Company Valuation: Freedom Holding Corp.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 3,119 3,548 4,279 4,210 8,012 8,865
Change - 13.78% 20.59% -1.6% 90.31% 10.65%
Enterprise Value (EV) 1 2,195 2,612 2,892 3,046 6,853 7,992
Change - 19% 10.73% 5.29% 125.02% 16.62%
P/E 21.9x 16.2x 20.8x 11.1x 94.4x 57.7x
PBR 11.2x 6.9x 5.52x 3.66x 6.64x 5.96x
PEG - 0.3x -3.45x 0.1x -1.2x 0.7x
Capitalization / Revenue 9.69x 6.74x 8x 3.97x 5.48x 5.42x
EV / Revenue 6.82x 4.96x 5.41x 2.87x 4.68x 4.89x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 2.435 3.67 3.449 6.33 1.4 2.51
Distribution rate - - - - - -
Net sales 1 321.8 526.5 534.6 1,062 1,463 1,635
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 142.3 217.9 205.1 375.5 84.65 153.3
Net Debt 1 -923.2 -936 -1,386 -1,165 -1,159 -873.6
Reference price 2 53.36 59.60 71.86 70.57 132.17 144.88
Nbr of stocks (in thousands) 58,443 59,535 59,542 59,659 60,620 61,191
Announcement Date 6/15/21 5/31/22 8/4/23 6/14/24 6/13/25 6/1/26
1USD in Million2USD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 11.04B
14.82x6.84x - 2.26% 299B
13.13x10.21x - 2.11% 273B
11.5x - - 1.96% 216B
15.55x6.24x10.39x1.31% 167B
12.74x8.83x14.28x2.65% 60.7B
9.57x1.35x - 3.85% 57.41B
18.37x10.3x11.58x0.68% 41.98B
8.97x4.04x - 3.69% 41.55B
32.34x4.27x5.47x0.39% 40.01B
Average 15.22x 6.51x 10.43x 2.1% 120.76B
Weighted average by Cap. 14.09x 7.41x 10.68x 2.07%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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