First Holdco (NSA:FIRSTHOLDCO) Cyclically Adjusted PS Ratio: 4.13 (As of Jul. 31, 2026) — 241% Above Median

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NSA:FIRSTHOLDCO First Holdco PLC NSA:FIRSTHOLDCO
48 GF Score
Price ₦119.95
GF Value ₦35.99
Valuation Significantly Overvalued
! 5 Warning Signs
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What is First Holdco Cyclically Adjusted PS Ratio?

First Holdco NSA:FIRSTHOLDCO -3.96% 48 Cyclically Adjusted PS Ratio is 4.13 as of Jul. 31, 2026, which is 241% above its 10-year median of 1.21. GuruFocus rates NSA:FIRSTHOLDCO with a GF Score™ of 48/100 and a GF Value™ of ₦35.99 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,299 Banks companies, First Holdco ranks worse than 68.21% on this metric.

As of today (2026-07-31), First Holdco's current share price is ₦119.95. First Holdco's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 was ₦29.05. First Holdco's Cyclically Adjusted PS Ratio for today is 4.13.

The historical rank and industry rank for First Holdco's Cyclically Adjusted PS Ratio or its related term are showing as below:

NSA:FIRSTHOLDCO' s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 0.67   Med: 1.21   Max: 4.3
Current: 4.3

During the past years, First Holdco's highest Cyclically Adjusted PS Ratio was 4.30. The lowest was 0.67. And the median was 1.21.

NSA:FIRSTHOLDCO's Cyclically Adjusted PS Ratio is ranked worse than
68.21% of 1299 companies
in the Banks industry
Industry Median: 3.43 vs NSA:FIRSTHOLDCO: 4.30

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

First Holdco's adjusted revenue per share data for the three months ended in Jun. 2026 was ₦15.762. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is ₦29.05 for the trailing ten years ended in Jun. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


First Holdco  (NSA:FIRSTHOLDCO) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


First Holdco Cyclically Adjusted PS Ratio Related Terms


First Holdco Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for First Holdco's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

First Holdco Cyclically Adjusted PS Ratio Chart

First Holdco Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.93 0.80 1.45 1.32 1.84

First Holdco Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.09 1.24 1.84 1.81 1.93

First Holdco Cyclically Adjusted PS Ratio Competitor Comparison

For the Banks - Regional subindustry, First Holdco's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


First Holdco Cyclically Adjusted PS Ratio vs Banks Industry

For the Banks industry and Financial Services sector, First Holdco's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where First Holdco's Cyclically Adjusted PS Ratio falls into.


NSA:FIRSTHOLDCO
48GF Score
First Holdco PLC NSA:FIRSTHOLDCO
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

First Holdco Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

First Holdco's Cyclically Adjusted PS Ratio for today is calculated as

Cyclically Adjusted PS Ratio=Share Price/ Cyclically Adjusted Revenue per Share
=119.95/29.05
=4.13

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

First Holdco's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, First Holdco's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=15.762/333.9520*333.9520
=15.762

Current CPI (Jun. 2026) = 333.9520.

First Holdco Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 3.159 241.428 4.370
201612 3.920 241.432 5.422
201703 2.871 243.801 3.933
201706 2.722 244.955 3.711
201709 3.437 246.819 4.650
201712 3.206 246.524 4.343
201803 2.762 249.554 3.696
201806 3.035 251.989 4.022
201809 2.852 252.439 3.773
201812 2.819 251.233 3.747
201903 2.693 254.202 3.538
201906 2.701 256.143 3.521
201909 2.526 256.759 3.285
201912 3.580 256.974 4.652
202003 3.023 258.115 3.911
202006 2.786 257.797 3.609
202009 2.978 260.280 3.821
202012 3.091 260.474 3.963
202103 2.896 264.877 3.651
202106 3.278 271.696 4.029
202109 2.803 274.310 3.412
202112 3.790 278.802 4.540
202203 3.778 287.504 4.388
202206 3.669 296.311 4.135
202209 3.656 296.808 4.114
202212 5.067 296.797 5.701
202303 5.059 301.836 5.597
202306 8.472 305.109 9.273
202309 5.658 307.789 6.139
202312 12.227 306.746 13.311
202403 13.325 312.332 14.247
202406 12.849 314.175 13.658
202409 14.075 315.301 14.908
202412 19.331 315.605 20.455
202503 12.967 319.799 13.541
202506 14.924 322.561 15.451
202509 16.736 324.800 17.208
202512 9.799 324.054 10.098
202603 14.393 330.213 14.556
202606 15.762 333.952 15.762

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PS Ratio of 4.13 mean?
First Holdco (NSA:FIRSTHOLDCO) has a Cyclically Adjusted PS Ratio of 4.13 as of Jul. 31, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on First Holdco and its competitors. This is 241% above median its historical median of 1.21. Over the past decade, First Holdco's Cyclically Adjusted PS Ratio has ranged from 0.67 to 4.30. According to the industry distribution chart, First Holdco ranks #886 out of 1299 companies in the Banks industry, placing it in the top 68.2%.
Is First Holdco's Cyclically Adjusted PS Ratio too high?
First Holdco's current Cyclically Adjusted PS Ratio of 4.13 is 241% above median its 10-year median of 1.21. Over the past 10 years, this metric has ranged from a low of 0.67 to a high of 4.30. The Banks industry median Cyclically Adjusted PS Ratio is 3.43. First Holdco's value of 4.13 is 20.4% above this industry median. Based on the distribution chart, First Holdco ranks #886 out of 1299 companies in the Banks industry, which is below the industry midpoint. Overall, First Holdco has a GF Score™ of 48/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Holdco's Cyclically Adjusted PS Ratio compare to competitors?
According to the Banks industry distribution chart, First Holdco ranks #886 out of 1299 companies for Cyclically Adjusted PS Ratio. This places First Holdco in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 3.43. First Holdco's value of 4.13 is 20.4% above this benchmark. Historically, First Holdco's own Cyclically Adjusted PS Ratio has ranged from 0.67 to 4.30 over the past decade. While the company's 10-year median is 1.21 vs. the industry median of 3.43, First Holdco has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Banks company?
The median Cyclically Adjusted PS Ratio among Banks companies is 3.43, based on 1,299 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Holdco's current Cyclically Adjusted PS Ratio of 4.13 is 20.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on First Holdco and its competitors. For the Banks industry, the median Cyclically Adjusted PS Ratio is 3.43 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Holdco's current Cyclically Adjusted PS Ratio is 4.13, which is 241% above median its own 10-year median of 1.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Holdco stock overvalued right now?
Based on GuruFocus' analysis, First Holdco (NSA:FIRSTHOLDCO) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦35.99, compared to a current price of ₦119.95 — trading 233.3% above its estimated fair value. The current Cyclically Adjusted PS Ratio is 4.13, which is 241% above median its 10-year median of 1.21 and 20.4% above the Banks industry median of 3.43. First Holdco's overall GF Score™ is 48/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For First Holdco (NSA:FIRSTHOLDCO), the current Cyclically Adjusted PS Ratio is 4.13 as of Jul. 31, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is First Holdco (NSA:FIRSTHOLDCO) Overvalued in 2026?

Based on GuruFocus' analysis, First Holdco stock appears to be overvalued. The current stock price of ₦119.95 is trading 233.3% above its estimated GF Value™ of ₦35.99. GuruFocus considers First Holdco to be Significantly Overvalued.

Key valuation signals for NSA:FIRSTHOLDCO:

  • Cyclically Adjusted PS Ratio: 4.13 (241% above median its 10-year median of 1.21)
  • GF Value™: ₦35.99 vs. price of ₦119.95 (233.3% above fair value)
  • GF Score™: 48/100 with 5 warning signs
  • Industry Position: 20.4% above the Banks median (#886 of 1299)

No single metric tells the full story. See the NSA:FIRSTHOLDCO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


First Holdco Business Description

Address 35 Marina, Samuel Asabia House, PO Box 5216, Lagos, NGA
First Holdco PLC is a Nigerian financial services Group. The principal activities of the company are mainly the provision of Commercial Banking, Investment Banking, Asset Management, Trusteeship, Securities Brokerage and Insurance Brokerage. Its reportable segments are 1. Commercial Banking Business Group: It provides both individual and corporate clients/ customers with financial intermediation services, 2 Investment Banking and Asset Management Business Group: It provides advisory, asset management, markets and private equity services to a large institutional (corporations and governments) clientele, as well as merchant banking services., and 3. Others. The majority of revenue is derived from the Commercial Banking Business Group. Geographically, key revenue is derived from Nigeria.
48GF Score

Get the complete analysis for NSA:FIRSTHOLDCO

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₦119.95
Price
₦35.99
GF Value