Custodian Investment (NSA:CUSTODIAN) Beneish M-Score: -1.86 (As of Jun. 27, 2026)


NSA:CUSTODIAN Custodian Investment PLC NSA:CUSTODIAN
62 GF Score
Price ₦73.15
GF Value ₦29.08
Valuation Significantly Overvalued
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What is Custodian Investment Beneish M-Score?

Custodian Investment NSA:CUSTODIAN 62 Beneish M-Score is -1.86 as of Jun. 27, 2026. GuruFocus rates NSA:CUSTODIAN with a GF Score™ of 62/100 and a GF Value™ of ₦29.08 (Significantly Overvalued). Among 397 Insurance companies, Custodian Investment ranks worse than 87.91% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -1.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Custodian Investment's Beneish M-Score or its related term are showing as below:

NSA:CUSTODIAN' s Beneish M-Score Range Over the Past 10 Years
Min: -1325.46   Med: -2.34   Max: -1.12
Current: -1.86

During the past 13 years, the highest Beneish M-Score of Custodian Investment was -1.12. The lowest was -1325.46. And the median was -2.34.

NSA:CUSTODIAN
62GF Score
Custodian Investment PLC NSA:CUSTODIAN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Custodian Investment Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Custodian Investment for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.5175+0.528 * 1+0.404 * 1.0059+0.892 * 1.5369+0.115 * 0.6611
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6358+4.679 * 0.028162-0.327 * 2.518
=-1.86

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₦14,219 Mil.
Revenue was 71703.238 + 35133.408 + 59482.095 + 64288.824 = ₦230,608 Mil.
Gross Profit was 71703.238 + 35133.408 + 59482.095 + 64288.824 = ₦230,608 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦1,108,570 Mil.
Property, Plant and Equipment(Net PPE) was ₦32,034 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦5,790 Mil.
Selling, General, & Admin. Expense(SGA) was ₦5,702 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦9,635 Mil.
Net Income was 15606.662 + 23250.96 + 18907.978 + 17666.647 = ₦75,432 Mil.
Non Operating Income was 696.699 + 3181.01 + 773.177 + 6568.9 = ₦11,220 Mil.
Cash Flow from Operations was 13341.513 + 337.644 + 11091.756 + 8221.805 = ₦32,993 Mil.
 Total Receivables was ₦6,097 Mil.
Revenue was 41686.343 + 22903.27 + 36909.083 + 48551.789 = ₦150,050 Mil.
Gross Profit was 41686.343 + 22903.27 + 36909.083 + 48551.789 = ₦150,050 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦432,095 Mil.
Property, Plant and Equipment(Net PPE) was ₦14,967 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦1,685 Mil.
Selling, General, & Admin. Expense(SGA) was ₦5,835 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦1,491 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(14218.916 / 230607.565) / (6096.729 / 150050.485)
=0.061658 / 0.040631
=1.5175

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(150050.485 / 150050.485) / (230607.565 / 230607.565)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 32034.291) / 1108570.246) / (1 - (0 + 14967.378) / 432094.622)
=0.971103 / 0.965361
=1.0059

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=230607.565 / 150050.485
=1.5369

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1685.305 / (1685.305 + 14967.378)) / (5790.283 / (5790.283 + 32034.291))
=0.101203 / 0.153083
=0.6611

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(5701.733 / 230607.565) / (5835.017 / 150050.485)
=0.024725 / 0.038887
=0.6358

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((9635.362 + 0) / 1108570.246) / ((1491.458 + 0) / 432094.622)
=0.008692 / 0.003452
=2.518

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(75432.247 - 11219.786 - 32992.718) / 1108570.246
=0.028162

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Custodian Investment has a M-score of -1.86 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.86 mean?
Custodian Investment (NSA:CUSTODIAN) has a Beneish M-Score of -1.86 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Custodian Investment and its competitors. According to the industry distribution chart, Custodian Investment ranks #349 out of 397 companies in the Insurance industry, placing it in the top 87.9%.
Is Custodian Investment's Beneish M-Score too high?
Custodian Investment's current Beneish M-Score is -1.86. Based on the distribution chart, Custodian Investment ranks #349 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Custodian Investment has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Custodian Investment's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Custodian Investment ranks #349 out of 397 companies for Beneish M-Score. This places Custodian Investment in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Custodian Investment and its competitors. Custodian Investment's current Beneish M-Score is -1.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Custodian Investment stock overvalued right now?
Based on GuruFocus' analysis, Custodian Investment (NSA:CUSTODIAN) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦29.08, compared to a current price of ₦73.15 — trading 151.5% above its estimated fair value. The current Beneish M-Score is -1.86. Custodian Investment's overall GF Score™ is 62/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Custodian Investment (NSA:CUSTODIAN), the current Beneish M-Score is -1.86 as of Jun. 27, 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 Custodian Investment (NSA:CUSTODIAN) Overvalued in 2026?

Based on GuruFocus' analysis, Custodian Investment stock appears to be overvalued. The current stock price of ₦73.15 is trading 151.5% above its estimated GF Value™ of ₦29.08. GuruFocus considers Custodian Investment to be Significantly Overvalued.

Key valuation signals for NSA:CUSTODIAN:

  • Beneish M-Score: -1.86
  • GF Value™: ₦29.08 vs. price of ₦73.15 (151.5% above fair value)
  • GF Score™: 62/100

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

Custodian Investment Business Description

Address 16A, Commercial Avenue, Custodian House, P.O. Box 2101, Sabo, Yaba, Lagos, NGA
Custodian Investment PLC is an investment holding company having interests in Life Insurance, General Insurance, Pensions, Trustees, Property and Financial Services Business. Its segments include Property/Casualty Insurance, Life Insurance, Pension Asset Management, Trusteeship/Company Secretary Services, Hospitality, Asset Management, and Property development and management. The majority of the revenue is derived from Property development and management segment.
62GF Score

Get the complete analysis for NSA:CUSTODIAN

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₦73.15
Price
₦29.08
GF Value