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1. Company Snapshot

1.a. Company Description

Freedom Holding Corp., through its subsidiaries, provides retail securities brokerage, research, investment counseling, securities trading, market making, retail banking, corporate investment banking, and underwriting services.The company offers investment brokerage services for exchange-traded and over-the-counter corporate equity and debt securities, money market instruments, exchange traded options and futures contracts, government bonds, and mutual funds; margin lending services collateralized by securities and cash in the customer's account; various investment education and training courses; investment research services; and commercial banking services, including payment cards, digital mortgages, and digital auto loans, as well as insurance products.It also provides capital raising solutions for corporate clients through initial public offerings and follow-on offerings; and debt capital markets solutions that focuses on structuring and distributing private and public debt for various purposes, including buyouts, acquisitions, growth capital financings, and recapitalizations.


In addition, the company is involved in trading, investment, and brokerage activities.Further, it facilitates repurchase and reverse repurchase agreements in proprietary trading activities; and covers short positions and settle other securities obligations to accommodate customers' needs and finance its inventory positions.Additionally, the company offers Tradernet software platform for client margin risk evaluation and middle office security transfer requests.


It operates in Central Asia, Europe, the United States, Russia, and the Middle East/Caucasus.The company was formerly known as BMB Munai, Inc.and changed its name to Freedom Holding Corp.


Freedom Holding Corp.was incorporated in 1981 and is headquartered in Almaty, Kazakhstan.

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1.b. Last Insights on FRHC

Freedom Holding Corp.'s recent performance faced challenges due to reduced stakes by Freedom Investment Management Inc. in major companies, including Broadcom Inc. (11% reduction), JPMorgan Chase & Co. (4.7% decrease), and Meta Platforms, Inc. (8% decrease). Additionally, despite announcing financial results for Q2 FY2026 with total revenue of $526.1 million, slightly below expectations, and income before income taxes of $184.8 million. These mixed results and decreased holdings may impact investor confidence. (Source: Company filings and news releases).

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Fincantieri Marinette Marine Delivered Final Freedom-Class LCS

Dec -02

Source: forbes.com

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Talen Energy Completes Freedom and Guernsey Acquisitions

Nov -25

Source: globenewswire.com

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Freedom Holding Corp Publishes 2025 Sustainability Report on ESG Initiatives

Nov -22

Source: prnewswire.com

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World's First Commercial Ethanol-to-Jet Fuel Plant Operational

Nov -13

Source: globenewswire.com

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Freedom Holding Corp. Reports Financial Results for the Q2 FY2026 and 1H FY2026

Nov -08

Source: accessnewswire.com

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Freedom Holding Corp. Reports Second Quarter Fiscal Year 2026 Financial Results

Nov -07

Source: businesswire.com

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Freedom Holding Corp. to Build $2B Sovereign AI Hub in Kazakhstan Powered by NVIDIA

Nov -07

Source: prnewswire.com

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A Statement from L3Harris Chair and CEO Chris Kubasik on the Secretary of War's “Arsenal of Freedom”

Nov -07

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.00%)

6. Segments

Financial Services

Expected Growth: 1.0%

Freedom Holding Corp's 1.0 growth in Financial Services is driven by increasing demand for investment products, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on digital transformation, cost savings initiatives, and strong brand recognition contribute to its growth momentum.

7. Detailed Products

Brokerage Services

Freedom Holding Corp. offers brokerage services, enabling clients to buy and sell securities, options, and other financial instruments.

Investment Advisory Services

The company provides investment advisory services, including portfolio management, financial planning, and wealth management.

Securities Underwriting

Freedom Holding Corp. offers securities underwriting services, helping companies raise capital through initial public offerings (IPOs), follow-on offerings, and other securities issuances.

Mergers and Acquisitions Advisory

The company provides mergers and acquisitions advisory services, assisting clients with strategic transactions, including buy-side and sell-side advisory services.

Wealth Management

Freedom Holding Corp. offers wealth management services, including financial planning, investment management, and estate planning.

Custody and Clearing Services

The company provides custody and clearing services, enabling clients to hold and manage their securities, as well as settle trades.

8. Freedom Holding Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Freedom Holding Corp. is moderate, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Freedom Holding Corp. is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Freedom Holding Corp. is moderate, as the company has some dependence on key suppliers, but it also has some negotiating power.

Threat Of New Entrants

The threat of new entrants for Freedom Holding Corp. is high, as the industry has low barriers to entry and there are many potential competitors.

Intensity Of Rivalry

The intensity of rivalry for Freedom Holding Corp. is high, as the industry is highly competitive and there are many established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 67.41%
Debt Cost 8.97%
Equity Weight 32.59%
Equity Cost 8.97%
WACC 8.97%
Leverage 206.84%

11. Quality Control: Freedom Holding Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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IG Group

A-Score: 7.6/10

Value: 6.0

Growth: 5.8

Quality: 9.1

Yield: 8.1

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

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Investec

A-Score: 6.5/10

Value: 8.0

Growth: 3.4

Quality: 8.0

Yield: 8.8

Momentum: 3.5

Volatility: 7.3

1-Year Total Return ->

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Swissquote

A-Score: 6.3/10

Value: 4.2

Growth: 8.7

Quality: 7.7

Yield: 2.5

Momentum: 9.5

Volatility: 5.3

1-Year Total Return ->

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Nordnet

A-Score: 6.2/10

Value: 2.5

Growth: 7.0

Quality: 8.8

Yield: 5.6

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

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Alpha Group International

A-Score: 5.5/10

Value: 2.4

Growth: 9.4

Quality: 8.5

Yield: 0.6

Momentum: 9.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Freedom Holding

A-Score: 4.6/10

Value: 2.3

Growth: 9.0

Quality: 4.7

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

132.59$

Current Price

132.59$

Potential

-0.00%

Expected Cash-Flows