Freedom Holding Corp. (FRHC) Two-Stage Excess Return Model - Discounting Cash Flows
Freedom Holding Corp.
FRHC (NASDAQ)

Estimated Value

USD

Market Price USD

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Two-Stage Excess Return Model

Used to estimate the value of companies based on two stages of growth. An initial period of high growth, represented by [Sum of discounted excess returns in Growth Stage], followed by a period of stable growth, represented by [Discounted excess return in terminal stage]. Excess Return models are better suited to calculate the intrinsic value of a financial company than an enterprise valuation model (such as the Discounted Free Cash Flow Model).

Read more: GitHub Documentation

Interactive Assumptions

Results

Estimated Value -12,699 Bil. USD
Book value of equity invested 21.22 USD
Sum of discounted excess returns in Growth Stage -588.7 Bil. USD
Terminal stage EPS -944.3 Bil. USD
Terminal stage Book Value 96.94 Bil. USD
Terminal stage Equity Cost 9.1 Bil. USD
Discounted excess return in terminal stage -12,110 Bil. USD
Excess Returns in the Terminal Stage -18,966 Bil. USD
Terminal Cost of Equity (the discount rate) 9.39%
Terminal year's excess return -953.4 Bil. USD
Average historical Return on Equity -974.2%
Average historical Payout Ratio 6,146%
Payout Ratio in stable stage 100.4%
Yield of the U.S. 10 Year Treasury Bond 4.36%

Historical and Forecasted Data

In USD

Edit Chart Values 2025 2026 2027 2028 2029

amounts of USD except for #

2024 LTM 2025 2026 2027 2028 2029
Beginning Book Value 13.26 19.74 19.74 9320 3303196 781627703 92885234843
Ending Book Value 19.74 21.22 9320 3303196 781627703 92885234843 96935031082
EPS 6.37 5.41 -192.3 -90795 -32179737 -7614617090 -904887957845
Return on Equity 48.31% 27.72% -974.2% -974.2% -974.2% -974.2% -974.2%
Dividend per Share
332.5 -9492 -3384671 -810504244 -99718224230 -908937754084
Payout Ratio 4,937% 6,146% 4,937% 3,728% 2,519% 1,310% 100.4%
Retained Earnings
-327.1 9300 3293876 778324507 92103607139 4049796239
Equity Cost 1.24 1.85 1.85 874.9 310071 73371392 8719136994
Cost of Equity 9.39% 9.39% 9.39% 9.39% 9.39% 9.39% 9.39%
Excess Return 5.13 3.56 -194.1 -91670 -32489808 -7687988483 -913607094839
Discounted Excess Return
-177.5 -76612 -24822756 -5369698200 -583352287098

amounts of USD except for #

Average LTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Net Income 120.9 322.6 375.5 205.1 227.5 149.7 24.84 7.15 18.2 -0.578 -0.492 -0.019
Total Stockholders Equity 396.1 1,260 1,164 777.3 514.7 277.3 131.3 117.6 115.1 -0.153 0.105 -0.038
Return on Equity -973.7% 27.72% 48.31% 39.86% 82.04% 114% 21.12% 6.21% -11,890% -549.7% 1,292% 97.36%
Dividends Paid to Common Shareholders 19,741 19,741
Payout Ratio 5,047% 6,146% 4,937% 4,937% 4,937% 4,937% 4,937% 4,937% 4,937% 4,937% 4,937% 4,937%
Shares Outstanding 98.88 59.37 58.96 58.63 59.38 58.39 58.16 58.04 58.03 280.3 280.3 58.07
Earnings per Share 2.26 5.41 6.37 3.5 3.83 2.56 0.43 0.12 0.31 0.022 -0.002 0.0
Dividend per Share 332.5 332.5
Dividend Growth Rate
Book Value 7.39 21.22 19.74 13.26 8.67 4.75 2.26 2.03 1.98 -0.001 0.0 -0.001
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Discounting Cash Flows

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