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MTN GhanaXGHA:MTNGH -0.14%100 Altman Z2-Score is 7.83 as of Aug. 07, 2026, which is 207% above its 10-year median of 2.55. GuruFocus rates XGHA:MTNGH with a GF Score™ of 100/100 and a GF Value™ of GHS4.28 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 359 Telecommunication Services companies, MTN Ghana ranks better than 93.04% on this metric.
Altman Z2-Score, also known as Z"-Score, is used to predict the likelihood that a non-manufacturing company (excluding property/financial company) will face bankruptcy within a two-year period.
Good Sign:
MTN Ghana has a Altman Z2-Score of 7.83, indicating it is in Safe Zones. This implies the Altman Z2-Score is strong.
The zones of discrimination were as such:
When Altman Z2-Score <= 1.1, it is in Distress Zones.
When Altman Z2-Score >= 2.6, it is in Safe Zones.
When Altman Z2-Score is between 1.1 and 2.6, it is in Grey Zones.
The historical rank and industry rank for MTN Ghana's Altman Z2-Score or its related term are showing as below:
XGHA:MTNGH'
s Altman Z2-Score Range Over the Past 10 Years
Min: 0.87 Med: 2.55 Max: 7.83
Current: 7.83
During the past 9 years, MTN Ghana's highest Altman Z2-Score was 7.83. The lowest was 0.87. And the median was 2.55.
The original Z-Score model was based on publicly traded manufacturing companies while the Z2-Score, also known as Z"-score can be used for any type of company excluding property/financial companies. Both Z-Score and Z2-Score describes the financial health of a company, and its likelihood of financial distress.
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
Altman Z2-Score does not apply to financial companies.
MTN Ghana Altman Z2-Score Related Terms
MTN Ghana Altman Z2-Score Historical Data
* Premium members only.
The historical data trend for MTN Ghana's Altman Z2-Score 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.
XGHA:MTNGH vs VZ, TMUS, T: Altman Z2-Score Comparison
For the Telecom Services subindustry, MTN Ghana's Altman Z2-Score, along with its competitors' market caps and Altman Z2-Score 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.
MTN Ghana Altman Z2-Score vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, MTN Ghana's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where MTN Ghana's Altman Z2-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
Z2-Score, also known as Z"-Score is the Z-Score for non-manufacturing companies excluding property/financial companies.
MTN Ghana's Altman Z2-Score for today is calculated with this formula:
Z
=
6.56
*
X1
+
3.26
*
X2
+
6.72
*
X3
+
1.05
*
X4_2
=
6.56
*
0.1446
+
3.26
*
0.5074
+
6.72
*
0.5453
+
1.05
*
1.4853
=
7.83
* 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. GuruFocus does not calculate Altman Z2-Score when X4_2 value is 0.
MTN Ghana (XGHA:MTNGH) has a Altman Z2-Score of 7.83 as of Aug. 07, 2026. Z2-Score is the Z-Score for non-manufacturing companies excluding property/financial companies, which measures a company's bankruptcy risk. View historical data on MTN Ghana and its competitors. This is 207% above median its historical median of 2.55. Over the past decade, MTN Ghana's Altman Z2-Score has ranged from 0.87 to 7.83. According to the industry distribution chart, MTN Ghana ranks #25 out of 359 companies in the Telecommunication Services industry, placing it in the top 7%.
Is MTN Ghana's Altman Z2-Score too high?
MTN Ghana's current Altman Z2-Score of 7.83 is 207% above median its 10-year median of 2.55. Over the past 10 years, this metric has ranged from a low of 0.87 to a high of 7.83. The Telecommunication Services industry median Altman Z2-Score is 1.63. MTN Ghana's value of 7.83 is 380.4% above this industry median. Based on the distribution chart, MTN Ghana ranks #25 out of 359 companies in the Telecommunication Services industry, which is in the top quartile — a strong position relative to peers. Overall, MTN Ghana has a GF Score™ of 100/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does MTN Ghana's Altman Z2-Score compare to VZ and TMUS?
According to the Telecommunication Services industry distribution chart, MTN Ghana ranks #25 out of 359 companies for Altman Z2-Score. This places MTN Ghana in the top 7% of its industry — outperforming the majority of peers. The industry median Altman Z2-Score is 1.63. MTN Ghana's value of 7.83 is 380.4% above this benchmark. Historically, MTN Ghana's own Altman Z2-Score has ranged from 0.87 to 7.83 over the past decade. While the company's 10-year median is 2.55 vs. the industry median of 1.63, MTN Ghana 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 Altman Z2-Score for a Telecommunication Services company?
The median Altman Z2-Score among Telecommunication Services companies is 1.63, based on 359 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z2-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z2-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. MTN Ghana's current Altman Z2-Score of 7.83 is 380.4% 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 Altman Z2-Score mean?
A high Altman Z2-Score can signal that a stock is expensive relative to its fundamentals. Z2-Score is the Z-Score for non-manufacturing companies excluding property/financial companies, which measures a company's bankruptcy risk. View historical data on MTN Ghana and its competitors. For the Telecommunication Services industry, the median Altman Z2-Score is 1.63 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MTN Ghana's current Altman Z2-Score is 7.83, which is 207% above median its own 10-year median of 2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MTN Ghana stock overvalued right now?
Based on GuruFocus' analysis, MTN Ghana (XGHA:MTNGH) is currently considered Significantly Overvalued. The stock's GF Value™ is GHS4.28, compared to a current price of GHS7.00 — trading 63.6% above its estimated fair value. The current Altman Z2-Score is 7.83, which is 207% above median its 10-year median of 2.55 and 380.4% above the Telecommunication Services industry median of 1.63. MTN Ghana's overall GF Score™ is 100/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z2-Score calculated?
Altman Z2-Score is calculated from a company's financial statements. For MTN Ghana (XGHA:MTNGH), the current Altman Z2-Score is 7.83 as of Aug. 07, 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 MTN Ghana (XGHA:MTNGH) Overvalued in 2026?
Based on GuruFocus' analysis, MTN Ghana stock appears to be overvalued.
The current stock price of GHS7.00 is trading 63.6% above its estimated GF Value™ of GHS4.28.
GuruFocus considers MTN Ghana to be Significantly Overvalued.
Key valuation signals for XGHA:MTNGH:
Altman Z2-Score: 7.83 (207% above median its 10-year median of 2.55)
GF Value™: GHS4.28 vs. price of GHS7.00 (63.6% above fair value)
Industry Position: 380.4% above the Telecommunication Services median (#25 of 359)
No single metric tells the full story. See the XGHA:MTNGH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MTN Ghana is a Ghana-based company that provides mobile financial services in the financial services industry. The principal activities are the provision of telecommunication services including voice, data, and enterprise solutions, mobile financial services, the development of strategic partnerships to provide developed services, and the provision of consultancy and support services in the mobile banking, payment services and fintech space. The company has four reportable segments, namely Network services, Interconnect and roaming, Digital and Fintech, and devices and accessories, out of which it derives maximum revenue from Network services.
100GF Score
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