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CoinShares International (OMX: CS)

Last close As at 25/04/2024

SEK62.00

▲ −1.10 (−1.74%)

Market capitalisation

SEK4,195m

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

Digital asset markets could benefit from three major forces in 2024. First, the approval of spot bitcoin ETFs in the US marks a significant milestone in the broader adoption of digital assets, which may lead to significant fund inflows (with some initial encouraging developments). Second, the next bitcoin halving (ie a 50% reduction of block rewards) is due in April 2024, with previous halving events coinciding with the onset of major bull runs in digital assets. Finally, a potential turn in the Fed interest rate cycle could also prove supportive for more risky assets, including digital assets.

Latest Insights

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Financials | Update

CoinShares International — Bli utdelningsbetalare

Financials | Update

CoinShares International — Becoming a dividend payer

Financials | Update

CoinShares International — Båda vinstdrivarna levererar solida resultat

Financials | Update

CoinShares International — Both profit engines delivering solid results
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 debt (£m)

103.4

Forecast gearing ratio (%)

37

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 16.5 55.0 87.9
Relative 20.0 45.8 68.6
52 week high/low SEK63.2/SEK28.4

Financials

CS concluded its latest financial year with Q423 adjusted EBITDA of £25.7m, which brought its FY23 earnings to £56.9m (the second-best result in its history). The company is now introducing a dividend policy, aiming to pay out 20–40% of its total comprehensive income adjusted for currency translation differences. CS is looking to expand into the US by exercising its option to acquire Valkyrie Funds (which has a US spot bitcoin ETF in its offering) and through its newly launched Hedge Fund Solutions business.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 51.5 (6.5) (15.8) 4.0 108.5 0.6
2023A 43.5 56.9 46.7 56.0 7.8 27.8
2024E 65.6 65.9 56.3 80.4 5.4 0.3
2025E 84.9 83.5 73.2 101.8 4.3 0.2

Research

Outlook

Financials

CoinShares International — En troligen fördelaktig överlevare av “kryptovintern”

Outlook

Financials

CoinShares International — A likely beneficial survivor of the crypto winter

Financials

edison tv

CoinShares International – executive interview

thematic

Consumer

IPO apocalypse

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TMT

ESG, moving beyond the box tick

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Financials

Revisiting IPOs in London

thematic

Financials

Bitcoin’s investment thesis – How ‘dirty’ is the Bitcoin network’s carbon footprint?

thematic

Financials

IFRS 16

thematic

Financials

DACH Industrial & Logistic Property

thematic

Financials

Time value of money

thematic

Financials

Cash flow

thematic

Financials

Enterprise versus equity valuation

thematic

Financials

Deutsche Börse’s Scale

thematic

Financials

Price to earnings ratio

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide