CoinShares International develops innovative infrastructure, financial products and services for the digital asset class.
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CoinShares International (CS) operated under difficult market conditions in Q122, marked by lower digital asset prices versus Q421, muted market volatility and trading volumes, as well as a flat term structure. This has reduced the assets under management (AUM) of its exchange traded products (ETP) and, in turn, management fees versus Q421 (although fees were broadly stable y-o-y). It also meant scarcer opportunities for CS’s delta neutral and fixed income strategies, which were only partially offset by solid decentralised finance (DeFi) income. We note however, that CS will report a £17m exceptional loss in Q222 arising from its exposure to the Anchor protocol due to the collapse of the UST stablecoin.
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 18.4 | 22.1 | 20.7 | 28.0 | 8.7 | N/A |
| 2021A | 80.9 | 121.7 | 113.8 | 164.0 | 1.5 | N/A |
| 2022E | 51.9 | 41.0 | 26.4 | 46.9 | 5.2 | 0.6 |
| 2023E | 37.1 | 42.6 | 29.4 | 40.0 | 6.1 | N/A |
Content on CoinShares
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Financials
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | 78.2 |
| Forecast gearing ratio (%) | 33 |
Price performance
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12m |
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Key management |
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| Daniel Masters | Chairman |
| Jean-Marie Mognetti | CEO |
| Richard Nash | CFO |