P r e s e n t e d by:

Safa Sehli
Mayssa Dadi
Bo ut h a y na Boussaid
Nermine Limem

TUNISIAN STOCK MARKET

A journey through the Tunisian
stocks

H e r e is w h e r e you r p re s e n t a t i o n
begins
TA B L E O F C O N T E N T S

01 02
SECTION SECTION
B r i e f p re s e n t a t i o n T h e c h o i c e o f t h e 20
o f t h e b ro ke r
s to c k s

03 SECTION
Financial statement 04 SECTION
Portfolio
analysis optimization
 01
SECTION
B r i e f p re s e n t a t i o n o f
th e b ro ke r
MAC SA
Over the past 30 years, MAC SA has evolved into
a multidisciplinary financial services
company specialising in stock market
intermediaition, corporate finance, financial
engineering, asset management and Investment
research. MAC SA was founded in 1992 and
benefits from a cohesive team with extensive
experience in financial markets. MAC SA is
the stock market leader and is ranked among
the top three asset management firms in the
country.
 02
SECTI
TO
h e cN
h o i c e of the 20
stocks
S T R AT E G Y M A P
In crafting our portfolio for the project, we meticulously implemented
a top-down approach, leveraging comprehensive market data
and strategic considerations. Our selection process was informed
by a multi-faceted analysis, combining insights from the BVMT
and investing.com websites, the Tunisie Valeur Stock Guide,
TOP-DOWN and a discerning assessment of sectoral performance.To
commence, we prioritized sectors demonstrating robust growth
APPROACH potential within the Tunisian economy. A rigorous examination of
price fluctuations and performance charts on the BVMT and
investing.com websites allowed us to identify and shortlist
sectors that exhibited resilience and promising trajectories. These
sectors are Banking, Leasing, Insurance, Healthcare, Distribution,
Hygiene, Technology, Food and Beverages, and Goods and Services
Industries.
 The Tunisie Valeur Stock Guide served as a compass in navigating the
intricate landscape of the Tunisian stock market. It facilitated a nuanced
understanding of individual stocks within each sector, aiding us in cherry-
picking potential winners. We focused on companies demonstrating
financial strength and positive market sentiment, aligning with the guide
insights.Our selection process also factored in the reputational standing
SELECTION of firms within the Tunisian territory. Notoriety and brand recognition were
our key indicators of market trust and stability, ensuring that our portfolio
PROCESS comprised companies with a solid presence and positive perceptions
of the local financial landscape.By intertwining these factors, we
diligently handpicked 20 stocks that epitomize our vision of a balanced and
potentially lucrative portfolio. Our endeavor was not merely to capture
current market trends but to foresee and capitalize on future
opportunities, aligning with our goal of achieving sustained returns for
our investment
PROBL
E M in Tunisian stocks may involve
Investing
challenges related to market volatility,
economic and political uncertainties,
limited information transparency,
currency risk, and regulatory factors.
SOLUTI
ON
Our strategic selection, grounded in a
top-down approach, reflects a thoughtful
synthesis of market data, sectoral
analysis, and a nuanced understanding of
individual stock dynamics.
This primitive portfolio aims to thrive
in the evolving tapestry of the
Tunisian weak-enjcient financial
market, showcasing our commitment
to astute decision-making and a
forward-looking short-term investment
03
SECTION
Financial Statement
An a l y s i s
E I G H T R AT I O S

EARNINGS P
Current ratio E R S H AR
E
M e a s u re s a co m p a n y ’ s ability to
m e e t its sho rt t e r m obligations Measures the amo un t of
p ro fi t a c o m p a n y g e n e r a t e s
f o r e a c h s ha re .

P R I CE -
E A R N I N G S R AT IO DEB T T O EQ U I
M e a s u re s the cur re n t market p r i ce T Y R AT I O
o f a co m p a n y ’ s stock relative to U s e d t o e v a l u a te a c o m p a n y ’ s
its E P S . fi n a n c i a l l e ve r ag e
 ROE ROA
Measures a company’s I n d i c a t e s h o w p r o fi t a b l e a
fi n a n c i a l p e r f o r m a n c e c o m p a n y is i n r e l a t i o n t o its
t ota l a s s e t s

P R ICE T O
DIVIDEND YIELD N O M I N A L VA L U E

S h ow s h ow m u c h a co m p a n y pays Co m p a r e s a company’s
out dividends m a r k e t p r i c e p e r s h a r e t o its
b o o k v a l u e p e r s h a re .
04
SECTI
O
Po rN
t f o l i o O pt i m i z a t i o n
P O R T F O L I O O P T I M I Z AT I O N
1. I n ve s t m e n t g o a l : M a x i m i z e returns

2. D a t a co l l e c t i o n : C o l l e c t h i s to r i c a l d a t a o n as s et returns, volatility, a n d co r relati o ns .

3.F o r m u l a t i o n o f a n o pt i m i z a t i o n m o d e l : W e u s e d t h e M o d e r n p o r tfo li o t h e o r y w h i c h is a
m a t h e m a t i c a l f r a m e w o r k fo r a s s e m b l i n g a p o r tfo li o o f as s ets i n a wa y that m a x i m i z e s
ex p e c t e d return fo r a g i ve n level o f risk o r m i n i m i z e s risk fo r a g i ve n level o f ex p ec ted
return.

4.A d j u s t m e n t s : W e eva lu a ted t h e o pt i m i z e d p o r tfo li o a g a i n s t o u r i n ves t m en t o b j e c t i ve s a nd

co ns trai nts ( budget constraint) .

5.Po r t fo l i o i m p l e m e n t a t i o n : P u t t h e o pt i m i z e d p o r tfo li o i nto a c t i o n by b u y i n g / s elli ng the

s e l e c te d as s ets a c c o r d i n g to t h e r e c o m m e n d e d wei g h ts .