Only one of our models could value this stock with confidence, so use it as a guide.
Not used by alerts or posts.
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionFreedom Holding Corp. Common Stock (FRHC)
Fair value (2 models)
Not available
ACCE price target
$142
Rating
Not rated
Horizon
12 months
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Price used: $171 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
53
out of 100
P/E
66.5x
forward 12.3x
1-year return
+10.6%
Dividend yield
0.00%
Freedom Holding Corp. Common Stock in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Freedom Holding runs a brokerage and wealth platform for retail investors across Kazakhstan, Central Asia and the US, with its Freedom Broker and Freedom24 apps as the core consumer franchise, alongside a growing banking arm and a corporate finance business. Its edge is distribution: a low-cost, app-first retail brokerage in markets where incumbents are thin, and revenue has been compounding at 27.8%. The trailing P/E of 71.6 looks stretched, but it reflects depressed reported earnings, since the forward P/E of 12.3 implies the market expects earnings to recover sharply. Margins are the open question: a 84.8% gross margin sits against a 5.0% operating margin and a 10.7% ROE, so the spread between the two is where the thesis lives or dies. Worth a deeper look to test whether operating margin can widen toward the level the forward multiple implies, and how much of the revenue growth is durable across its geographies.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Free cash flow negative
Free cash flow was $-38,159,000 while revenue grew 27.8%. Growth is not converting to cash, and debt/equity sits at 1.57.
moderate
Earnings falling despite revenue growth
Earnings are down 14.8% year over year even as revenue rose 27.8%. Operating margin of 5.0% leaves little cushion for further slippage.
moderate
Price well above ACCE target
The price of $171.22 trades 20.6% above the ACCE price target of $142.00. Trailing P/E of 68.4 compares with a forward P/E of 12.3, so the valuation rests heavily on earnings recovery.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-21 · prices to Oct 23, 2026
Why it could do well
Revenue grew 27.8% year over year, and the five-year average annual growth rate is 44.6%.
Forward earnings multiple of 12.3x sits close to the sector median of 11.8x, not at a steep premium.
Shares are priced at $172.24, so the market is valuing the business well below the ACCE price target of $142.00.
Why it could disappoint
Free cash flow over the last twelve months was negative at -$38M, so the business consumed cash.
Trailing earnings multiple of 68.4x is far above the forward figure, leaving little margin for earnings to disappoint.
Analysts' mean price target of $76.00 sits 55.9% below the share price, a sharp disagreement with the market.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 6, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where FRHC's valuation models land
Price
$171.22
Model fair valueConfidence: medium
$106
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
+Score history: how each score moved over time
Analysts
Wall Street consensus
No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
Smart Money
PRO
In one line
Trades are only made public after a delay. We show the delay so you know how old the news is.