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CoinShares International (OMX: CS)

Currency in SEK

Last close As at 28/11/2023

SEK39.15

▲ −1.10 (−2.73%)

Market capitalisation

SEK2,797m

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

Despite the regulatory crackdown on key crypto players (combined with still pending US congress legislation for the sector) in the US, there are further signs of interest from traditional finance players in the digital assets space, as illustrated by recent US filings for a Bitcoin spot ETF from BlackRock and Invesco, as well as PayPal’s launch of its own Ethereum-based stablecoin. Near-term adoption may be dampened by low market liquidity and gaps in infrastructure left by the collapse of some service providers. Still, digital assets have grown ‘too big to ignore’, even if the current adoption rate varies by investor group.

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Financials | Update

CoinShares International — Båda vinstdrivarna levererar solida resultat

Financials | Update

CoinShares International — Both profit engines delivering solid results

Financials | Update

CoinShares International — Bibehålla AUM-ledarskap i Europa

Financials | Update

CoinShares International — Maintaining AUM leadership in Europe
pile of coins on technology financial graph background.
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Sector

Financials

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Daniel Masters

    Chairman

  • Jean-Marie Mognetti

    CEO

  • Richard Nash

    CFO

Balance Sheet

Forecast net cash (£m)

78.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.6) (23.1) 52.3
Relative (12.8) (26.6) 48.2
52 week high/low SEK55.9/SEK19.0

Financials

CoinShares International (CS) fortsätter sin stabila utveckling under 2023 och redovisade en justerad EBITDA på 9,9 miljoner pund under kvartal 3 2023 (6,4 miljoner pund under Q322). Detta trots en förlust på 3,0 miljoner GBP på huvudinvesteringar, främst till följd av avsättningar i FlowBank (där CS har en ägarandel på 28,3%). Både kapitalförvaltningsverksamheten och kapitalmarknadsverksamheten bidrog starkt till resultatet för kvartal 3 2023, med 10,7 miljoner GBP i avgifter och 9,3 miljoner GBP i vinster och intäkter. I september 2023 lanserade CS officiellt Hedge Fund Solutions (aktiv kapitalförvaltning), med de första strategierna aktiva sedan slutet av kvartal 3 2023 och pågående diskussioner med potentiella investerare över hela världen.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 80.8 121.1 112.7 162.0 1.8 N/A
2022A 51.5 (6.5) (15.8) 4.0 73.0 0.4
2023E 41.4 40.9 31.0 40.5 7.2 0.3
2024E 54.3 55.4 45.2 65.1 4.5 0.2

Research

pile of coins on technology financial graph background.

Update

Financials

CoinShares International — Both profit engines delivering solid results

Update

Financials

CoinShares International — Bibehålla AUM-ledarskap i Europa
pile of coins on technology financial graph background.

Financials

Update

CoinShares International — Båda vinstdrivarna levererar solida resultat

pile of coins on technology financial graph background.
View All

Thematics

thematic

Financials

Deutsches Eigenkapitalforum (EKF) 2023 financials and investment companies

thematic

Financials

IFRS 17: Impact on life assurance companies

thematic

Financials

Crypto, are you dead yet?

thematic

Consumer

IPO apocalypse
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