First Equity Modaraba (FEM) valuation

FEM has no positive earnings to compare its share price with, so P/E is not meaningful. The shares are priced at 1.02× book value (sector median 1.09×).

P/E · today: —; TTM to Mar 2026; 5-yr average— Sector median16.9×
P/B · today: 1.02×; Quarter to Mar 2026; 5-yr average0.31× Sector median1.09×
Dividend yield · today: 0.0%; FY2025; 5-yr average1.9% Payers' median4.3%

Market value Rs 628.2 mn at Rs 11.98. Sector medians use the latest close of 20 Modarabas companies; P/E and P/B only where earnings / book value are positive; the yield median covers dividend payers only. Not investment advice.

P/E history P/E at fiscal year-end

Valuation history

At each fiscal year-end price.

FEM valuation history (annual) (Rs mn)
Rs mn	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016
Market capitalisation	254.9	136.9	209.8	393.3	354.0	156.8	113.3	194.0	328.3	209.8
Share price (period end) Rs	4.86	2.61	4.00	7.50	6.75	2.99	2.16	3.70	6.26	4.00
P/E (diluted)	—	—	—	1.93×	1.35×	—	—	—	—	—
Price to book	0.42×	0.14×	0.40×	0.24×	0.53×	0.16×	0.11×	0.18×	0.30×	0.21×
Dividend yield (gross)	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
PEG ratio	—	—	—	(0.09×)	0.00×	—	—	—	—	—
P/E (diluted, normalised)	—	—	—	1.93×	1.35×	—	—	—	—	—
Price to book — 5-year average	0.31×	0.26×	0.25×	0.23×	0.24×	0.19×	—	—	—	—
Dividend yield — 5-year average	1.9%	2.1%	2.1%	2.2%	0.0%	0.0%	—	—	—	—

FEM valuation: frequently asked questions

What is FEM's book value per share?

First Equity Modaraba's book value per share was Rs 11.69 at the end of FY2025. The shares trade at 1.02× book value.

Information only, not investment advice.