Valuation · at the close on 16 Oct 2026

First Al-Noor Modaraba (FANM) valuation

FANM has no positive earnings to compare its share price with, so P/E is not meaningful. The shares are priced at 0.91× book value (sector median 1.08×).

P/E · today

—

FY2026

5-yr average104.1× Sector median17.1×

P/B · today

0.91×

FY2026

5-yr average0.38× Sector median1.08×

Dividend yield · today

0.0%

FY2026

5-yr average0.0% Payers' median4.3%

Market value Rs 231.9 mn at Rs 10.04. 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.

Valuation history

At each fiscal year-end price.

5 10

FANM valuation history (annual) (Rs mn)

Rs mn	FY2026 Jul 2025 – Jun 2026	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
Market capitalisation	162.4	106.0	80.9	71.1	73.7	67.2	63.0	65.1	63.0	86.9
Share price (period end) Rs	7.03	4.59	3.50	3.08	3.19	2.91	2.73	2.82	2.73	3.76
P/E (diluted)	—	43.94×	207.22×	133.10×	31.96×	102.69×	—	—	—	28.71×
Price to book	0.63×	0.41×	0.32×	0.25×	0.29×	0.27×	0.25×	0.27×	0.24×	0.30×
Dividend yield (gross)	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.0%	0.0%
PEG ratio	—	0.08×	(7.67×)	(1.73×)	0.13×	0.24×	—	—	—	—
P/E (diluted, normalised)	40.82×	15.20×	86.23×	11.94×	6.43×	20.36×	16.32×	—	—	12.04×
Price to book — 5-year average	0.38×	0.31×	0.28×	0.27×	0.26×	0.27×	—	—	—	—
Dividend yield — 5-year average	0.0%	0.0%	0.0%	0.0%	0.8%	0.7%	—	—	—	—

FANM valuation: frequently asked questions

What is FANM's book value per share? +

First Al-Noor Modaraba's book value per share was Rs 11.09 at the end of FY2026. The shares trade at 0.91× book value.

Information only, not investment advice.