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HBM NigeriaNSA:HBMNG 78 Altman Z-Score is 8.37 as of Jul. 15, 2026, which is 223% above its 10-year median of 2.59. GuruFocus rates NSA:HBMNG with a GF Score™ of 78/100 and a GF Value™ of ₦128.48 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 403 Building Materials companies, HBM Nigeria ranks better than 91.81% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Good Sign:
Altman Z-score of 8.26 is strong.
HBM Nigeria has a Altman Z-Score of 8.37, indicating it is in Safe Zones. This implies the Altman Z-Score is strong.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for HBM Nigeria's Altman Z-Score or its related term are showing as below:
NSA:HBMNG'
s Altman Z-Score Range Over the Past 10 Years
Min: 0.77 Med: 2.59 Max: 8.26
Current: 8.26
During the past 13 years, HBM Nigeria's highest Altman Z-Score was 8.26. The lowest was 0.77. And the median was 2.59.
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.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
HBM Nigeria Altman Z-Score Related Terms
HBM Nigeria Altman Z-Score Historical Data
* Premium members only.
The historical data trend for HBM Nigeria's Altman Z-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.
NSA:HBMNG vs CRH, VMC, MLM: Altman Z-Score Comparison
For the Building Materials subindustry, HBM Nigeria's Altman Z-Score, along with its competitors' market caps and Altman Z-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.
HBM Nigeria Altman Z-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, HBM Nigeria's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where HBM Nigeria's Altman Z-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.
HBM Nigeria's Altman Z-Score for today is calculated with this formula:
Z
=
1.2
*
X1
+
1.4
*
X2
+
3.3
*
X3
+
0.6
*
X4
+
1.0
*
X5
=
1.2
*
0.1437
+
1.4
*
0.4392
+
3.3
*
0.355
+
0.6
*
9.2929
+
1.0
*
0.8399
=
8.37
* 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 Z-Score when X4 or X5 value is 0.
HBM Nigeria (NSA:HBMNG) has a Altman Z-Score of 8.37 as of Jul. 15, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on HBM Nigeria and its competitors. This is 223% above median its historical median of 2.59. Over the past decade, HBM Nigeria's Altman Z-Score has ranged from 0.77 to 8.26. According to the industry distribution chart, HBM Nigeria ranks #33 out of 403 companies in the Building Materials industry, placing it in the top 8.2%.
Is HBM Nigeria's Altman Z-Score too high?
HBM Nigeria's current Altman Z-Score of 8.37 is 223% above median its 10-year median of 2.59. Over the past 10 years, this metric has ranged from a low of 0.77 to a high of 8.26. The Building Materials industry median Altman Z-Score is 2.22. HBM Nigeria's value of 8.37 is 277% above this industry median. Based on the distribution chart, HBM Nigeria ranks #33 out of 403 companies in the Building Materials industry, which is in the top quartile — a strong position relative to peers. Overall, HBM Nigeria has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does HBM Nigeria's Altman Z-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, HBM Nigeria ranks #33 out of 403 companies for Altman Z-Score. This places HBM Nigeria in the top 8% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 2.22. HBM Nigeria's value of 8.37 is 277% above this benchmark. Historically, HBM Nigeria's own Altman Z-Score has ranged from 0.77 to 8.26 over the past decade. While the company's 10-year median is 2.59 vs. the industry median of 2.22, HBM Nigeria 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 Z-Score for a Building Materials company?
The median Altman Z-Score among Building Materials companies is 2.22, based on 403 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. HBM Nigeria's current Altman Z-Score of 8.37 is 277% 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 Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on HBM Nigeria and its competitors. For the Building Materials industry, the median Altman Z-Score is 2.22 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. HBM Nigeria's current Altman Z-Score is 8.37, which is 223% above median its own 10-year median of 2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HBM Nigeria stock overvalued right now?
Based on GuruFocus' analysis, HBM Nigeria (NSA:HBMNG) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦128.48, compared to a current price of ₦335.00 — trading 160.7% above its estimated fair value. The current Altman Z-Score is 8.37, which is 223% above median its 10-year median of 2.59 and 277% above the Building Materials industry median of 2.22. HBM Nigeria's overall GF Score™ is 78/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For HBM Nigeria (NSA:HBMNG), the current Altman Z-Score is 8.37 as of Jul. 15, 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 HBM Nigeria (NSA:HBMNG) Overvalued in 2026?
Based on GuruFocus' analysis, HBM Nigeria stock appears to be overvalued.
The current stock price of ₦335.00 is trading 160.7% above its estimated GF Value™ of ₦128.48.
GuruFocus considers HBM Nigeria to be Significantly Overvalued.
Key valuation signals for NSA:HBMNG:
Altman Z-Score: 8.37 (223% above median its 10-year median of 2.59)
GF Value™: ₦128.48 vs. price of ₦335.00 (160.7% above fair value)
Industry Position: 277% above the Building Materials median (#33 of 403)
No single metric tells the full story. See the NSA:HBMNG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lafarge Africa PLC through its subsidiaries is engaged in manufacturing and marketing of cement, concrete, and aggregates products, including the provision of building solutions. The brands in products portfolio of the company includes ECOPlanet Unicem, Elephant cement, ThermoSet, Watershield, Powermax, and Supaset cement among others. It has two segments Cement & Readymix products. The majority of the revenue is generated from the cement segment.
78GF Score
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