VF Corporation (NYSE:VFC) est un fabricant de vêtements de premier plan. La société possède une large gamme de marques de vêtements de sport et de vêtements d'extérieur. Ses marques les plus connues incluent Lee, The North Face, Timberland et Vans. Même si VF détient ses propres magasins, la société vend principalement ses vêtements dans des grands chaînes commerciales; ses cinq plus gros clients, dont Wal-Mart, Target and Sears, represent more than 25% of the company's turnover.
VFC's share price has been performing outrageously since 2009, and even since 2000 if we go back a little further. It is the best position in my portfolio with 66% of gain in CHF, 98% in EUR and a whopping 106% in USD, and that for just over two years. Not bad for a dividend payer...
Bien entendu cette flambée du prix de l'action n'est pas sans conséquences. La société offre ainsi un rendement courant de 1.9%, qui ne fait que baisser depuis 2000, si l'on exclut le bon point d'entrée à fin 2008 - début 2009. Quant au ratio cours/bénéfices, il a certes progressé depuis 3 ans, mais il demeure encore a des niveaux corrects, à 18.38. Cette différence d'attractivité entre l'évolution du rendement et celle du P/E ratio s'explique par le fait que VFC a maintenu et même abaissé son distribution ratio, qui se monte aujourd'hui à seulement 33.67%. Ce niveau lui permet de continuer à payer et augmenter son dividende dans le futur, même en cas de passage difficile.
Medium-term dividend growth is modest at 5.05%. More positively, the company has increased its dividend payout over the past 39 years.
The fashion world is inherently volatile. Well-established brands that were popular last season can lose a lot of their luster in the next. So, with a standard deviation of 29.51%, VFC is my most volatile open position.
One of the great qualities of VFC is its very good performance against dollar fluctuations. The $risk of -0.54 indicates that when the USD falls against the CHF, the value of the security in Swiss francs tends to increase.
The VF share price has experienced, as we have seen, a very strong progression in recent years. My algorithm has made the stock fall to the bottom of the ranking, still in "hold", but just before the "sell" positions. For the moment, VFC is saved in extremis by its modest distribution ratio and by the protection that the stock offers against variations in the greenback, but this could change...
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VF Corporation operates primarily in the areas of jeans, outdoor, and sportswear, with an emphasis on footwear and bags.
Since 2000, the company has purchased nearly 20 brands, and today has around 700 stores under different banners.