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First HoldcoNSA:FIRSTHOLDCO -5.20%63 ROE % is 32.08% as of Mar. 2026, which is 161% above its 10-year median of 12.29. 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 1,528 Banks companies, First Holdco ranks worse than 85.21% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. First Holdco's annualized net income for the quarter that ended in Mar. 2026 was ₦1,066,688 Mil. First Holdco's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was ₦3,325,403 Mil. Therefore, First Holdco's annualized ROE % for the quarter that ended in Mar. 2026 was 32.08%.
The historical rank and industry rank for First Holdco's ROE % or its related term are showing as below:
NSA:FIRSTHOLDCO'
s ROE % Range Over the Past 10 Years
Min: 2.07 Med: 12.29 Max: 30.07
Current: 4.39
During the past 13 years, First Holdco's highest ROE % was 30.07%. The lowest was 2.07%. And the median was 12.29%.
NSA:FIRSTHOLDCO's ROE % is ranked worse than 85.21% of 1528
companies
in the Banks industry
Industry Median: 10.225
vs NSA:FIRSTHOLDCO: 4.39
First Holdco (NSA:FIRSTHOLDCO) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
First Holdco ROE % Related Terms
First Holdco ROE % Historical Data
* Premium members only.
The historical data trend for First Holdco's ROE % 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.
For the Banks - Regional subindustry, First Holdco's ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Banks Industry
For the Banks industry and Financial Services sector, First Holdco's ROE % distribution charts can be found below:
* The bar in red indicates where First Holdco's ROE % falls into.
* 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.
In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
ROE % is displayed in the 30-year financial page.
First Holdco (NSA:FIRSTHOLDCO) has a ROE % of 32.08% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on First Holdco and its competitors. This is 161% above median its historical median of 12.29. Over the past decade, First Holdco's ROE % has ranged from 2.07 to 30.07. According to the industry distribution chart, First Holdco ranks #1302 out of 1528 companies in the Banks industry, placing it in the top 85.2%.
Is First Holdco's ROE % too high?
First Holdco's current ROE % of 32.08% is 161% above median its 10-year median of 12.29. Over the past 10 years, this metric has ranged from a low of 2.07 to a high of 30.07. The Banks industry median ROE % is 10.23. First Holdco's value of 32.08% is 213.7% above this industry median. Based on the distribution chart, First Holdco ranks #1302 out of 1528 companies in the Banks industry, which is in the bottom quartile relative to peers. 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 ROE % compare to competitors?
According to the Banks industry distribution chart, First Holdco ranks #1302 out of 1528 companies for ROE %. This places First Holdco in the lower half of its industry. The industry median ROE % is 10.23. First Holdco's value of 32.08% is 213.7% above this benchmark. Historically, First Holdco's own ROE % has ranged from 2.07 to 30.07 over the past decade. While the company's 10-year median is 12.29 vs. the industry median of 10.23, 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 ROE % for a Banks company?
The median ROE % among Banks companies is 10.23, based on 1,528 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Holdco's current ROE % of 32.08% is 213.7% 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on First Holdco and its competitors. For the Banks industry, the median ROE % is 10.23 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Holdco's current ROE % is 32.08%, which is 161% above median its own 10-year median of 12.29. 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 ROE % is 32.08%, which is 161% above median its 10-year median of 12.29 and 213.7% above the Banks industry median of 10.23. 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 ROE % calculated?
ROE % is calculated from a company's financial statements. For First Holdco (NSA:FIRSTHOLDCO), the current ROE % is 32.08% as of Mar. 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:
ROE %: 32.08% (161% above median its 10-year median of 12.29)
GF Value™: ₦36.61 vs. price of ₦65.60 (79.2% above fair value)
Industry Position: 213.7% above the Banks median (#1302 of 1528)
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 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
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