First Holdco (NSA:FIRSTHOLDCO) Scaled Net Operating Assets: -0.09 (As of Mar. 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 Scaled Net Operating Assets?

First Holdco NSA:FIRSTHOLDCO -5.20% 63 Scaled Net Operating Assets is -0.09 as of Mar. 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.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

First Holdco's operating assets for the quarter that ended in Mar. 2026 was ₦19,471,591 Mil. First Holdco's operating liabilities for the quarter that ended in Mar. 2026 was ₦22,025,287 Mil. First Holdco's Total Assets for the quarter that ended in Dec. 2025 was ₦27,250,935 Mil. Therefore, First Holdco's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was -0.09.

NSA:FIRSTHOLDCO
63GF Score
First Holdco PLC NSA:FIRSTHOLDCO
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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First Holdco Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

First Holdco's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(19957798-21949313)/26524218
=-0.08

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=27250935 - 7293137
=19957798

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=23949570 - 2000257 - 0
=21949313

First Holdco's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(19471591-22025287)/27250935
=-0.09

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=26878924 - 7407333
=19471591

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=23407357 - 1382070 - 0
=22025287

* 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.

What does a Scaled Net Operating Assets of -0.09 mean?
First Holdco (NSA:FIRSTHOLDCO) has a Scaled Net Operating Assets of -0.09 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on First Holdco and its competitors.
Is First Holdco's Scaled Net Operating Assets too high?
First Holdco's current Scaled Net Operating Assets is -0.09. 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 Scaled Net Operating Assets compare to competitors?
First Holdco's Scaled Net Operating Assets of -0.09 can be compared against companies in the Banks industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Banks company?
A good Scaled Net Operating Assets depends on the Banks industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on First Holdco and its competitors. First Holdco's current Scaled Net Operating Assets is -0.09. 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 Scaled Net Operating Assets is -0.09. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For First Holdco (NSA:FIRSTHOLDCO), the current Scaled Net Operating Assets is -0.09 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:

  • Scaled Net Operating Assets: -0.09
  • 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

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₦65.60
Price
₦36.61
GF Value