb - R\u00e9alit\u00e9s Magazine<\/title>\n<meta name=\"description\" content=\"L\u2019agence de notation nationale PBR Rating a effectu\u00e9 une \u00e9valuation de suivi du groupe SOPAL afin de remettre\u00a0\u00e0 la soci\u00e9t\u00e9 sa notation financi\u00e8re\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/realites.com.tn\/fr\/pbr-rating-maintient-la-note-du-groupe-sopal-a-a-tun-avec-perspective-stable\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00a0PBR Rating maintient la note du groupe SOPAL \u00e0 \u00ab\u00a0A (tun) avec perspective stable\u00a0\u00bb - 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