First Holdco (NSA:FIRSTHOLDCO) Beneish M-Score: -2.38 (As of Jul. 14, 2026)

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NSA:FIRSTHOLDCO First Holdco PLC NSA:FIRSTHOLDCO
63 GF Score
Price ₦65.60
GF Value ₦36.61
Valuation Significantly Overvalued
! 5 Warning Signs
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What is First Holdco Beneish M-Score?

First Holdco NSA:FIRSTHOLDCO -5.20% 63 Beneish M-Score is -2.38 as of Jul. 14, 2026. GuruFocus rates NSA:FIRSTHOLDCO with a GF Score™ of 63/100 and a GF Value™ of ₦36.61 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,399 Banks companies, First Holdco ranks worse than 53.18% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSA:FIRSTHOLDCO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -2.51   Max: -1.84
Current: -2.38

During the past 13 years, the highest Beneish M-Score of First Holdco was -1.84. The lowest was -3.58. And the median was -2.51.

NSA:FIRSTHOLDCO
63GF Score
First Holdco PLC NSA:FIRSTHOLDCO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

First Holdco 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 First Holdco 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+0.528 * 1+0.404 * 0.989+0.892 * 1.1232+0.115 * 1.6965
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3143+4.679 * -0.023533-0.327 * 0.7452
=-2.38

* 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 ₦0 Mil.
Revenue was 639810 + 435615 + 700860 + 624615 = ₦2,400,900 Mil.
Gross Profit was 639810 + 435615 + 700860 + 624615 = ₦2,400,900 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦26,878,924 Mil.
Property, Plant and Equipment(Net PPE) was ₦525,428 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦78,844 Mil.
Selling, General, & Admin. Expense(SGA) was ₦222,365 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦1,382,070 Mil.
Net Income was 266672 + -407835 + 159483 + 116867 = ₦135,187 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was -1983633 + 2157098 + -1885812 + 2480087 = ₦767,740 Mil.
 Total Receivables was ₦0 Mil.
Revenue was 468017 + 697710 + 508035 + 463765 = ₦2,137,527 Mil.
Gross Profit was 468017 + 697710 + 508035 + 463765 = ₦2,137,527 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦26,521,397 Mil.
Property, Plant and Equipment(Net PPE) was ₦228,163 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦64,865 Mil.
Selling, General, & Admin. Expense(SGA) was ₦150,629 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦1,829,941 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)
=(0 / 2400900) / (0 / 2137527)
=0 / 0
=1

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)
=(2137527 / 2137527) / (2400900 / 2400900)
=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 + 525428) / 26878924) / (1 - (0 + 228163) / 26521397)
=0.980452 / 0.991397
=0.989

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
=2400900 / 2137527
=1.1232

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))
=(64865 / (64865 + 228163)) / (78844 / (78844 + 525428))
=0.221361 / 0.130478
=1.6965

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)
=(222365 / 2400900) / (150629 / 2137527)
=0.092617 / 0.070469
=1.3143

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)
=((1382070 + 0) / 26878924) / ((1829941 + 0) / 26521397)
=0.051418 / 0.068999
=0.7452

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
=(135187 - 0 - 767740) / 26878924
=-0.023533

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.

First Holdco has a M-score of -2.38 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 -2.38 mean?
First Holdco (NSA:FIRSTHOLDCO) has a Beneish M-Score of -2.38 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Holdco and its competitors. According to the industry distribution chart, First Holdco ranks #744 out of 1399 companies in the Banks industry, placing it in the top 53.2%.
Is First Holdco's Beneish M-Score too high?
First Holdco's current Beneish M-Score is -2.38. Based on the distribution chart, First Holdco ranks #744 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, First Holdco has a GF Score™ of 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Holdco's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, First Holdco ranks #744 out of 1399 companies for Beneish M-Score. This places First Holdco 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 a Banks company?
A good Beneish M-Score depends on the Banks 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 First Holdco and its competitors. First Holdco's current Beneish M-Score is -2.38. 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 ₦36.61, compared to a current price of ₦65.60 — trading 79.2% above its estimated fair value. The current Beneish M-Score is -2.38. First Holdco's overall GF Score™ is 63/100 with 5 warning signs to review. 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 First Holdco (NSA:FIRSTHOLDCO), the current Beneish M-Score is -2.38 as of Jul. 14, 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 ₦65.60 is trading 79.2% above its estimated GF Value™ of ₦36.61. GuruFocus considers First Holdco to be Significantly Overvalued.

Key valuation signals for NSA:FIRSTHOLDCO:

  • Beneish M-Score: -2.38
  • GF Value™: ₦36.61 vs. price of ₦65.60 (79.2% above fair value)
  • GF Score™: 63/100 with 5 warning signs

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.
63GF Score

Get the complete analysis for NSA:FIRSTHOLDCO

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

₦65.60
Price
₦36.61
GF Value