Holcim Maroc — LHM, Bourse de Casablanca, academic equity exercise

LHM — Holcim Maroc: yield versus the cycle

Academic exercise. This note asks whether the market price is consistent with a defensible valuation range for the company. The reference price is the dated close shown above; the indicative value is a valuation estimate, not an execution target. The exercise is dated and falsifiable through the catalysts and risks below; it is not a recommendation and not investment advice. Dated academic exercise. The reference price is the closing price on the date shown; it is not a live quote and not an instruction to trade....

EN · October 21, 2026 · Yirviel Somé
Managem — MNG, Bourse de Casablanca, academic equity exercise

MNG — Managem SA: the multiple, not the mine

Academic exercise. This note asks whether the market price is consistent with a defensible valuation range for the company. The reference price is the dated close shown above; the indicative value is a valuation estimate, not an execution target. The exercise is dated and falsifiable through the catalysts and risks below; it is not a recommendation and not investment advice. Dated academic exercise. The reference price is the closing price on the date shown; it is not a live quote and not an instruction to trade....

EN · October 20, 2026 · Yirviel Somé
Marsa Maroc — MSA, Bourse de Casablanca, academic equity exercise

MSA — Marsa Maroc: the port is fine, the multiple is not

Academic exercise. This note asks whether the market price is consistent with a defensible valuation range for the company. The reference price is the dated close shown above; the indicative value is a valuation estimate, not an execution target. The exercise is dated and falsifiable through the catalysts and risks below; it is not a recommendation and not investment advice. Dated academic exercise. The reference price is the closing price on the date shown; it is not a live quote and not an instruction to trade....

EN · October 19, 2026 · Yirviel Somé
Attijariwafa Bank — ATW, Bourse de Casablanca, academic equity exercise

ATW — Attijariwafa Bank: franchise value versus the rate cycle

Academic exercise. This note asks whether the market price is consistent with a defensible valuation range for the company. The reference price is the dated close shown above; the indicative value is a valuation estimate, not an execution target. The exercise is dated and falsifiable through the catalysts and risks below; it is not a recommendation and not investment advice. Dated academic exercise. The reference price is the closing price on the date shown; it is not a live quote and not an instruction to trade....

EN · October 17, 2026 · Yirviel Somé
Portfolio Monte Carlo — fan chart of 10,000 block-bootstrapped paths for the 30/50/20 AKT/ATW/STM portfolio, mean terminal value $16,234, VaR 95% +3.2%

FIN — Portefeuille & Monte-Carlo : simuler la BVC depuis le terminal

Construire un portefeuille BVC (Akdital, Attijariwafa Bank, STMicroelectronics) en trois commandes, puis le simuler sur 10 000 trajectoires : allocation, percentiles, VaR/CVaR 95 %, drawdown et distribution terminale. Le simulateur reprend le moteur Python de FIN dans le navigateur, avec une graine rejouable.

FR · October 9, 2026 · Yirviel Somé