Обзор Freedom Holding: freedom of finance

Обзор Freedom Holding: freedom of finance

Freedom Holding (NASDAQ: FRHC) is an American brokerage company originally from Kazakhstan. Her business is strong and marginal. But there are political risks.

What do they earn

Generally, this is the same "Freedom Finance", which you all heard about: company from Kazakhstan, registered in the USA. It provides brokerage and financial services in the countries of the former USSR.

According to the company's annual report, its revenue is divided into the following segments:

  1. Fees and Commissions — 77%. Brokerage commissions, company's income from retail banking, андеррайтинга и маркет-мейкинга.
  2. Income from trading in securities — 13%. The results of the company's work in the financial markets.
  3. Interest income — 9%. Well, everything is clear here.
  4. The company's income from operations in the foreign exchange markets — 1%.

Данных по региональному разрезу выручки нет, но наверняка большую часть денег компания делает в РФ как самом крупном из своих рынков.

Arguments in favor of the company

Investment for the Poor. Freedom's main prerequisites for growth are the same, как и у TCS Group: интерес населения РФ к рынку ценных бумаг постоянно растет. At the same time, the average Russian investor is very risk averse, considering, What's on stock market the mass investor came just recently. So, in the natural course of events, everything will be fine with the Freedom brokerage business.

Обзор Freedom Holding: freedom of finance

Обзор Freedom Holding: freedom of finance

Обзор Freedom Holding: freedom of finance

The size. Freedom — это не самый маленький, but not the largest broker в РФ. At the same time, the company is inexpensive - P / E less 12, P / S about 6,24 and her business is high-margin, the average annual final margin is approximately 30% from proceeds.

The capitalization of Freedom is also small - 4.17 billion dollars. In fact, it costs like some unprofitable startup like Squarespace - only at the same time it is a successful business..

In sum, this can attract a lot of investors into the company's shares.. It is also very likely that the company will be bought by someone larger..

Обзор Freedom Holding: freedom of finance

What can get in the way

«В гостях у Эмира Бухарского». В фильме «Товарищ Икс» СССР назвали страной, где «что угодно может произойти — и обычно это происходит». On the Russian Federation, as the successor of the USSR, это распространяется в полной мере. This means, что с Freedom может случиться что угодно — от рейдерского захвата бизнеса до иных неприятных событий. It needs to be understood and accepted., not to be surprised later. Something like this can happen and is already happening in most jurisdictions., where the company operates: Kazakhstan, Украине и других странах бывшего Союза. But the most vulnerable company is in Russia, где у нее основной бизнес.

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Можно уже сейчас готовиться к проблемам в отчетности компании, associated with instability in Kazakhstan: in this country, Freedom has the most branches after Russia - 44 in Russia and 26 In Kazakhstan. However, riots in Kazakhstan have been going on for more than a day, and this does not affect Freedom shares.

Maybe, this is related to, что среднестатистический западный инвестор — как розничный, так и институциональный — категорически недальновиден во всем, that goes beyond the English-speaking world. So one can humbly hope, that Freedom quotes will not suffer at least until the release of the report for this quarter - simply because, that Western investors do not quite understand, что у Freedom заметная часть бизнеса приходится на Казахстан.

Bad stories are also possible., associated with big politics, на которую Freedom повлиять вообще не может. For example, Americans will put pressure on the company against the backdrop of events in Ukraine, Kazakhstan or just as part of a witch hunt. Ей вполне могут устроить делистинг по надуманным причинам.

Также возможна целая кампания травли акций Freedom и других российских эмитентов крупными американскими инвесторами даже без санкций.

Dividends. Despite, that the company's business is very marginal, дивидендов она не платит. This is problem, because in the global stock market there has just been a tendency to increase dividends by various companies.

Для иностранных инвесторов специфика развития и перспектив фондового рынка постсоветского пространства — это вопрос, requiring time and perseverance. Для них Freedom — это просто экзотическая компания из далекой диковатой страны. If she paid dividends, то ее акции представляли бы для иностранных инвесторов больший интерес, than now.

Given the political risks, the “low cost” of Freedom mentioned above is very relative - by American standards, the company is inexpensive, Well, it's not an American company.. Generous payouts could attract a lot of passive income enthusiasts among Americans to these stocks..

Обзор Freedom Holding: freedom of finance

Обзор Freedom Holding: freedom of finance

Обзор Freedom Holding: freedom of finance

Мы живем в мире теней. The company's profitability surge this year was largely driven by its stock trading performance.. Luck plays a big role here., so this success may not be repeated - and even turn into losses, if things don't go well on the stock exchange.

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Resume

Freedom Holding is a very interesting option for, чтобы заработать на росте потребительского интереса к фондовому рынку в странах бывшего СССР. Но все же следует держать в уме политические риски.

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