As of Q4'25, SE's P/B Ratio stands at 4.222, marking a significant decline from the previous quarter's value of 8.332. This latest data point suggests a notable contraction in valuation relative to book value at the end of the covered period. Examining the period from Q1'23 to Q4'25, the P/B Ratio for SE has exhibited considerable volatility. After an initial sharp drop from 6.701 in Q1'23 to 3.13 in Q3'23, the ratio rebounded, peaking at 10.644 in Q2'25. However, this was followed by a steep decline over the next two quarters, ending at 4.222 in Q4'25. The overall trend highlights periods of both rapid growth and abrupt correction, indicating fluctuating investor sentiment and valuation dynamics over the observed timeframe.