Guaranty Trust Holding Co (NSA:GTCO) Beneish M-Score: -3.09 (As of Jun. 25, 2026)


NSA:GTCO Guaranty Trust Holding Co PLC NSA:GTCO
81 GF Score
Price ₦129.80
GF Value ₦75.92
Valuation Significantly Overvalued
! 1 Warning Sign
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What is Guaranty Trust Holding Co Beneish M-Score?

Guaranty Trust Holding Co NSA:GTCO +0.62% 81 Beneish M-Score is -3.09 as of Jun. 25, 2026. GuruFocus rates NSA:GTCO with a GF Score™ of 81/100 and a GF Value™ of ₦75.92 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, Guaranty Trust Holding Co ranks better than 94.27% 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 -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Guaranty Trust Holding Co's Beneish M-Score or its related term are showing as below:

NSA:GTCO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09   Med: -2.48   Max: -0.87
Current: -3.09

During the past 6 years, the highest Beneish M-Score of Guaranty Trust Holding Co was -0.87. The lowest was -3.09. And the median was -2.48.

NSA:GTCO
81GF Score
Guaranty Trust Holding Co PLC NSA:GTCO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Guaranty Trust Holding Co 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 Guaranty Trust Holding Co 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 * 0.996+0.892 * 0.9475+0.115 * 0.9268
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2522+4.679 * -0.105539-0.327 * 1.0554
=-3.09

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ₦0 Mil.
Revenue was 426292.199 + 421215.838 + 438641.501 + 434779.19 = ₦1,720,929 Mil.
Gross Profit was 426292.199 + 421215.838 + 438641.501 + 434779.19 = ₦1,720,929 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦17,761,152 Mil.
Property, Plant and Equipment(Net PPE) was ₦465,569 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦89,521 Mil.
Selling, General, & Admin. Expense(SGA) was ₦30,911 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦28,768 Mil.
Net Income was 165476.409 + 246777.274 + 186808.916 + 254485.705 = ₦853,548 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was 1575363.809 + 780671.603 + 610123.218 + -238114.847 = ₦2,728,044 Mil.
 Total Receivables was ₦0 Mil.
Revenue was 227922.243 + 324406.197 + 630369.025 + 633664.159 = ₦1,816,362 Mil.
Gross Profit was 227922.243 + 324406.197 + 630369.025 + 633664.159 = ₦1,816,362 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦14,795,707 Mil.
Property, Plant and Equipment(Net PPE) was ₦330,232 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦58,033 Mil.
Selling, General, & Admin. Expense(SGA) was ₦26,054 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦22,706 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 / 1720928.728) / (0 / 1816361.624)
=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)
=(1816361.624 / 1816361.624) / (1720928.728 / 1720928.728)
=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 + 465569.377) / 17761152.255) / (1 - (0 + 330232.049) / 14795706.831)
=0.973787 / 0.977681
=0.996

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
=1720928.728 / 1816361.624
=0.9475

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))
=(58032.825 / (58032.825 + 330232.049)) / (89521.485 / (89521.485 + 465569.377))
=0.149467 / 0.161274
=0.9268

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)
=(30910.78 / 1720928.728) / (26053.795 / 1816361.624)
=0.017962 / 0.014344
=1.2522

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)
=((28768.43 + 0) / 17761152.255) / ((22705.919 + 0) / 14795706.831)
=0.00162 / 0.001535
=1.0554

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
=(853548.304 - 0 - 2728043.783) / 17761152.255
=-0.105539

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.

Guaranty Trust Holding Co has a M-score of -3.09 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 -3.09 mean?
Guaranty Trust Holding Co (NSA:GTCO) has a Beneish M-Score of -3.09 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Guaranty Trust Holding Co and its competitors. According to the industry distribution chart, Guaranty Trust Holding Co ranks #80 out of 1396 companies in the Banks industry, placing it in the top 5.7%.
Is Guaranty Trust Holding Co's Beneish M-Score too high?
Guaranty Trust Holding Co's current Beneish M-Score is -3.09. Based on the distribution chart, Guaranty Trust Holding Co ranks #80 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Guaranty Trust Holding Co has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Guaranty Trust Holding Co's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, Guaranty Trust Holding Co ranks #80 out of 1396 companies for Beneish M-Score. This places Guaranty Trust Holding Co in the top 6% of its industry — outperforming the majority of peers. 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 Guaranty Trust Holding Co and its competitors. Guaranty Trust Holding Co's current Beneish M-Score is -3.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Guaranty Trust Holding Co stock overvalued right now?
Based on GuruFocus' analysis, Guaranty Trust Holding Co (NSA:GTCO) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦75.92, compared to a current price of ₦129.80 — trading 71% above its estimated fair value. The current Beneish M-Score is -3.09. Guaranty Trust Holding Co's overall GF Score™ is 81/100 with 1 warning sign 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 Guaranty Trust Holding Co (NSA:GTCO), the current Beneish M-Score is -3.09 as of Jun. 25, 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 Guaranty Trust Holding Co (NSA:GTCO) Overvalued in 2026?

Based on GuruFocus' analysis, Guaranty Trust Holding Co stock appears to be overvalued. The current stock price of ₦129.80 is trading 71% above its estimated GF Value™ of ₦75.92. GuruFocus considers Guaranty Trust Holding Co to be Significantly Overvalued.

Key valuation signals for NSA:GTCO:

  • Beneish M-Score: -3.09
  • GF Value™: ₦75.92 vs. price of ₦129.80 (71% above fair value)
  • GF Score™: 81/100 with 1 warning sign

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

Guaranty Trust Holding Co Business Description

Other Exchanges GTCOl:UKGTCO:UK9JO0:Germany
Address Akin Adesola Street, Plot 635, Victoria Island, Lagos, NGA
Guaranty Trust Holding Co PLC is a multinational financial institution that provides individuals, businesses, private and public institutions across Africa and the United Kingdom with a broad range of market key financial products and services. The company has six reportable segments: Corporate banking which derives maximum revenue, and incorporates current accounts, deposits, overdrafts, loans and other credit facilities; Commercial banking which incorporates current accounts, deposits, overdrafts, loans and other credit facilities; Business banking which incorporates current accounts, deposits, overdrafts, loans and other credit facilities; Retail banking which incorporates private banking services, private customer current accounts, savings deposits; SME banking; and Public sector.
81GF Score

Get the complete analysis for NSA:GTCO

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

₦129.80
Price
₦75.92
GF Value