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FAIRFAX, Va., Oct. 25, 2024 /PRNewswire/ -- Freedom Financial Holdings (OTCQX: FDVA), (the "Company" or "Freedom"), the holding company for The Freedom Bank of Virginia (the "Bank") today announced net income of $344,919 or $0.05 per diluted share for the third quarter compared to net income of $2,044,233, or $0.28 per diluted share for the three months ended June 30, 2024, and net income of $1,318,378 or $0.18 per diluted share for the three months ended September 30, 2023. Pretax, pre-provision income1 wa ...

The OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference "A Gathering for Culture in Freedom" Geneva, Switzerland – October 18, 2024: WISeKey International Holding Ltd. ("WISeKey" or the "Company") (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, today announced that, in collaboration with the OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference "A Gathering for Culture in ...

The Awareness Group (TAG) and Freedom Holdings Close Reverse Merger Agreement lf Nvidia's stock continues to decline due to bearish sentiment and breaks through key support. levels, the potential downside tarqets could be as follows: 1. $100: Immediate psychological support level. 2. $95: Next key support level based on historical data. 3. $90: Further support level if the decline continues. Led by industry veteran Pablo Diaz, TAG is an emerging alternative energy company with solar, blockchain, marketing a ...

Brunswick Corporation's (BC) Freedom Boat Club (FBC), the world's largest boat club network, acquired the South Florida franchise operations and territory. The acquisition adds 13 corporate locations from Pompano Beach to Stuart, FL, accelerating the company's growth and expanding its corporate presence along the Southeast Florida coastline. Brunswick's shares moved up 4.4% during trading hours on Sept. 13, 2024. Situated near Freedom Boat Club's existing corporate locations in Fort Lauderdale, Miami, and I ...

VENICE, Fla., Sept. 13, 2024 (GLOBE NEWSWIRE) -- Today, Freedom Boat Club, the world's largest boat club operator and a Brunswick Corporation (NYSE: BC) brand, announced its acquisition of the South Florida franchise operations and territory. Through this acquisition, Freedom Boat Club adds 13 corporate locations from Pompano Beach to Stuart, Florida, with the rights to expand throughout the Southeast Florida coastline. Located directly adjacent to Freedom's already established corporate locations in Fort L ...

Company Overview - Apollo-managed funds have acquired a majority interest in Freedom CNG, which operates compressed natural gas (CNG) and renewable natural gas (RNG) fueling infrastructure in Texas [1][2] - Freedom CNG was founded in 2012 and has developed a network of high-capacity fueling stations in the Houston Metro area, serving various customers including logistics companies and municipalities [2][7] Growth Potential - Freedom has established relationships with blue-chip customers and has significant growth potential through both organic and inorganic initiatives [3] - The company aims to meet the increasing demand for low-carbon alternative fuels, leveraging its experience and resources from Apollo [3][4] Market Context - Transportation accounts for over 25% of U.S. energy consumption, highlighting the need for sustainable energy solutions [3] - CNG, particularly when sourced as RNG from landfills, offers a cost-effective alternative that significantly reduces emissions while maintaining operational efficiency [3] Investment Strategy - Over the past five years, Apollo-managed funds have invested approximately $40 billion in energy transition and sustainability-related projects, including renewable fuels and infrastructure [4] - Apollo's strategy focuses on supporting the energy transition and providing capital solutions for growth in the clean energy sector [6]

Core Viewpoint - Freedom Financial Holdings reported strong earnings for the second quarter of 2024, with net income of $2,044,233 or $0.28 per diluted share, reflecting a significant increase compared to previous quarters and the same period last year [8]. Financial Performance - Net income for the six months ended June 30, 2024, was $3,208,460 or $0.44 per diluted share, compared to $3,006,710 or $0.41 per diluted share for the same period in 2023 [8]. - The company achieved a return on average assets (ROAA) of 0.75% for the quarter ended June 30, 2024, up from 0.43% in the previous quarter [8]. - Return on average equity (ROAE) was 10.71% for the quarter ended June 30, 2024, compared to 6.05% for the previous quarter [8]. Asset and Liability Management - Total assets increased to $1.10 billion on June 30, 2024, up by $11.44 million or 1.05% from December 31, 2023 [8][9]. - Total deposits decreased by $14.73 million or 1.65% during the quarter, largely due to seasonal activity [8]. - Non-interest-bearing demand deposits decreased by $5.21 million, representing 15.52% of total deposits on June 30, 2024 [8]. Capital Ratios - The company maintained strong capital ratios, with a leverage ratio of 10.28%, a common equity tier 1 ratio of 13.05%, and a total capital ratio of 14.01% as of June 30, 2024 [8][9]. - Tangible book value per share increased to $11.11 on June 30, 2024, compared to $10.78 on December 31, 2023 [8][9]. Loan Performance - Loans held-for-investment (excluding PPP loans) increased by $14.99 million or 1.97% during the quarter [8]. - The ratio of non-accrual loans to loans held-for-investment was 1.49% on June 30, 2024, down from 1.74% in the previous quarter [8][9]. - The company recorded a negative loan loss provision of $1,167,997 in the second quarter, reducing the allowance for losses [8][9]. Non-Interest Income and Expenses - Non-interest income increased by 3.66% compared to the linked quarter, primarily due to higher revenue from mortgage loans [8]. - Non-interest expense decreased by 2.80% compared to the linked quarter, attributed to lower compensation and occupancy costs [8].

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Financial Performance - Freedom Holding reported consolidated revenue of $1.64 billion for fiscal 2024, a 105.5% increase year-over-year, and net profit of $375 million, an 82.4% increase year-over-year, resulting in an EPS of $6.37, up 93.6% year-over-year [1] - The company's assets grew from $5 billion to $8.3 billion, marking a 63% increase, with significant growth in margin lending, brokerage receivables, issued loans, and trading securities [8] Market Position and Valuation - Freedom Holding is relatively under-covered in the market, which may present hidden investment opportunities [1] - The company faces challenges in comparative valuation due to a lack of direct peers in the Central Asian region, with Kaspi being the closest comparable entity [2] - The current price-to-earnings ratio is 14.55x, with a projected decline to 13.77x, indicating a potential target price of $122.80 by the end of 2025, representing an upside potential of 50.4% [4] Business Segments and Growth Strategy - The brokerage business generated $617 million in revenue, a 60.4% increase, while banking revenues surged 151% to $615 million, and the insurance segment doubled to $341 million [21] - The company integrated 13 new companies and expanded into new markets, including Austria, Belgium, Bulgaria, Italy, and the Netherlands, indicating a strong organic growth strategy [21] - Freedom Holding has diversified its investments beyond financial services, investing over $100 million into startups and acquiring a payment system, which supports its vision of developing a comprehensive digital fintech ecosystem [21] Regulatory and Market Sentiment - The negative perception of Freedom Holding as a target for short sellers is expected to diminish, potentially reducing the discount applied to its valuation [2] - The company has effectively addressed allegations made by Hindenburg Research, which has likely improved its credibility in the market [12][21]