{"id":21536,"date":"2006-02-26T23:00:00","date_gmt":"2006-02-26T22:00:00","guid":{"rendered":"https:\/\/www.accuracy.com\/2006\/02\/26\/option-finance-levaluation-se-dote-dune-nouvelle-methode\/"},"modified":"2023-07-28T10:26:53","modified_gmt":"2023-07-28T08:26:53","slug":"option-finance-levaluation-se-dote-dune-nouvelle-methode","status":"publish","type":"post","link":"https:\/\/www.accuracy.com\/en_gb\/option-finance-levaluation-se-dote-dune-nouvelle-methode\/","title":{"rendered":"Option Finance &#8211; L\u2019\u00e9valuation se dote d\u2019une nouvelle m\u00e9thode"},"content":{"rendered":"<p>Probl\u00e9matique croissante des entreprises, l\u2019\u00e9valuation d\u2019option vient de se doter d\u2019un nouveau mod\u00e8le. Baptis\u00e9e<strong> Accur\u2019option\u00ae<\/strong>,la m\u00e9thode mise au point par deux polytechniciens, <strong>Christophe Leclerc <\/strong>et <strong>S\u00e9bastien Caron<\/strong>, respectivement associ\u00e9 et consultant d\u2019Accuracy, une soci\u00e9t\u00e9 de conseil financier d\u2019entreprise, vise \u00e0 combler les lacunes pr\u00e9sent\u00e9es par les deux m\u00e9thodes utilis\u00e9es par le march\u00e9 (Cox-Ross Rubinstein mais plus encore Black and Scholes), notamment pour les soci\u00e9t\u00e9s non cot\u00e9es. \u00ab\u00a0Lors des montages LBO, nous nous sommes rendu compte que le mod\u00e8le le plus utilis\u00e9, \u00e0 savoir Black and Scholes, reposait sur des hypoth\u00e8ses qui n\u2019\u00e9taient pas v\u00e9rifi\u00e9es dans ce contexte\u00a0\u00bb explique <strong>Christophe Leclerc<\/strong>. Black and Scholes suppose ainsi qu\u2019une option donne droit \u00e0 un titre. \u00ab\u00a0Or dans les montages de LBO, les options \u00e9mises, \u00e0 savoir les BSA, pr\u00e9sentent la caract\u00e9ristique de donner lieu \u00e0 l\u2019\u00e9mission d\u2019un nombre de titres variable selon la plue-value que r\u00e9alisera le fonds d\u2019investissement \u00e0 la sortie de l\u2019op\u00e9ration\u00a0\u00bb poursuit <strong>Christophe Leclerc<\/strong>. Ensuite la m\u00e9thode de Black and Scholes consid\u00e8re que la valeur du titre le jour o\u00f9 l\u2019on exerce l\u2019option est la m\u00eame que celle d\u2019aujourd\u2019hui \u00e0 la volatilit\u00e9 pr\u00e8s. \u00ab\u00a0Dans les montages LBO, la valeur future du titre peut \u00eatre beaucoup plus \u00e9lev\u00e9e \u00e9tant donn\u00e9 l\u2019effet de levier\u00a0\u00bb pr\u00e9cise <strong>Christophe Leclerc.<\/strong> La nouvelle m\u00e9thode \u00e9vite ces \u00e9cueils puisqu\u2019elle permet d\u2019int\u00e9grer plusieurs param\u00e8tres assis sur diff\u00e9rents sc\u00e9narios possibles . [\u2026]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Probl\u00e9matique croissante des entreprises, l\u2019\u00e9valuation d\u2019option vient de se doter d\u2019un nouveau mod\u00e8le. Baptis\u00e9e Accur\u2019option\u00ae,la m\u00e9thode mise au point par deux polytechniciens, Christophe Leclerc et S\u00e9bastien Caron, respectivement associ\u00e9 et consultant d\u2019Accuracy, une soci\u00e9t\u00e9 de conseil financier d\u2019entreprise, vise \u00e0 combler les lacunes pr\u00e9sent\u00e9es par les deux m\u00e9thodes utilis\u00e9es par le march\u00e9 (Cox-Ross Rubinstein mais [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[113],"tags":[177],"class_list":["post-21536","post","type-post","status-publish","format-standard","hentry","category-france","tag-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Option Finance - L\u2019\u00e9valuation se dote d\u2019une nouvelle m\u00e9thode - Accuracy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accuracy.com\/en_gb\/option-finance-levaluation-se-dote-dune-nouvelle-methode\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Option Finance - L\u2019\u00e9valuation se dote d\u2019une nouvelle m\u00e9thode\" \/>\n<meta property=\"og:description\" content=\"Probl\u00e9matique croissante des entreprises, l\u2019\u00e9valuation d\u2019option vient de se doter d\u2019un nouveau mod\u00e8le. 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