Eftekhar Sahm Investment Still Cheap at a P/E of 3.9: Spring Profit Up 93%, Shares Hit a 52-Week High (Saturday, October 3, 2026)

Eftekhar Sahm Investment Company (ticker EFSP, «وفتخار»), a holding whose portfolio spans steel, cement, petrochemicals and banking stocks, grew net profit 93% and operating revenue 77% year on year in the quarter ended June 21, 2026 (31 Khordad 1405), according to its financial statements filed on Codal. Yet its P/E, based on the September 30 closing price, still sits at roughly 3.9, placing it among the 15 cheapest of 65 investment-company tickers in today's Sahmino screen.

Background

EFSP trades on Farabourse's «پایه زرد» (base yellow) tier, which carries wider price bands and thinner liquidity than the main bourse boards. Sahmino's own flow data shows retail investors have carried almost all of the trading volume through September (96.7% retail share over 20 days), with institutional buy and sell volume at zero on several sessions. On September 6, 2026 the company sold part of its stake in Tidewater Middle East Services, booking a 148 billion rial gain; per the portfolio statement filed September 27, that holding's market value fell by about 1,382 million rials from the start of the period to the end of Shahrivar, while several other holdings, including Ghadir Investment (+241 million rials) and Iran Mercantile Exchange (+189 million rials), rose over the same window.

The numbers

Per the quarterly income statement (Codal, filed July 19, 2026): operating revenue rose from 205,639 million rials in spring 1404 to 363,091 million rials in spring 1405 (+77%), and net profit rose from 150,766 million rials to 290,358 million rials (+93%); EPS rose from 48 to 92 rials. Sahmino's fundamentals engine corroborates this with its own trailing-twelve-month calculation: revenue growth of 76.57% and profit growth of 92.59% as of the same filing date.

The annual general meeting on June 6, 2026, for the fiscal year ended March 20, 2026, approved a 380-rial cash dividend on EPS of 487 rials (a 78% payout ratio); that year's net profit of 1,540,562 million rials matches exactly the comparative column in the quarterly income statement. Against the September 30 closing price of 2,106 rials, that dividend implies roughly an 18% cash yield.

The stock opened 2.67% higher on September 30, its fourth straight higher close, reaching a 52-week high of 2,106 rials (91.6% above its 52-week low of 1,099 rials). On that basis, Sahmino's trailing-twelve-month P/E reads 3.96 and the exchange's own EPS-based P/E reads 3.87 to 3.9; debt-to-equity is just 0.017 and the current ratio is 3.29. As of 10:20 Tehran time today, Saturday, October 3, the stock trades live at 2,130 rials, up 1.14% from the open; that live figure is not used in the ratios above.

What is driving it

Three drivers explain the move: first, the gain on the Tidewater Middle East stake sale, which flowed directly into the "gain on investment disposal" line (up 88% year on year). Second, gains across several portfolio holdings in Shahrivar, including Ghadir, Simane Sharq and Petrochemical Arak. Third, retail money: net retail inflow over the past 20 sessions reached 41,910 million rials. Rasad's desk opened an upward liquidity-shift signal on EFSP on September 22 (31 Shahrivar), with an invalidation level of 1,885 rials and a 15-session horizon, which remains unbroken as of today; Rasad's official stance for the September 30 session was "watch" with a flat reading, not an outright buy.

Outlook

The main risk is the base-yellow tier itself: thin liquidity, almost no institutional buyers or sellers, and wider bands can sharpen price swings in either direction. Because the company's core asset is a basket of other listed shares, its portfolio value moves directly with those tickers, particularly steelmakers and petrochemical names, and next month's activity report will show which way that exposure has gone.

Bottom line

Rasad's liquidity-shift signal on EFSP remains open, and the stock holds its uptrend as long as it stays above the signal's invalidation level; it is valid for 15 trading sessions from September 22 unless the closing price falls below 1,885 rials. Combined with a relatively low P/E of 3.9 and 93% quarterly profit growth, the stock ranks among the cheaper names in the investment-company sector; the main risk is the base-yellow tier's thin liquidity.

What to watch

• EFSP's October activity report (typically filed on Codal in early November) for the portfolio's value change.

• A close below 1,885 rials, which would invalidate Rasad's liquidity signal.

• Institutional trading volume, currently near zero; an institutional buyer entering could change the stock's liquidity profile.

For comparable names, see Sahmino's screen of cheap, profitable tickers. In the same close-up format, read Tasico Under the Lens. Read about EFSP's earlier Tidewater stake sale in Eftekhar Sahm sells part of its Tidewater Middle East stake. To understand funds and how they differ from an investment-holding stock like EFSP, see What Is an Investment Fund?