CoinShares International (OMX: CS)

Currency in SEK

Last close As at 07/06/2023

SEK33.70

0.65 (1.97%)

Market capitalisation

SEK2,296m

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

Except for the Terra/LUNA project, major failures in 2022 were mostly associated with centralised entities rather than decentralised finance, which we consider one of the core value propositions of public blockchains. Moreover, despite the crypto winter, we saw continued technological progress in the sector, such as Ethereum’s upgrades (the ‘Merge’ and the Shanghai upgrade), or projects connecting the on-chain environment to real-world assets. Digital assets have grown ‘too big to ignore’, even if the current adoption rate varies by investor group. Still, near-term adoption may be dampened by low market liquidity and gaps in infrastructure left by the collapse of some service providers (eg Silvergate Bank).

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 debt (£m)

78.2

Forecast gearing ratio (%)

35

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 10.7 10.0 (3.7)
Relative 9.5 9.6 (6.4)
52 week high/low SEK42.0/SEK19.0

Financials

CoinShares International (CS) har gått vidare från oron på marknaderna för digitala tillgångar under 2022 och har levererat Q123 EBITDA på 8,4 miljoner GBP, med ett meningsfullt positivt intäkts- och inkomstbidrag från både dess passiva kapitalförvaltningstjänster (9,4 miljoner GBP) och dess egenutvecklade handelsaktiviteter (6,7 miljoner GBP). Det upprätthåller en försiktig kostnadshanteringsmetod, med administrativa kostnader (inkl. D&A och direkta kostnader) på 7,6 miljoner GBP under Q123, en minskning med cirka 22 % jämfört med föregående år och i stort sett jämförbara med 7,9 miljoner GBP under Q422 (exklusive en goodwillnedskrivning). Det handlas nu till 0,8 gånger sitt bokförda värde i slutet av mars 2023.

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 1.6 N/A
2022A 51.5 (6.5) (15.8) 4.0 65.1 0.4
2023E 37.5 31.8 23.3 25.5 10.2 0.4
2024E 48.2 41.1 30.9 44.5 5.9 0.2

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