Discounted Cash Flow

Freedom Holding Corp.

FRHC · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $0 $-578.1k $-369.1k
2018 $55.2m $19.2m (3426.7%) $-119.1m (-32176.8%) 34.8%
2019 $74.3m (34.5%) $7.1m (-62.8%) $53.5m (144.9%) 9.6% (-72.4%)
2020 $121.9m (64.1%) $22.1m (209.6%) $39.6m (-25.9%) 18.2% (88.7%) $0.38
2021 $352.6m (189.2%) $142.9m (545.8%) $561.1m (1315.6%) 40.5% (123.3%) $2.45 (544.7%)
2022 $584.9m (65.9%) $217.9m (52.5%) $-448.0m (-179.8%) 37.3% (-8.1%) $3.67 (49.8%)
2023 $795.7m (36.0%) $205.1m (-5.9%) $-966.1m (-115.7%) 25.8% (-30.8%) $3.50 (-4.6%)
2024 $1.6b (105.5%) $375.5m (83.1%) $-1.1b (-14.7%) 23.0% (-10.9%) $6.37 (82.0%)
2025 $2.1b (25.4%) $84.7m (-77.5%) $84.7m (107.6%) 4.1% (-82.0%) $1.43 (-77.6%)
2026 $2.2b (6.9%) $153.3m (81.1%) $-13.5m (-116.0%) 7.0% (69.5%) $2.56 (79.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model