La fin de la moyenne pondérée en matière d'évaluation d'actions
Auteur | Colette Plasman |
Le tribunal de premiËre instance d'Anvers a rendu un jugement intÈressant en matiËre d'Èvaluation d'actions (25-10-2002, non encore publiÈ).
Des personnes physiques actionnaires cËdent ‡ un holding qu'ils contrÙlent leurs parts dans la sociÈtÈ d'exploitation ‡ un prix X.
L'administration conteste le prix X et - suivant un calcul savant - arrive ‡ une valeur Y qui est, ‡ peu de chose prËs, la moitiÈ du prix X ,la diffÈrence Ètant ajoutÈe ‡ la base taxable du holding acquÈreur au titre d'avantage anormal et bÈnÈvole sur base de l'art. 26 ß1 du CIR 92. Le jugement est intÈressant ‡ plusieurs Ègards.
L'administration a dÈterminÈ la valeur Y en faisant la moyenne pondÈrÈe entre la valeur intrinsËque, la valeur de rendement et la mÈthode du cash-flow. Or, ces trois valeurs n'ont que trËs peu de corrÈlation.
La valeur intrinsËque est la valeur de liquidation de l'entreprise et n'a pas de sens dans une optique de " going concern ".
La valeur de rendement est une valeur statique puisqu'elle dÈtermine la valeur des actions sur base d'un rendement supposÈ constant dans le temps. Seules les mÈthodes prospectives et notamment celle des cash-flows sont valables.
Encore faut-il savoir ce qu'on entend par cash-flow: cash-flow d'exploitation, cash-flow net ou cash-flow " libre "?
Or, suivant la mÈthode des cash-flow, l'administration valorisait les actions ‡ une valeur bien supÈrieure ‡ la valeur X de transaction.
Le Tribunal d'Anvers a donc bien condamnÈ cette mÈthode obsolËte de calcul de valeur, en indiquant implicitement que la valeur de marchÈ des actions...
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