Si vives en EEUU o Latinomérica

compra aquí


Busca todo lo que quieras en Invertirenbolsa.info
con este buscador personalizado de Google
:

Búsqueda personalizada


Libro La Economía funcionará cuando TÚ la entiendas de Gregorio Hernández Jiménez (invertirenbolsa.info)

Si vives en EEUU o Latinomérica

compra aquí
Gracias Gracias:  161
Me gusta Me gusta:  51
Página 14 de 14 PrimeroPrimero ... 41011121314
Mostrando resultados del 131 al 137 de 137

Tema: Veolia Environnement: Análisis Fundamental y Técnico

  1. #131
    Fecha de Ingreso
    julio-2014
    Mensajes
    102
    Agradecimiento de Post / Me gusta

    Predeterminado

    Lo que morningstar entiede por moat es lo siguiente (resumen sacado del libro de Pat Dorsey):

    BUILDING AN ECONOMIC MOAT

    What keeps competitors from stealing the profits of the company?

    Being in an attractive industry helps, but strategy is even more important (roughly twice as important). We know this because there are excellent companies in unattractive industries.

    When possible, look at the situation from the customer’s perspective. In general, there are five ways a firm can build sustainable competitive advantage:

    1. Creating real product differentiation through superior technology or features.
    2. Creating perceived product differentiation through a trusted brand or reputation.
    3. Driving costs down and offering a similar product or service at a lower price.
    4. Locking in customers by creating high switching costs.
    5. Locking out competitors by creating high barriers to entry or high barriers to success.



    REAL PRODUCT DIFFERENTIATION

    It is very difficult to stay one step ahead of competitors by adding features or improving a product. R&D makes also this strategy very expensive.

    Having the best product or service usually means charging a premium price, which limits the size of their potential market. Many customers will be satisfied with a slightly inferior product at a significantly lower price.

    Although firms can occasionally generate enormous excess of profits by staying one step ahead of the technological curve, these profits are usually short-lived. Be wary of firms that rely solely on innovation to sustain their competitive advantage.


    PERCEIVED PRODUCT DIFFERENTIATION

    Very often a firm with consistently better products or services creates a brand for itself. The wonderful thing about a brand is that as long as customers perceive your product or service as better than everyone else’s, it makes relatively little difference whether it actually is different.

    Some brands last for generations, but some just for years.

    Sustaining a powerful brand requires a lot of expensive advertising. The brand has to justify the cost of creating it by actually making money for the firm.


    DRIVING COSTS DOWN

    Offering a similar product or service at a lower cost is an extremely powerful source of competitive advantage.

    Low cost strategy works especially well in commodity industries.

    In general, firms can create cost advantages by either inventing a better process or achieving a larger scale.

    Scale advantages are often very difficult for competitors to match: the largest firms continue to drive down costs and prices, and the smaller ones have an increasingly difficult time catching up.

    The most basic form of a scale advantage comes from leveraging fixed costs, in other words, spreading the cost of an asset across an ever-larger sales base.


    LOCKING IN CUSTOMERS

    If you can make it difficult – in terms of either money or time – for a customer to switch to a competing product, you can charge your customers more and make more money.

    When looking for evidence of high customer switching costs, ask yourself:

    • Does the firm’s products require a significant amount of client training? Often, learning how to use a competing product or service can require a significant investment of time, which means the benefits of a competing product have to be very large to induce a switch.
    • Is the firm’s product of service tightly integrated into customers’ businesses? The cost of changing mission-critical products may far outweigh the benefits.
    • Is the firm’s product or service an industry standard? Customers may feel pressure from their own clients to continue using a well-known and well-respected product or service.



    LOCKING OUT COMPETITORS

    If done well, locking out competitors results in years of strong profits. If done too well, problems with antitrust laws.

    The most obvious way to lock out competitors is with some kind of regulatory exclusivity from governments, but because governments make the rules, they can also change them without warning.

    Patents can also lead to years of extremely high profit margins, but tend to attract litigation. If a firm whose economic moat depends on a single patent or regulatory approval, we have to investigate the likelihood of that approval disappearing unexpectedly.

    A much more durable strategy to lock our competitors is the network effect. A strong network becomes more valuable as the number of users increases. Companies that have a network protecting their competitive positions often have very wide economic moats.


    HOW LONG IT WILL LAST?

    Two dimensions:

    • Depth: how much money the firm can make.
    • Width: how long the firm can sustain above-average profits.


    In general, real product differentiation – based on technological differentiation – is likely to be fairly short.

    Cost leadership, brands (perceived product differentiation), customer lock-ins, and competitor lock-outs can each confer competitive advantage periods of varying lengths – there’s no good rule of thumb, unfortunately.

    Just being able to separate firms into three buckets – a few years, several years and many years – is very useful.

    Consulta aquí qué empresas tienen los inversores en sus carteras en las estadísticas de Invertirenbolsa.info




  2. Gracias Manu73, Arturo thanked for this post
  3. #132
    Fecha de Ingreso
    abril-2018
    Mensajes
    154
    Agradecimiento de Post / Me gusta

    Predeterminado

    Estoy rellenando los datos de mi cartera de valores en la página de la Agencia Tributaria y Veolia me aparece como "AC.VIVENDI". He googleado un poco y no he encontrado ninguna pista. Sé que es Veolia porque los títulos son los mismos que tengo de Veolia, pero el nombre de AC.VIVENDI no me dice nada.

    ¿Alguna idea?

  4. #133
    Fecha de Ingreso
    mayo-2018
    Ubicación
    Baleares
    Mensajes
    230
    Agradecimiento de Post / Me gusta

    Predeterminado

    Cita Iniciado por Ryan Drof Ver Mensaje
    Estoy rellenando los datos de mi cartera de valores en la página de la Agencia Tributaria y Veolia me aparece como "AC.VIVENDI". He googleado un poco y no he encontrado ninguna pista. Sé que es Veolia porque los títulos son los mismos que tengo de Veolia, pero el nombre de AC.VIVENDI no me dice nada.

    ¿Alguna idea?
    A mi vivendi me suena a algo de videojuegos, y parece que es así, pero parece que está relacionado con Veolia también. Así rápido googleando explica algo en Wikipedia https://es.wikipedia.org/wiki/Vivendi
    No te puedo ayudar más porque no sigo ninguna de éstas empresas.

  5. #134
    Fecha de Ingreso
    febrero-2016
    Mensajes
    112
    Agradecimiento de Post / Me gusta

    Predeterminado

    Vivendi es otra empresa francesa https://es.m.wikipedia.org/wiki/Vivendi

  6. #135
    Fecha de Ingreso
    septiembre-2016
    Mensajes
    40
    Agradecimiento de Post / Me gusta

    Predeterminado

    Hola Ryan, solo confirmarte que a mi me pasa exactamente lo mismo. Lo unico que como es una accion que no tiene importancia para mi declaracion (no he vendido), no le he hecho caso a ese detalle.

  7. Gracias Ryan Drof thanked for this post
  8. #136
    Fecha de Ingreso
    febrero-2017
    Mensajes
    12
    Agradecimiento de Post / Me gusta

    Predeterminado

    Otro más al que le pusieron Vivendi en lugar de Veolia.
    Vivendi es una empresa francesa dedicada principalmente a medios de comunicación. Al menos en mi caso, aunque el nombre de la empresa lo pusieron mal, el ISIN asociado que pusieron es el que le corresponde a Veolia, por lo que tiene pinta de que alguien tuvo un error al pasar/poner los datos.
    Yo lo que hice fue editar el nombre y cambiárselo por Veolia, que es el nombre correcto.

    Saludos.

  9. Gracias Ryan Drof thanked for this post
  10. #137
    Fecha de Ingreso
    diciembre-2013
    Mensajes
    1.706
    Agradecimiento de Post / Me gusta

  11. Gracias Ryan Drof thanked for this post



Marcadores

Normas de Publicación

  • No puedes crear nuevos temas
  • No puedes responder temas
  • No puedes subir archivos adjuntos
  • No puedes editar tus mensajes
  •