Editing Freetrade
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{{Infobox company | Investing in investments is one of the best ways to grow your money<ref>There is substantial evidence to suggest that investing is one of the best ways to grow your money over time. Here are a few key points: | ||
1) Historical Returns: Over the long term, the stock market has provided substantial returns. For example, the S&P 500, an index of the 500 largest companies in the United States, has delivered an average annual return of approximately 10% since its inception in 1926. While past performance is not a guarantee of future returns, this long-term trend suggests that investing in a diversified portfolio of stocks can yield significant returns over time. | |||
2) Compounding Interest: Investing allows your money to work for you through the power of compound interest. When you invest, you not only earn a return on your initial investment, but also on any returns that investment generates. Over time, this can lead to exponential growth in your wealth. | |||
3) Inflation Hedging: Investing can help protect your money from inflation. While the value of cash can be eroded by inflation over time, investments like stocks and real estate typically increase in value at a rate that outpaces inflation. | |||
4) Wealth Creation: Numerous studies have shown that the wealthiest individuals and families often have substantial portions of their wealth invested. For example, a report from the Federal Reserve found that the top 10% of U.S. households by wealth held an average of nearly 90% of their wealth in investments as of 2019. | |||
5) Retirement Savings: Investing is a key component of planning for retirement. Most retirement savings strategies, like 401(k) plans and individual retirement accounts (IRAs), involve investing in a mix of stocks, bonds, and other assets. | |||
While investing can offer substantial benefits, it's also important to note that all investments carry risk. The value of investments can go down as well as up, and it's possible to lose money. Therefore, it's important to thoroughly research any investment, diversify your portfolio, and consider seeking advice from a financial professional if you're unsure about where to start. | |||
In addition, while investing can be a powerful tool for wealth creation, it's not the only strategy. Other important aspects of personal finance, such as maintaining a budget, managing debt, and building an emergency fund, also play critical roles in financial health.</ref>, and Freetrade is a company that's on a mission to get everyone investing.<ref name=":8" /> | |||
The main offering of the company is an app that enables people to buy and sell certain investments without paying any trading commissions.<ref>https://freetrade.io/compare-plans</ref> Currently, with peers such as Trading 212 providing access to more investments (12k vs. 6k), and at a lower cost in terms of platform fees (zero vs. £5.99 per month for access to 6k investments) and foreign exchange conversion fees (0.15% vs. 0.59% for the £5.99 per month plan), there doesn't seem to be an obvious material uniqueness of the Freetrade offering.<ref>Freetrade and Trading 212 are similar in that they both offer commission free trading. Trading 212 is better than Freetrade in terms of the number of investments offered (12,000 vs. 6,000), FX fees (0.15% vs. 0.39%) and platform usage fee [Zero vs. £5.99 per month to access the 6,000 investments (note, to access 1,500 investments only, there is no fee)].</ref> | |||
Assuming that Freetrade increases its share of the global brokerage market by 1000x to 1% (from less than 0.0010%<ref>The annual global brokerage market right now (2023) is estimated at $1.30 trillion, and Freetrade generated around £12.68 million ($15.93 million) in revenue in its most recent full-year results</ref>) and other assumptions, the expected return of an investment in the company over the next five years is 202%, which equates to an annual return of 25%. In other words, an £1,000 investment in the company is expected to return £3,016 in five years time. | |||
The degree of risk associated with an investment in Freetrade is 'extremely high', with the shares having an adjusted beta that is 41x above the market (41 vs. 1).<ref>Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. We note that the amount of available data observations for Freetrade is less than what's typically used in the five years of monthly data beta calculation (i.e. 3 observations vs. 60 observations), and accordingly, calculating the beta of such a company has been considered by many to be abnormal; however, for the benefit of simplifying investment comparisons and decision making, we believe that a single standardised risk measure is useful, and that the most appropriate measure is beta. | |||
The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'extremely high' risk, it must have a beta value of 3 or more. Further information about the beta ratings can be found in the appendix section of this report.</ref> | |||
Accordingly, if your desired annual rate of return is 25% or less and/or one of your goals is to get everyone investing (i.e. you share in the mission of the Freetrade company), and you are both willing and able to accept the possibility of losing your entire investment amount, then an investment in the company is considered to be a 'suitable' one.{{Infobox company | |||
| name = Freetrade Limited | | name = Freetrade Limited | ||
| logo = Freetradelogo.jpg | | logo = Freetradelogo.jpg | ||
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| net_income = {{decrease}} {{GBP|(17.11) million}} | | net_income = {{decrease}} {{GBP|(17.11) million}} | ||
| net_income_year = 2021 | | net_income_year = 2021 | ||
| assets = {{increase}} {{GBP| | | assets = {{increase}} {{GBP|29.33 million}} | ||
| assets_year = 2021 | | assets_year = 2021 | ||
| equity = {{increase}} {{GBP|29.33 million}} | | equity = {{increase}} {{GBP|29.33 million}} | ||
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| website = https://freetrade.io/ | | website = https://freetrade.io/ | ||
|key_people=Adam Dodds}} | |key_people=Adam Dodds}} | ||
==Operations== | ==Operations== | ||
Line 73: | Line 66: | ||
=== What are the main offerings of the company? === | === What are the main offerings of the company? === | ||
The main offering of the company is an app, also called Freetrade, that enables users to buy and sell | The main offering of the company is an app, also called Freetrade, that enables users to buy and sell investments without paying any trading commissions. | ||
Other key features of the offering are listed in the table below: | Other key features of the offering are listed in the table below: | ||
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|- | |- | ||
|Self-invested personal pension (SIPP) | |Self-invested personal pension (SIPP) | ||
| style="background: | | style="background: green; color: white;" |Yes | ||
| style="background: | | style="background: green; color: white;" |Yes | ||
| style="background: green; color: white;" |Yes | | style="background: green; color: white;" |Yes | ||
|- | |- | ||
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Drives the company's customer growth across the whole marketing stack. Used to scale Google's core search business in Europe. Grew start-ups across EU & Asia. | Drives the company's customer growth across the whole marketing stack. Used to scale Google's core search business in Europe. Grew start-ups across EU & Asia. | ||
'''Head of Risk & Compliance: Dan Tedman''' | |||
[[File:Dan Tedman.jpg|200x200px|border]] | |||
Joined the regulator in 2010. 5+ years working at the FSA and Bank of England then moved to Alvarez and Marsal as a regulatory consultant. | |||
'''Director of People: Amy Gilman''' | '''Director of People: Amy Gilman''' | ||
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A key way to determine a product's closest competitors is by looking at other offerings that are targeting the same or similar target audience (i.e. Active Investors) and aiming to provide the same core benefit (i.e. more money), and then ranking the offerings in terms of the total amount of time spent using and/or money spent purchasing the offerings relative to other similar offerings. With that said, according to Stockhub users, the closest competitor of the Freetrade offering is Trading 212. | A key way to determine a product's closest competitors is by looking at other offerings that are targeting the same or similar target audience (i.e. Active Investors) and aiming to provide the same core benefit (i.e. more money), and then ranking the offerings in terms of the total amount of time spent using and/or money spent purchasing the offerings relative to other similar offerings. With that said, according to Stockhub users, the closest competitor of the Freetrade offering is Trading 212. | ||
Freetrade and Trading 212 are similar in that they both offer commission free trading. Trading 212 is better than Freetrade in terms of the number of investments offered ( | Freetrade and Trading 212 are similar in that they both offer commission free trading. Trading 212 is better than Freetrade in terms of the number of investments offered (12,000 vs. 6,000), FX fees (0.15% vs. 0.39%) and platform usage fee [Zero vs. £5.99 per month to access the 6,000 investments (note, to access 1,500 investments only, there is no fee)]. Currently, there doesn't seem to be an obvious material uniqueness of the Freetrade platform. A detailed comparison between Freetrade and some of its main competitors are shown in the table below. | ||
{| class="wikitable" | {| class="wikitable" | ||
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| style="background: orange; color: white;" |6,000<ref name=":4" /> | | style="background: orange; color: white;" |6,000<ref name=":4" /> | ||
| style="background: orange; color: white;" |6,000<ref name=":4">https://freetrade.io/stock-list#stock-list-table</ref> | | style="background: orange; color: white;" |6,000<ref name=":4">https://freetrade.io/stock-list#stock-list-table</ref> | ||
| style="background: green; color: white;" | | | style="background: green; color: white;" |12,000<ref>https://www.trading212.com/</ref><ref>https://play.google.com/store/apps/details?id=com.avuscapital.trading212</ref> | ||
| | | | ||
| | | | ||
| style="background: red; color: white;" |Zero | | style="background: red; color: white;" |Zero | ||
Line 513: | Line 512: | ||
=== Operating expenses === | === Operating expenses === | ||
Freetree, in an effort to boost its platform's user adoption, has implemented an incentive scheme: they are providing free shares - valued up to £100 - to both those who bring in new users through successful referrals, as well as to the new users themselves.<ref>https://freetrade.io/legal/summer-freeshare-offer</ref> These complimentary shares have a weighted average value of £23.35. This means that the cost Freetrade incurs for acquiring each new user under this program is £46.70. The table below presents the average probability distribution of these free shares. | |||
{| class="wikitable" | {| class="wikitable" | ||
|+Free share probability | |+Free share probability | ||
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|What's the estimated annual growth rate of the total addressable market over the lifecycle of the company? | |What's the estimated annual growth rate of the total addressable market over the lifecycle of the company? | ||
|3% | |3% | ||
|Research shows that the growth rate of the global | |Research shows that the growth rate of the global automotive market (i.e. the total addressable market) is similar to the growth rate of global gross domestic product<ref>http://www.robertpicard.net/files/econgrowthandadvertising.pdf</ref>, which has averaged (medium) around 3% per year in the last 20 years (2001 to 2022)<ref>https://www.macrotrends.net/countries/WLD/world/gdp-growth-rate</ref>. | ||
|- | |- | ||
|What's the estimated company peak market share? | |What's the estimated company peak market share? | ||
Line 4,814: | Line 4,813: | ||
== Risks == | == Risks == | ||
As with any investment, investing in Freetrade carries a level of risk. Overall, based on the Freetrade's adjusted beta (i.e. | As with any investment, investing in Freetrade carries a level of risk. Overall, based on the Freetrade's adjusted beta (i.e. 41)<ref>Research shows that an investment has two main types of risks: 1) non-systematic and 2) systematic. Systematic risk is the risk related to the overall market, and non-systematic risk is the risk that's specific to an individual investment. Evidence shows that taking on non-systematic risk is inefficient, and it's, therefore, best to eliminate it; and in most cases, elimination is fairy easy to do [by holding a diversified portfolio of investments (i.e. around 15 investments)]. Accordingly, when assessing the riskiness of an investment, it’s best to look at the systematic risk only (i.e. ignore the non-systematic risk). A key measure of systematic risk is beta, and a main way to determine the riskiness of an investment is to compare the beta of the investment with the beta of the market, which is 1. For example, Supply@ME Capital's adjusted beta (5 years, monthly data) is 4.61, and is, accordingly, 561% above the market beta (of 1); assuming that a 'high' level of riskiness is 50% or more above the market beta, then the riskiness of investing in Supply@ME Captial is considered to be 'high' (561%>50%). For estimating an asset's beta, in terms of time period, and frequency of observations, the most common choice is five years of monthly data, yielding 60 observations. One study of U.S. stocks found support for five years of monthly data over alternatives. An argument can be made that the 2 years, weekly data can be especially appropriate in fast growing markets. The beta value in a future period has been found to be on average closer to the mean value of 1.0, the beta of an average-systematic-risk security, than to the value of the raw beta. Because valuation is forward looking, it is logical to adjust the raw beta so it more accurately predicts a future beta.</ref>, the degree of risk associated with an investment in Freetrade is 'extremely high'. | ||
Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used the | Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. We note that the amount of available data observations for Freetrade is less than what's typically used in the five years of monthly data beta calculation (i.e. four observations vs. 60 observations), and accordingly, calculating the beta of such a company has been considered by many to be abnormal; however, for the benefit of simplifying investment comparisons and decision making, we believe that a single standardised risk measure is useful, and that the most appropriate measure is beta. | ||
The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'high' risk, it must have a beta value of | The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'extremely high' risk, it must have a beta value of 3 or more. Further information about the beta ratings can be found in the appendix section of this report. | ||
=== Early-stage investment === | === Early-stage investment === | ||
Freetrade is at one of the earliest stages of the business lifecycle, and the failure rate of companies at that stage is usually much higher than those at a later stage. As of 2022, 57% of companies that are incorporated in the United Kingdom fail within the first five years of the companies incorporation, according to the Office for National Statistics.<ref>https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/2020#the-south-west-continued-to-have-the-highest-five-year-survival-rate</ref> | Freetrade is at one of the earliest stages of the business lifecycle, and the failure rate of companies at that stage is usually much higher than those at a later stage. As of 2022, 57% of companies that are incorporated in the United Kingdom fail within the first five years of the companies incorporation, according to the Office for National Statistics.<ref>https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/2020#the-south-west-continued-to-have-the-highest-five-year-survival-rate</ref> | ||
=== Illiquid investment === | === Illiquid investment === | ||
Line 4,877: | Line 4,876: | ||
|Probability of success (%) | |Probability of success (%) | ||
|70% | |70% | ||
|Research suggests that a suitable rate for a company in this growth stage (i.e. stage 1) is | |Research suggests that a suitable rate for a company in this growth stage (i.e. stage 1) is 90%. | ||
|- | |- | ||
| colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>''' | | colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>''' | ||
Line 5,531: | Line 5,530: | ||
!30/06/2021 | !30/06/2021 | ||
!30/06/2022 | !30/06/2022 | ||
|- | |- | ||
! colspan="6" |Profit and loss | ! colspan="6" |Profit and loss | ||
Line 6,002: | Line 5,994: | ||
!30/09/2024 | !30/09/2024 | ||
|- | |- | ||
! colspan="6" |Profit and loss | |||
! | ! | ||
! | |||
|- | |||
! | |||
|- | |||
|Revenue (£'000) | |Revenue (£'000) | ||
| | | | ||
Line 7,371: | Line 7,354: | ||
!31/12/2021 | !31/12/2021 | ||
!31/12/2022 | !31/12/2022 | ||
|- | |- | ||
! colspan="6" |Profit and loss | ! colspan="6" |Profit and loss | ||
Line 7,999: | Line 7,975: | ||
!28/02/2022 | !28/02/2022 | ||
!28/02/2023 | !28/02/2023 | ||
|- | |- | ||
! colspan="6" |Profit and loss | ! colspan="6" |Profit and loss | ||
Line 9,019: | Line 8,988: | ||
|+ | |+ | ||
!Date | !Date | ||
!iShares MSCI World ETF | !iShares MSCI World ETF share price | ||
!Freetrade | !Freetrade valuation (£) | ||
!iShares MSCI World ETF | !iShares MSCI World ETF share price change | ||
!Freetrade | !Freetrade valuation change | ||
|- | |- | ||
|01/07/ | |01/07/2018 | ||
| | |82 | ||
| | |2,069,980 | ||
| | |||
| | | | ||
|- | |||
|01/08/2018 | |||
|83 | |||
|46,516,630 | |||
|1.14% | |||
|2147.20% | |||
|- | |||
|01/09/2018 | |||
|84 | |||
|46,516,630 | |||
|0.75% | |||
| | | | ||
|- | |- | ||
|01/ | |01/10/2018 | ||
| | |78 | ||
| | |46,516,630 | ||
|7. | |style="color: red;" |(7.14)% | ||
| | | | ||
|- | |- | ||
|01/ | |01/11/2018 | ||
|79 | |79 | ||
| | |46,516,630 | ||
| | |1.13% | ||
| | | | ||
|- | |||
|01/12/2018 | |||
|72 | |||
|46,516,630 | |||
|style="color: red;" |(8.51)% | |||
| | |||
|- | |||
|01/01/2019 | |||
|78 | |||
|46,516,630 | |||
|8.75% | |||
| | |||
|- | |||
|01/02/2019 | |||
|81 | |||
|46,516,630 | |||
|2.98% | |||
| | |||
|- | |||
|01/03/2019 | |||
|82 | |||
|46,516,630 | |||
|1.49% | |||
| | |||
|- | |- | ||
|01/04/2019 | |01/04/2019 | ||
|85 | |85 | ||
| | |46,516,630 | ||
| | |3.72% | ||
| | | | ||
|- | |||
|01/05/2019 | |||
|80 | |||
|46,516,630 | |||
|style="color: red;" |(5.79)% | |||
| | |||
|- | |- | ||
|01/06/2019 | |01/06/2019 | ||
|84 | |84 | ||
| | |46,516,630 | ||
| - | |4.91% | ||
| | | | ||
|- | |||
|01/07/2019 | |||
|86 | |||
|46,516,630 | |||
|2.30% | |||
| | |||
|- | |- | ||
|01/ | |01/08/2019 | ||
| | |84 | ||
| | |46,516,630 | ||
| | |style="color: red;" |(2.20)% | ||
| | | | ||
|- | |- | ||
|01/ | |01/09/2019 | ||
|86 | |86 | ||
| | |46,516,630 | ||
| | |2.16% | ||
| | | | ||
|- | |- | ||
|01/02/2021 | |01/10/2019 | ||
|88 | |||
|46,516,630 | |||
|2.55% | |||
| | |||
|- | |||
|01/11/2019 | |||
|90 | |||
|46,516,630 | |||
|2.80% | |||
| | |||
|- | |||
|01/12/2019 | |||
|92 | |||
|46,516,630 | |||
|2.09% | |||
| | |||
|- | |||
|01/01/2020 | |||
|92 | |||
|46,516,630 | |||
|style="color: red;" |(0.13)% | |||
| | |||
|- | |||
|01/02/2020 | |||
|85 | |||
|46,516,630 | |||
|style="color: red;" |(8.25)% | |||
| | |||
|- | |||
|01/03/2020 | |||
|74 | |||
|46,516,630 | |||
|style="color: red;" |(13.09)% | |||
| | |||
|- | |||
|01/04/2020 | |||
|81 | |||
|46,516,630 | |||
|10.82% | |||
| | |||
|- | |||
|01/05/2020 | |||
|86 | |||
|46,516,630 | |||
|5.03% | |||
| | |||
|- | |||
|01/06/2020 | |||
|87 | |||
|46,516,630 | |||
|1.59% | |||
| | |||
|- | |||
|01/07/2020 | |||
|92 | |||
|46,516,630 | |||
|5.96% | |||
| | |||
|- | |||
|01/08/2020 | |||
|98 | |||
|46,516,630 | |||
|6.53% | |||
| | |||
|- | |||
|01/09/2020 | |||
|95 | |||
|46,516,630 | |||
|style="color: red;" |(3.34)% | |||
| | |||
|- | |||
|01/10/2020 | |||
|92 | |||
|46,516,630 | |||
|style="color: red;" |(3.00)% | |||
| | |||
|- | |||
|01/11/2020 | |||
|104 | |||
|46,516,630 | |||
|12.86% | |||
| | |||
|- | |||
|01/12/2020 | |||
|107 | |||
|46,516,630 | |||
|3.19% | |||
| | |||
|- | |||
|01/01/2021 | |||
|107 | |||
|46,516,630 | |||
|style="color: red;" |(0.10)% | |||
| | |||
|- | |||
|01/02/2021 | |||
|110 | |110 | ||
|3.77 | |46,516,630 | ||
| | |2.49% | ||
| | | | ||
|- | |||
|01/03/2021 | |||
|114 | |||
|46,516,630 | |||
|3.69% | |||
| | |||
|- | |||
|01/04/2021 | |||
|119 | |||
|274,498,000 | |||
|4.32% | |||
|490.11% | |||
|- | |||
|01/05/2021 | |||
|121 | |||
|274,498,000 | |||
|1.61% | |||
| | |||
|- | |||
|01/06/2021 | |||
|121 | |||
|274,498,000 | |||
|0.77% | |||
| | |||
|- | |||
|01/07/2021 | |||
|125 | |||
|274,498,000 | |||
|2.59% | |||
| | |||
|- | |||
|01/08/2021 | |||
|128 | |||
|274,498,000 | |||
|2.48% | |||
| | |||
|- | |||
|01/09/2021 | |||
|122 | |||
|274,498,000 | |||
|style="color: red;" |(4.21)% | |||
| | |||
|- | |||
|01/10/2021 | |||
|129 | |||
|274,498,000 | |||
|5.84% | |||
| | |||
|- | |- | ||
|01/11/2021 | |01/11/2021 | ||
|127 | |127 | ||
|9. | |274,498,000 | ||
| | |style="color: red;" |(2.05)% | ||
| | | | ||
|- | |||
|01/12/2021 | |||
|131 | |||
|274,498,000 | |||
|3.22% | |||
| | |||
|- | |||
|01/01/2022 | |||
|125 | |||
|274,498,000 | |||
|style="color: red;" |(4.44)% | |||
| | |||
|- | |||
|01/02/2022 | |||
|121 | |||
|274,498,000 | |||
|style="color: red;" |(2.91)% | |||
| | |||
|- | |||
|01/03/2022 | |||
|125 | |||
|274,498,000 | |||
|2.87% | |||
| | |||
|- | |||
|01/04/2022 | |||
|114 | |||
|274,498,000 | |||
|style="color: red;" |(8.38)% | |||
| | |||
|- | |||
|01/05/2022 | |||
|115 | |||
|274,498,000 | |||
|0.44% | |||
| | |||
|- | |||
|01/06/2022 | |||
|104 | |||
|274,498,000 | |||
|style="color: red;" |(9.38)% | |||
| | |||
|- | |||
|01/07/2022 | |||
|114 | |||
|274,498,000 | |||
|9.07% | |||
| | |||
|- | |||
|01/08/2022 | |||
|108 | |||
|274,498,000 | |||
|style="color: red;" |(4.58)% | |||
| | |||
|- | |||
|01/09/2022 | |||
|98 | |||
|274,498,000 | |||
|style="color: red;" |(9.37)% | |||
| | |||
|- | |||
|01/10/2022 | |||
|106 | |||
|274,498,000 | |||
|7.47% | |||
| | |||
|- | |||
|01/11/2022 | |||
|113 | |||
|274,498,000 | |||
|7.47% | |||
| | |||
|- | |||
|01/12/2022 | |||
|107 | |||
|658,363,176 | |||
|style="color: red;" |(5.36)% | |||
|139.84% | |||
|- | |||
|01/01/2023 | |||
|116 | |||
|658,363,176 | |||
|7.89% | |||
| | |||
|- | |||
|01/02/2023 | |||
|113 | |||
|658,363,176 | |||
|style="color: red;" |(2.59)% | |||
| | |||
|- | |||
|01/03/2023 | |||
|117 | |||
|658,363,176 | |||
|3.24% | |||
| | |||
|- | |||
|01/04/2023 | |||
|119 | |||
|658,363,176 | |||
|1.80% | |||
| | |||
|- | |||
|01/05/2023 | |||
|117 | |||
|658,363,176 | |||
|style="color: red;" |(0.99)% | |||
| | |||
|- | |- | ||
|01/06/2023 | |01/06/2023 | ||
|120 | |120 | ||
|2. | |658,363,176 | ||
| - | |2.10% | ||
| | | | ||
|- | |||
|09/06/2023 | |||
|121 | |||
|225,000,000<ref name=":9" /> | |||
|0.97% | |||
|(65.82)% | |||
|} | |} | ||
{| class="wikitable" | {| class="wikitable" | ||
|+Freetrade beta and adjusted beta value | |+Freetrade beta and adjusted beta value | ||
|Beta: | |||
|61.33 | |||
| | |||
|- | |- | ||
| | |Adjusted beta: | ||
|41.22 | |||
| | |||
|} | |} | ||