Stockholm: CS

Market CapSEK4911m

Last Close SEK72

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

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Investment summary

CoinShares International (CS) is a fintech business created to support the emergence of digital assets as a new investible asset class. However, it is more than a simple beta play on the bitcoin price, as its proprietary technology facilitates both regulated issuance platforms (with CS’s ETP AUM at £2.9bn at end-September 2021) and gains derived from capital markets activities, including liquidity provisioning, non-directional trading and fixed income activities. Hence, CS benefits from the inherent high volatility of digital assets and in turn offers a certain level of downside protection in case of adverse digital asset price performance.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 11.3 11.2 10.6 N/A N/A N/A
2020A 18.4 22.1 20.7 28.0 21.2 N/A
2021E 77.6 114.5 108.1 156.3 3.8 N/A
2022E 100.1 107.0 98.9 138.6 4.3 N/A
Industry outlook

Digital assets have emerged as a new, distinct asset class, with growing acceptance first among retail and now also institutional investors, including corporates. We also note a significant change in the narrative of major investment banks, which are (re)starting their cryptocurrency desks and allowing wealthy clients access to crypto investments. We forecast global allocations to digital assets of 2.0% by FY25 and 2.5% by FY30 (vs c 1.0% currently), although the early adoption stage, high volatility and susceptibility to material price de-ratings during bear markets suggests that growth may not be entirely smooth.

Last updated on 18/01/2022
Content on CoinShares
CoinShares – Maintaining robust earnings in Q321
Financials | Update | 18 November 2021
CoinShares – Tech-driven pioneer in digital assets
Financials | Initiation | 15 October 2021
CoinShares International – executive interview
Financials | Edison TV | 14 September 2021
View more
Share price graph
Balance sheet
Forecast net cash (£m) 65.9
Forecast gearing ratio (%) N/A
Price performance
Actual (13.9) (13.5) N/A
Relative* (10.8) (12.9) N/A
52-week high/low SEK123.0/SEK60.8
*% relative to local index
Key management
Daniel Masters Chairman
Jean-Marie Mognetti CEO
Richard Nash CFO

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