Freedom Holding Corp.

Finance
Investment Bankers/Brokers/Service
www.freedomholdingcorp.com

Earnings Score
Moat Score

Market Cap $7.50B
PE 22
Debt $NaN
Cash $1.46B
EV $NaN
FCF $645.45M

Earnings

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Sales & Net Margins

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Earnings	$340.30M
EBIT	$386.19M
ROE	27%
ROA	4%
FCF	$645.45M
Equity	$1.26B
Growth Stability	100%
PE	22.03
PEG	0.36
PB	5.93
P/FCF	11.62
P/S	3.92
Price/Cash	0.2
Net Margins	14%
Op. Margins	20%
Earnings CAGR	67%
Sales Growth YoY	33%
Sales Growth QoQ	29%
Sales CAGR	75%
FCF CAGR	5%
Equity CAGR	75%

Earnings Stability	0.58
Earnings Growth YoY	-1%
Earnings Growth QoQ	234%
Earnings CAGR 5Y	61%
Sales CAGR 5Y	77%
FCF CAGR 5Y	8%
Equity CAGR 5Y	63%
Earnings CAGR 3Y	64%
Sales CAGR 3Y	64%
Equity CAGR 3Y	39%
Market Cap	$7.50B
Revenue	$1.91B
Assets	$8.82B
Cash	$1.46B
Shares Outstanding	59.26M
Earnings Score	88%
Moat Score	80%
Shares Growth 3y	2%
Equity Growth QoQ	10%
Equity Growth YoY	38%

Assets & ROA

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Stockholders Equity & ROE

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Freedom Holding Corp. (NASDAQ: FRHC), a Nevada corporation, is a financial services holding company conducting retail financial securities brokerage, investment research, investment counseling, securities trading, investment banking and underwriting services, mortgages, insurance, and consumer banking through its subsidiaries. The company operates under the name of Freedom Finance in Europe and Central Asia. Through its subsidiaries, Freedom Holding Corp. employs more than 2,900 people and is a professional participant in the Kazakhstan Stock Exchange, the Astana International Exchange, the Republican Stock Exchange of Tashkent, and the Uzbek Republican Currency Exchange and is a member of the New York Stock Exchange and the Nasdaq Stock Exchange. Freedom Holding Corp. has its principal executive offices in Almaty, Kazakhstan, and has a presence in 14 countries, including Kazakhstan, Cyprus, the United States, Uzbekistan, the United Kingdom, and Germany. Freedom Holding Corp.

SEC Filings

Direct access to Freedom Holding Corp. (FRHC) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-K Mar 31
2023
- 10-Q Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-K Mar 31
2022
- 10-Q Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-K Mar 31

Sector Comparison

How does Freedom Holding Corp. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Freedom Holding Corp. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 67%

Stability 58%

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Freedom Holding Corp. Discounted Cash Flow

Fully customizable DCF calculator online for Freedom Holding Corp..

Years

Calculation mode

= $9.1B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$645M	$677M	$711M	$746M	$783M	$822M	$863M	$905M	$950M	$997M	$1B	$10B
DCF		$616M	$588M	$561M	$535M	$510M	$487M	$465M	$443M	$423M	$403M	$4B
Value	$9.1B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	03/2016	03/2017	03/2018	03/2019	03/2020	03/2021	03/2022	03/2023	03/2024	TTM
Net Margins	-	-	35%	10%	18%	40%	37%	26%	23%	14%
ROA	-6%	-7%	-	-	9%	10%	8%	5%	5%	4%
ROE	-468%	378%	15%	6%	17%	52%	41%	26%	32%	27%

Good Net Margins (14.42%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	03/2016	03/2017	03/2018	03/2019	03/2020	03/2021	03/2022	03/2023	03/2024	TTM
Debt over FCF	-	-	-	-	-	0	-	-	-	-
Debt over Equity	-	-	-	-	-	0	-	-	-	-
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	100%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	03/2016	03/2017	03/2018	03/2019	03/2020	03/2021	03/2022	03/2023	03/2024	CAGR 5Y
Revenue YoY growth	-	-	-	35%	64%	189%	60%	41%	105%	77%
Earnings YoY growth	-	18%	-3K%	-63%	210%	543%	49%	-3%	83%	61%
Equity YoY growth	-	-245%	-83K%	-7%	12%	110%	87%	51%	50%	63%
FCF YoY growth	-	-31%	6K%	-353%	-26%	1K%	-161%	185%	15%	8%