Freedom Holding Corp. delivered a blowout FY 2026, with net income surging 101% year-over-year to $153.3 million on record revenues of $2.19 billion. Massive 2026-2028 catalysts include the acquisition of Turkish Bank A.S., an application for a French banking license, and a $2 billion Sovereign AI Hub in Kazakhstan powered by Nvidia. FRHC stock remains severely undercovered by Wall Street, creating a pricing mismatch. Forward valuation models suggest a price target of over $195 per share, offering a nice upside from the current.
Freedom Holding Corp. has rapidly transformed into a diversified multi-service provider, leveraging its SuperApp ecosystem to drive robust client growth across banking, insurance, and non-financial services. Despite a recent 5.4% YoY revenue decline and regulatory headwinds, FRHC's aggressive client acquisition and cost controls position it for future margin expansion and monetization, especially in telecom and data center segments. I forecast a 12–24 month upside potential of 29%, with a price target near $197/share, reflecting anticipated EPS recovery, 20–25% forward growth, and a premium valuation multiple.
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| Capital Markets Industry | Financials Sector | Timur Ruslanovich Turlov CEO | XDUS Exchange | US3563901046 ISIN |
| KZ Country | 11,846 Employees | - Last Dividend | 20 May 1996 Last Split | - IPO Date |
Freedom Holding Corp., with its origin as BMB Munai, Inc., has evolved into a significant player in the financial services industry, established in 1981 and now based in Almaty, Kazakhstan. The corporation extends its footprint across diverse geographical realms, including Central Asia, Eastern Europe, the rest of Europe, the United States, Russia, the Middle East, and the Caucasus. It offers a comprehensive suite of services through its subsidiaries, focusing on retail securities brokerage, investment counseling, securities trading, market making, retail and corporate investment banking, underwriting, and retail banking services.
Provides clients with the facility to trade 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, catering to the varied investment needs of its clientele.
Offers margin lending services collateralized by securities and cash in the customer's account, enabling clients to leverage their investment capacity.
Delivers various investment education and training courses, fostering an informed and knowledgeable client base.
Provides in-depth investment research services, aiding clients in making informed investment decisions.
Includes payment cards, digital mortgages, and digital business and auto loans. Additionally, it offers Freedom Box, a comprehensive package of payment acquiring services, addressing the banking needs of both individual and corporate clients.
Offers capital raising solutions for corporate clients through initial public offerings (IPOs) and follow-on offerings, along with debt capital markets solutions focusing on structuring and distributing private and public debt for various purposes such as buyouts, acquisitions, growth capital financings, and recapitalizations.
Facilitates repurchase and reverse repurchase agreements in its proprietary trading activities, also using these instruments to cover short positions, settle other securities obligations, accommodate customers' needs, and finance its inventory positions.
Provides proprietary trading and investment services, leveraging its market expertise for internal gain and client benefit.
Offers insurance products, adding an additional layer of financial security and investment protection for its clients.
Features the Tradernet software platform, designed for client margin risk evaluation and facilitating middle office security transfer requests, enhancing the efficiency and security of trading operations.