{"id":22794,"date":"2020-12-08T10:54:59","date_gmt":"2020-12-08T09:54:59","guid":{"rendered":"https:\/\/staging.capitalmind.com\/?p=22794"},"modified":"2021-02-17T23:51:19","modified_gmt":"2021-02-17T22:51:19","slug":"ma-si-les-volumes-baissent-les-multiples-senvolent","status":"publish","type":"post","link":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/","title":{"rendered":"M&#038;A : si les volumes baissent, les multiples s&rsquo;envolent !"},"content":{"rendered":"<p>L\u2019ann\u00e9e 2020 est in\u00e9dite, marqu\u00e9e par un confinement strict qui a mis \u00e0 l\u2019arr\u00eat l\u2019\u00e9conomie fran\u00e7aise et de nombreuses \u00e9conomies europ\u00e9ennes. A l\u2019heure de la r\u00e9surgence de la pand\u00e9mie et d\u2019une deuxi\u00e8me vague annonc\u00e9e jusqu\u2019\u00e0 l\u2019\u00e9t\u00e9 2021, le march\u00e9 du M&amp;A entre dans une p\u00e9riode inconnue et manque de visibilit\u00e9. Les derniers mois sont cependant riches d\u2019enseignement; <strong>Le\u00a0nombre de transactions baisse massivement<\/strong>, se r\u00e9duisant de moiti\u00e9 environ sur le march\u00e9 fran\u00e7ais, pour les raisons suivantes :<\/p>\n<ul>\n<li>Les transactions r\u00e9alis\u00e9es depuis le mois de mars sont essentiellement des op\u00e9rations engag\u00e9es fin d\u2019ann\u00e9e 2019 et tout d\u00e9but 2020. Si certains deals sont report\u00e9s sine die, une part significative des volumes engag\u00e9s au 15 mars dernier se concr\u00e9tisent finalement, parce qu\u2019il est difficile de retirer un actif de la vente et parce que les structures de prix ont \u00e9t\u00e9 am\u00e9nag\u00e9es le plus souvent par la mise en place d\u2019un compl\u00e9ment de prix index\u00e9 sur des performances 2021. C\u2019est ce qui explique que les volumes de transactions au second trimestre ont quand m\u00eame atteint 50% des volumes du Q2 2019, en d\u00e9pit d\u2019une crise majeure.<\/li>\n<li>En revanche, un nombre tr\u00e8s limit\u00e9 de dossiers a \u00e9t\u00e9 mis sur le march\u00e9, aucun actionnaire raisonnable n\u2019ayant d\u00e9cid\u00e9 de lancer de projet de cession entre mars et l\u2019\u00e9t\u00e9 2020, \u00e0 l\u2019exception de situations d\u00e9sesp\u00e9r\u00e9es ou au contraire de quelques structures tr\u00e8s r\u00e9silientes \u2013 et tr\u00e8s attractives. Compte-tenu de l\u2019inertie des dossiers M&amp;A, 6 \u00e0 9 mois \u00e9tant n\u00e9cessaires pour r\u00e9aliser une transaction, nous attendons des volumes tr\u00e8s en recul pour le second semestre 2020.<\/li>\n<\/ul>\n<p>Le march\u00e9 se polarise, tandis que les multiples de valorisation restent \u00e9lev\u00e9s. Le march\u00e9 se segmente en 3 cat\u00e9gories :<\/p>\n<ul>\n<li>Les <strong>\u00ab\u00a0Situations Sp\u00e9ciales\u00a0\u00bb<\/strong> : il s\u2019agit des secteurs et des soci\u00e9t\u00e9s en grande souffrance. Cette cat\u00e9gorie regroupe \u00e0 la fois les m\u00e9tiers cycliques et tr\u00e8s d\u00e9pendants des cycles d\u2019investissement (\u00e9quipements industriels notamment), les secteurs en mutation pour lesquels la crise a acc\u00e9l\u00e9r\u00e9 la d\u00e9faillance (en particulier le secteur de la distribution traditionnelle, affect\u00e9 par l\u2019essor du e-commerce et la transformation des business models) ainsi que les secteurs sinistr\u00e9s par l\u2019effet de la crise sanitaire : la restauration, le voyage, le tourisme, le transport a\u00e9rien, et, par effet de chaine, l\u2019a\u00e9ronautique. Ces acteurs, qui font l\u2019objet d\u2019un soutien particulier de l\u2019Etat, tentent de se restructurer et d\u2019organiser leur survie. Mais \u00e0 l\u2019exception de quelques op\u00e9rations de restructuration, aucune op\u00e9ration M&amp;A ne se mat\u00e9rialise dans ces secteurs, et aucun investisseur (financier ou industriel) ne semble pr\u00eat \u00e0 investir en l\u2019absence de perspectives.<\/li>\n<li>Le <strong>\u00ab\u00a0Centre Ground\u00a0\u00bb<\/strong> est compos\u00e9 de l\u2019essentiel des soci\u00e9t\u00e9s de services et d\u2019industrie. Ces soci\u00e9t\u00e9s ont \u00e9t\u00e9 affect\u00e9es par la crise sanitaire, vont conna\u00eetre une baisse de performance sur l\u2019exercice en cours, mais n\u2019encourent pas de probl\u00e8me de survie. Le soutien massif de l\u2019\u00e9tat au travers des m\u00e9canismes de ch\u00f4mage partiel et l\u2019injection de liquidit\u00e9s au travers des PGE permet \u00e0 ces soci\u00e9t\u00e9s de surmonter la crise, et nombre d\u2019entre elles mettent cette p\u00e9riode \u00e0 profit pour am\u00e9liorer leur efficacit\u00e9 op\u00e9rationnelle, acc\u00e9l\u00e9rer leur digitalisation et ajuster leur organisation pour relancer la m\u00e9canique. Le march\u00e9 du M&amp;A pour ces acteurs est \u00e0 l\u2019arr\u00eat pour trois raisons : tout d\u2019abord car les marges de manoeuvres des acqu\u00e9reurs industriels sont limit\u00e9es, notamment du fait de bris de covenants bancaires ou parce qu\u2019ils n\u2019ont pas distribu\u00e9 de dividendes \u2013 il est donc plus difficile d\u2019expliquer aux actionnaires qu\u2019il faut d\u00e9penser de l\u2019argent pour des acquisitions ; deuxi\u00e8mement car les investisseurs financiers attendent le rebond et la confirmation de la reprise ; enfin, parce que les vendeurs se donnent du temps pour privil\u00e9gier une meilleure valorisation dans 12 \u00e0 18 mois.<\/li>\n<li>Les <strong>\u00ab\u00a0stars\u00a0\u00bb<\/strong> attirent toutes les convoitises. Il s\u2019agit des soci\u00e9t\u00e9s qui ont d\u00e9montr\u00e9 de la r\u00e9silience et de la capacit\u00e9 de croissance depuis le d\u00e9but de l\u2019ann\u00e9e. Cela comprend \u00e0 la fois les acteurs de l\u2019univers de la sant\u00e9 et de la tech, mais \u00e9galement de l\u2019agro-alimentaire (hors RHD) ainsi que les acteurs des services et de l\u2019industrie qui ont poursuivi leur croissance.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-22795\" src=\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/Image2-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/Image2-1024x576.png 1024w, https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/Image2-800x450.png 800w, https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/Image2-768x432.png 768w, https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/Image2-1536x864.png 1536w, https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/Image2.png 1576w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>Dans un contexte de baisse des volumes et de sommes colossales d\u2019argent \u00e0 investir par le private equity, la pression concurrentielle est extr\u00eamement forte sur les process impliquant ces soci\u00e9t\u00e9s stars. Les calendriers se raccourcissent, les pr\u00e9emptions se multiplient, et les multiples de valorisation continuent de progresser.<\/p>\n<p>La crise sanitaire a d\u00e9montr\u00e9 la pertinence des strat\u00e9gies mises en oeuvre par le private equity, qui cherche \u00e0 concentrer les portefeuilles sur des soci\u00e9t\u00e9s de croissance et r\u00e9silientes, dont la valorisation ne cesse de monter :<\/p>\n<p>La classe d\u2019actifs \u00ab\u00a0Private Equity\u00a0\u00bb a montr\u00e9 une grande r\u00e9silience pour les investisseurs financiers, qui anticipent une valorisation moyenne des portefeuilles au 31\/12\/2021 au moins comparable \u00e0 celle de fin 2020. Cela valide la qualit\u00e9 des strat\u00e9gies d\u2019investissement d\u00e9ploy\u00e9es dans le private equity, face \u00e0 une bourse d\u00e9prim\u00e9e et tr\u00e8s volatile et \u00e0 des investissements immobiliers qui suscitent de nombreuses questions, de par le lien fort avec les m\u00e9tiers du tourisme, de la restauration et du retail traditionnel. Il est donc \u00e0 pr\u00e9voir que les afflux de liquidit\u00e9s vers le private equity vont se poursuivre dans les ann\u00e9es \u00e0 venir, d\u2019autant plus que la classe d\u2019actifs est surperformante et peut encaisser la baisse in\u00e9vitable des rendements du fait de la hausse des multiples d\u2019acquisition.<\/p>\n<p>Le m\u00e9tier du private equity a v\u00e9ritablement \u00e9merg\u00e9 il y a une vingtaine d\u2019ann\u00e9es et traverse actuellement sa deuxi\u00e8me crise \u00e9conomique majeure, apr\u00e8s la crise syst\u00e9mique financi\u00e8re de 2008 et 2009. Les strat\u00e9gies d\u00e9ploy\u00e9es par les investisseurs se sont progressivement concentr\u00e9es sur des actifs pr\u00e9sents sur des march\u00e9s de croissance, r\u00e9silients et internationaux, permettant de r\u00e9duire l\u2019\u00e9cart type des rendements des portefeuilles. Les investissements se sont \u00e9galement concentr\u00e9s de mani\u00e8re principale sur des soci\u00e9t\u00e9s pr\u00e9sentant une marge d\u2019EBITDA \u00e0 deux chiffres, \u00e0 valeur-ajout\u00e9e et diff\u00e9renci\u00e9es, qui ont une bien meilleure capacit\u00e9 \u00e0 encaisser les chocs. La crise r\u00e9v\u00e8le ainsi que peu d\u2019acteurs ont en portefeuille des soci\u00e9t\u00e9s soumises aux cycles (m\u00e9tiers d\u00e9pendant des cycles d\u2019investissements ou des mati\u00e8res premi\u00e8res, automobile, etc.), tandis qu\u2019une large majorit\u00e9 des acteurs s\u2019est d\u00e9sengag\u00e9e des m\u00e9tiers de la distribution et du B2C. Ces tendances devraient s\u2019accentuer \u00e0 moyen terme.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>L\u2019ann\u00e9e 2020 est in\u00e9dite, marqu\u00e9e par un confinement strict qui a mis \u00e0 l\u2019arr\u00eat l\u2019\u00e9conomie fran\u00e7aise et de nombreuses \u00e9conomies&#8230;<\/p>\n","protected":false},"author":13,"featured_media":22800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3800],"tags":[],"news-event-type":[],"dealtype":[3698,3721,3706,3740],"class_list":["post-22794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sectornews-fr","dealtype-acquisition-fr","dealtype-carve-out-fr","dealtype-cession-fr","dealtype-capital-dev-fr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.10 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>M&amp;A : si les volumes baissent, les multiples s&#039;envolent ! | Investec Business Advisory<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"M&amp;A : si les volumes baissent, les multiples s&#039;envolent !\" \/>\n<meta property=\"og:description\" content=\"L\u2019ann\u00e9e 2020 est in\u00e9dite, marqu\u00e9e par un confinement strict qui a mis \u00e0 l\u2019arr\u00eat l\u2019\u00e9conomie fran\u00e7aise et de nombreuses \u00e9conomies...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/\" \/>\n<meta property=\"og:site_name\" content=\"Investec Business Advisory\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-08T09:54:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-17T22:51:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sebastian Kliess\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sebastian Kliess\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/\"},\"author\":{\"name\":\"Sebastian Kliess\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#\/schema\/person\/887f4f0d754eb92f5dc24869125f32c5\"},\"headline\":\"M&#038;A : si les volumes baissent, les multiples s&rsquo;envolent !\",\"datePublished\":\"2020-12-08T09:54:59+00:00\",\"dateModified\":\"2021-02-17T22:51:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/\"},\"wordCount\":1189,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#organization\"},\"image\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg\",\"articleSection\":[\"Actualit\u00e9s du secteur\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/\",\"url\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/\",\"name\":\"M&A : si les volumes baissent, les multiples s'envolent ! | Investec Business Advisory\",\"isPartOf\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg\",\"datePublished\":\"2020-12-08T09:54:59+00:00\",\"dateModified\":\"2021-02-17T22:51:19+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#primaryimage\",\"url\":\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg\",\"contentUrl\":\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg\",\"width\":1024,\"height\":768},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/working.capitalmind.com\/fr\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"M&#038;A : si les volumes baissent, les multiples s&#8217;envolent !\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#website\",\"url\":\"https:\/\/working.capitalmind.com\/fr\/\",\"name\":\"Investec Business Advisory\",\"description\":\"Investec Business Advisory\",\"publisher\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/working.capitalmind.com\/fr\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#organization\",\"name\":\"Capitalmind Investec\",\"url\":\"https:\/\/working.capitalmind.com\/fr\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/01\/Logo_Investec_cmjn_6.jpg\",\"contentUrl\":\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/01\/Logo_Investec_cmjn_6.jpg\",\"width\":1120,\"height\":1121,\"caption\":\"Capitalmind Investec\"},\"image\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.linkedin.com\/company\/capitalmind---corporate-finance-advisory\",\"https:\/\/www.youtube.com\/channel\/UC4bVt7iNejh8tGT6Qfa9R4w\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#\/schema\/person\/887f4f0d754eb92f5dc24869125f32c5\",\"name\":\"Sebastian Kliess\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3798795502162ea0ed98c0c550893b347952a691fbf060afc48ddefa4ecfcf72?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3798795502162ea0ed98c0c550893b347952a691fbf060afc48ddefa4ecfcf72?s=96&d=mm&r=g\",\"caption\":\"Sebastian Kliess\"},\"url\":\"https:\/\/working.capitalmind.com\/fr\/author\/sebastian\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"M&A : si les volumes baissent, les multiples s'envolent ! | Investec Business Advisory","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"fr_FR","og_type":"article","og_title":"M&A : si les volumes baissent, les multiples s'envolent !","og_description":"L\u2019ann\u00e9e 2020 est in\u00e9dite, marqu\u00e9e par un confinement strict qui a mis \u00e0 l\u2019arr\u00eat l\u2019\u00e9conomie fran\u00e7aise et de nombreuses \u00e9conomies...","og_url":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/","og_site_name":"Investec Business Advisory","article_published_time":"2020-12-08T09:54:59+00:00","article_modified_time":"2021-02-17T22:51:19+00:00","og_image":[{"width":1024,"height":768,"url":"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg","type":"image\/jpeg"}],"author":"Sebastian Kliess","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"Sebastian Kliess","Dur\u00e9e de lecture estim\u00e9e":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#article","isPartOf":{"@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/"},"author":{"name":"Sebastian Kliess","@id":"https:\/\/working.capitalmind.com\/fr\/#\/schema\/person\/887f4f0d754eb92f5dc24869125f32c5"},"headline":"M&#038;A : si les volumes baissent, les multiples s&rsquo;envolent !","datePublished":"2020-12-08T09:54:59+00:00","dateModified":"2021-02-17T22:51:19+00:00","mainEntityOfPage":{"@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/"},"wordCount":1189,"commentCount":0,"publisher":{"@id":"https:\/\/working.capitalmind.com\/fr\/#organization"},"image":{"@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#primaryimage"},"thumbnailUrl":"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg","articleSection":["Actualit\u00e9s du secteur"],"inLanguage":"fr-FR"},{"@type":"WebPage","@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/","url":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/","name":"M&A : si les volumes baissent, les multiples s'envolent ! | Investec Business Advisory","isPartOf":{"@id":"https:\/\/working.capitalmind.com\/fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#primaryimage"},"image":{"@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#primaryimage"},"thumbnailUrl":"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg","datePublished":"2020-12-08T09:54:59+00:00","dateModified":"2021-02-17T22:51:19+00:00","breadcrumb":{"@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#primaryimage","url":"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg","contentUrl":"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/12\/debt-capital-markets-1-1024x768-1.jpg","width":1024,"height":768},{"@type":"BreadcrumbList","@id":"https:\/\/working.capitalmind.com\/fr\/ma-si-les-volumes-baissent-les-multiples-senvolent\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/working.capitalmind.com\/fr\/"},{"@type":"ListItem","position":2,"name":"M&#038;A : si les volumes baissent, les multiples s&#8217;envolent !"}]},{"@type":"WebSite","@id":"https:\/\/working.capitalmind.com\/fr\/#website","url":"https:\/\/working.capitalmind.com\/fr\/","name":"Investec Business Advisory","description":"Investec Business Advisory","publisher":{"@id":"https:\/\/working.capitalmind.com\/fr\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/working.capitalmind.com\/fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/working.capitalmind.com\/fr\/#organization","name":"Capitalmind Investec","url":"https:\/\/working.capitalmind.com\/fr\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/working.capitalmind.com\/fr\/#\/schema\/logo\/image\/","url":"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/01\/Logo_Investec_cmjn_6.jpg","contentUrl":"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2020\/01\/Logo_Investec_cmjn_6.jpg","width":1120,"height":1121,"caption":"Capitalmind Investec"},"image":{"@id":"https:\/\/working.capitalmind.com\/fr\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/capitalmind---corporate-finance-advisory","https:\/\/www.youtube.com\/channel\/UC4bVt7iNejh8tGT6Qfa9R4w"]},{"@type":"Person","@id":"https:\/\/working.capitalmind.com\/fr\/#\/schema\/person\/887f4f0d754eb92f5dc24869125f32c5","name":"Sebastian Kliess","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/working.capitalmind.com\/fr\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3798795502162ea0ed98c0c550893b347952a691fbf060afc48ddefa4ecfcf72?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3798795502162ea0ed98c0c550893b347952a691fbf060afc48ddefa4ecfcf72?s=96&d=mm&r=g","caption":"Sebastian Kliess"},"url":"https:\/\/working.capitalmind.com\/fr\/author\/sebastian\/"}]}},"_links":{"self":[{"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/posts\/22794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/comments?post=22794"}],"version-history":[{"count":0,"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/posts\/22794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/media\/22800"}],"wp:attachment":[{"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/media?parent=22794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/categories?post=22794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/tags?post=22794"},{"taxonomy":"news-event-type","embeddable":true,"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/news-event-type?post=22794"},{"taxonomy":"dealtype","embeddable":true,"href":"https:\/\/working.capitalmind.com\/fr\/wp-json\/wp\/v2\/dealtype?post=22794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}