CoinShares

Stockholm: CS

Market CapSEK2,060m

Last Close SEK30.2

CoinShares International develops innovative infrastructure, financial products and services for the digital asset class.

More CoinShares content >

Investment summary

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
CoinShares – Strong earnings and new activities in Q421
Financials | research Update | 17 March 2022
New virtual money concept, Gold Bitcoins ( btc ) is Digital crypto-currency use blockchain Technology for
CoinShares – Maintaining robust earnings in Q321
Financials | research Update | 18 November 2021
New virtual money concept, Gold Bitcoins ( btc ) is Digital crypto-currency use blockchain Technology for
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Share price graph
Balance sheet
Forecast net debt (£m) 78.2
Forecast gearing ratio (%) 33
Price performance
%
1m
3m
12m
Actual (24.3) (62.3) (66.4)
Relative* (14) (54.2) (57.9)
52-week high/low SEK100.5/SEK22.6
*% relative to local index
Key management
Daniel Masters Chairman
Jean-Marie Mognetti CEO
Richard Nash CFO

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