Freedom Holding Corp. (FRHC)
SubavaliadaFundamental
49
Preço
$169.41
Capitalização de Mercado
$11.25B
Parte 1 · Quanto vale a empresa
Visão Geral
Freedom Holding is a financial-services group built around retail brokerage, mostly serving individual investors in Kazakhstan and neighboring Central Asian and Eastern European markets rather than in the US or Western Europe. From that brokerage base it has expanded into its own bank (Freedom Bank KZ), an insurance business, and a grab-bag of consumer services such as telecom and retail, sold to the same growing base of retail customers.
Como gera receita
Brokerage revenue comes from trading commissions and fees plus interest earned on margin loans to retail clients, which has grown quickly as the client base has expanded. Banking revenue is interest and fee income from Freedom Bank KZ's lending and deposits. Insurance revenue is premiums net of claims. The other segment bundles telecom, payments and retail sales, cross-sold to the same brokerage and banking customers to keep them inside the group's ecosystem.
Receita por segmento
Trading commissions, fees and margin-lending interest from a fast-growing base of retail brokerage accounts.
Underwriting income from pension, accident and other insurance products sold to the group's regional customer base.
Interest and fee income from Freedom Bank KZ's expanding retail loan and deposit book.
Lifestyle, telecom and payment services cross-sold to the group's brokerage and banking customers.
Vantagem competitiva
Nenhuma vantagem identificada · NenhumaFreedom Holding's growth has come from being an early, well-capitalized entrant across brokerage, banking and insurance in a region where financial services were previously underdeveloped, not from a structural barrier competitors cannot cross. As the market matures and profitability draws attention, banks and brokers with more capital could contest the same customers.
O que impulsiona a procura
CíclicoBrokerage commissions and margin-lending interest move with trading activity and asset prices, which rise and fall with regional economic conditions and investor sentiment; banking revenue is similarly tied to credit demand and interest rates. A downturn in Central Asian markets would compress trading volumes and increase loan losses at the same time.
Principais riscos
- Geographic concentration in Central Asia — Most revenue is generated in Kazakhstan and neighboring Central Asian and Eastern European markets, so political instability, currency moves or an economic downturn in that region would affect the group disproportionately.
- Exposure to Russia-related sanctions — The company has had historical business ties to Russia and operates in a region exposed to secondary sanctions risk tied to the Russia-Ukraine conflict, which could restrict operations or access to international financial systems.
- Regulation across many jurisdictions — The group holds brokerage, banking and insurance licenses across several exchanges and countries; regulatory non-compliance in any one of them could damage the group's reputation or license to operate more broadly.
- Credit risk from margin lending — A large part of interest income comes from margin loans to retail clients and from the bank's loan portfolio; a market downturn or economic stress could raise defaults and credit losses quickly.
Os argumentos a favor
Buyers argue that Freedom Holding is capturing an underserved, fast-growing retail financial market in Central Asia years before larger Western institutions get there, that its diversification across brokerage, banking and insurance smooths any single segment's weakness, and that rapid customer growth across every division points to years of runway still ahead.
Os argumentos contra
Sellers fear that revenue concentrated in Kazakhstan and neighboring markets leaves the group exposed to regional political and sanctions risk, that operating across so many regulated activities and jurisdictions raises the chance of a compliance misstep, and that fast growth in margin lending could turn into credit losses if regional markets turn down.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de setembro de 2026 with claude-haiku-4-5 — shared with all users
Kaspi.kz fights Freedom for the same Kazakh retail customer with a rival all-in-one app covering payments, cards, lending, e-commerce and travel booking.
Targets the same cross-border retail investors in Europe, Central Asia and the Gulf who open an account mainly to trade US and European shares.
The largest bank in Kazakhstan by assets, it competes with Freedom for retail deposits, cards and loans, and its Halyk Finance arm competes directly for domestic brokerage clients.
A long-established Kazakh retail and SME bank whose BCC Invest subsidiary is one of the few local brokers selling securities accounts to the same domestic savers.
Competes in the same Kazakh market across digital banking and, through First Heartland Securities, retail brokerage for the same base of local investors.
Balanço & Liquidez
Receita
$2.40B
Últimos 12 meses (até 30/06/2026)
Resultado Líquido
$148M
Últimos 12 meses (até 30/06/2026)
Fluxo de Caixa Livre
$-14M
Capital Próprio Total
$1.49B
Passivo Total
$11.67B
Rácio de Liquidez
0.65
Cobertura de Juros
-
Dívida/EBITDA
-
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$251.53
Preço Atual
$169.41
Margem de Segurança
+32.6%
Intervalo de Valor Justo
$163.49 - $339.56
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
69.13
ROE
10.3%
Rácio P/B
6.95
P/FCF
-
Margem Bruta
95.8%
ROIC
-
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
-
WACC
7.4%
ROIC − WACC
-
Critérios de Análise Fundamental
Aprovado (9)
- EPS shows upward trend
- Price CAGR 46.23%
- Gross Margin 95.8%
- Low reliance on intangibles
- ROE 11.0%
- Revenue Growth 5Y 42.8%
- Share Dilution 0.9%
- Net Margin Trend 6.2% vs 3.8%
- Piotroski F-Score 5/9
Reprovado (8)
- P/B Ratio 6.95
- Debt/Equity ratio
- Positive Free Cash Flow
- Return on Tangible Assets
- Price below Graham Number
- DCF valuation (Fairly valued)
- Earnings Surprise avg -237.6%
- Earnings Quality (OCF/NI) -4.32
Indisponível (10)
- ROIC NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Analyst Consensus (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Sinais mistos: algumas áreas requerem atenção
Qualidade dos Resultados
Baixa qualidade: investigar a contabilidade
Diluição de Ações
Número de ações estável
Participações institucionais
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Mr. Timur Ruslanovich Turlov | CEO & Chairman of the Board | 37 |
| Mr. Askar Bolatovich Tashtitov | President & Director | 46 |
| Mr. Jason M. Kerr | Chief Legal Officer | 53 |
| Mr. Azamat Yerdessov | Chief Executive Officer of Freedom Life | 40 |
| Mr. Valeriy Kim | Chief Financial Officer | 36 |
| Mr. Tukanov Renat Sautzhanovich | Chief Technology Officer | 44 |
| Mr. Zhumagulov Aidos Bolatovich | ?hief Banking Officer | 43 |
| Mr. Sergey Lukyanov | Chairman of the Management Board of Freedom Finance JSC & Freedom Finance Global PLC | 50 |
| Marat Shotbayev | Chief Logistics Officer | - |
| Mr. Kairat Akhmetov | CEO of Freedom Telecom Operations LLP & Freedom Telecom Holding Ltd | 43 |
Risco de Auditoria
8
Risco do Conselho
7
Risco de Remuneração
9
Risco dos Direitos dos Acionistas
7
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Documentos
- Ver documento
Relatório anual (10-K)
Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.
Arquivado em 2026-06-01
- Ver documento
Relatório trimestral (10-Q)
Uma atualização sobre o desempenho financeiro dos últimos três meses.
Arquivado em 2026-08-10
- Ver documento
Relatório de fato relevante (8-K)
Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.
Arquivado em 2026-09-17
via SEC EDGAR
Histórico de Resultados
via SEC EDGAR
Latest News
Recent headlines for FRHC, sourced from Markets Gazette.
- 7/11/2026POSITIVEKazakh Tycoon Turlov’s Freedom Raises $300 Million for Expansion
Kazakhstan billionaire Timur Turlov's Freedom Holding Corp. successfully raised $300 million through a share sale. This capital infusion is earmarked for accelerating the company's international expansion initiatives. The successful fundraising indicates strong investor confidence in Freedom Holding's growth strategy and its future prospects in global markets. Investors will be watching closely to see how this capital is deployed to drive further market penetration and revenue growth.
- 6/2/2026NEGATIVEBillionaire Kazakh Brokerage CEO Gets SEC Enforcement Warning
The CEO of Kazakhstan-based Freedom Holding Corp. has received a Wells Notice from the US Securities and Exchange Commission (SEC). This formal warning indicates the SEC is considering enforcement action against the company or its executive. Such regulatory scrutiny can lead to investigations, fines, and reputational damage, potentially impacting the company's stock performance and investor confidence. Investors should monitor developments closely for any potential legal or financial repercussions.
via Markets Gazette