Currency in SEK
Last close As at 25/03/2023
SEK33.90
▲ 1.45 (4.47%)
Market capitalisation
SEK2,214m
Research: Financials
CoinShares International (CS) continued to broaden its business model by 1) entering the business to customer (B2C) segment with the acquisition of Napoleon Crypto, 2) commencing decentralised finance (DeFi) yield farming operations, as well as 3) launching new exchange traded products (ETPs). CS’s new investments (both in new business verticals and capital markets activities) are fuelled by strong cash generation, primarily from XBT Provider unit redemptions and CSCM gains (with FY21 cash inflows of £28.8m and £62.2m, respectively). While digital asset prices have retraced visibly from the November 2021 highs, we see continued signs of mainstream crypto adoption, representing an important secular tailwind.
CoinShares International |
Strong earnings and new activities in Q421 |
Q421 results |
Financials |
17 March 2022 |
Share price performance
Business description
Next events
Analyst
CoinShares InternationalCoinShares International is a research client of Edison Investment Research Limited |
CoinShares International (CS) continued to broaden its business model by 1) entering the business to customer (B2C) segment with the acquisition of Napoleon Crypto, 2) commencing decentralised finance (DeFi) yield farming operations, as well as 3) launching new exchange traded products (ETPs). CS’s new investments (both in new business verticals and capital markets activities) are fuelled by strong cash generation, primarily from XBT Provider unit redemptions and CSCM gains (with FY21 cash inflows of £28.8m and £62.2m, respectively). While digital asset prices have retraced visibly from the November 2021 highs, we see continued signs of mainstream crypto adoption, representing an important secular tailwind.
Year end |
Revenue |
Adjusted EBITDA* (£m) |
Adjusted EPS** (p) |
DPS |
P/E |
Yield |
12/20 |
18.4 |
22.1 |
0.28 |
0.0 |
22.0 |
0.0 |
12/21 |
80.9 |
121.7 |
1.64 |
0.0 |
3.8 |
0.0 |
12/22e |
81.3 |
88.9 |
1.03 |
0.0 |
6.0 |
N/A |
12/23e |
82.5 |
92.9 |
1.10 |
0.0 |
5.6 |
N/A |
Note: *Sum of revenue, income and gains from capital markets infrastructure and gains on principal investments less administrative expenses excluding D&A. **Total comprehensive income (excluding currency translation differences and fair value gain/(loss) on investments recognised in other comprehensive income) per share attributable to shareholders of the parent.
Multiple earnings contributors in Q421
CS reported a healthy adjusted EBITDA of £32.9m in Q421 versus our estimate of £25.7m, which was significantly ahead of the £7.8m booked in Q420. This was a combination of record-high quarterly management fees from ETPs (XBT Provider products in particular) amid high digital asset prices (translating into CS’s total assets under management of £4.2bn at end-2021) and solid gains from its existing capital markets activities (CSCM), further assisted by the launch of DeFi yield farming activities (which contributed £3.6m in Q421).
Strategic move into the B2C business
CS’s strategic priority is to leverage its proprietary tech infrastructure (providing connectivity to a large number of trading venues) to support a variety of services, ranging from B2B2C (such as its existing ETP offering), through a B2B licensing model (platform-as-a-service) to customer solutions. It considers the acquisition of Napoleon as an important step into the B2C, subscription-based business model providing direct access to customers, thus allowing CS to better understand their needs and drive an enhanced user experience.
Valuation: Offering a 53% upside potential
Our updated CS valuation based on our base case scenario (accounting for the lower near-term digital asset price assumptions, higher expected CSCM gains, stronger US dollar and the acquisition of Napoleon) stands at SEK117.2 per share (slightly down from SEK119.8 previously). We have also updated our ‘Crypto Winter 2022’ scenario, which now indicates a fair value per share of SEK72.9 (unchanged from our previous valuation).
Q421 results: Multiple earnings drivers
We consider CS’s total comprehensive income and adjusted EBITDA as more relevant than its reported net income (see our initiation note for details). CS reported total comprehensive income of £29.5m in Q421, ahead of our estimate of £23.7m and significantly above the £6.2m in Q420 (see Exhibit 1). The company has consistently delivered strong performance in each quarter throughout FY21, with the Q421 figure being ahead of both Q221 and Q321 (£26.6m and £26.2m, respectively), and only slightly below the particularly strong £32.1m in Q121. This brings its FY21 total comprehensive income to £114.3m, a more than sixfold increase from £18.6m in FY20.
CS also started reporting an adjusted net income (included in an alternative statement of comprehensive income), which is broadly similar to its total comprehensive income under IFRS but excludes currency translation differences and fair value gain/(loss) on investments (which are part of the other comprehensive income under IFRS). This non-IFRS net income stood at £110.5m in FY21 compared to £20.4m in FY20.
Exhibit 1: Q421 results highlights
£m, unless otherwise stated |
Q421 |
Q421e |
diff |
Q321 |
Q221 |
Q121 |
Q420 |
Revenue, of which: |
25.8 |
22.5 |
14.6% |
18.4 |
19.6 |
17.1 |
7.1 |
XBT Provider |
24.4 |
21.5 |
13.4% |
17.5 |
19.5 |
17.0 |
7.1 |
CoinShares Physical |
0.5 |
0.4 |
11.9% |
0.2 |
0.1 |
0.1 |
- |
CoinShares Global Blockchain Equity Index |
0.6 |
0.5 |
8.8% |
0.6 |
- |
- |
- |
B2C (Napoleon)* |
0.3 |
N/A |
N/A |
- |
- |
- |
- |
CSCM income/gains, of which: |
16.2 |
8.6 |
89.0% |
8.4 |
14.7 |
22.8 |
5.2 |
Liquidity provisioning |
2.4 |
2.0 |
21.5% |
1.7 |
3.3 |
6.3 |
1.8 |
Delta neutral trading strategies |
5.3 |
3.0 |
76.6% |
2.6 |
9.1 |
10.1 |
1.8 |
Fixed income activities |
3.5 |
3.1 |
12.1% |
3.1 |
1.7 |
2.7 |
1.6 |
DeFi |
3.6 |
- |
N/A |
- |
- |
- |
- |
Other |
1.5 |
0.5 |
193.0% |
1.0 |
0.5 |
3.6 |
0.1 |
Principal investment gains/(losses) |
0.7 |
1.3 |
-49.6% |
4.8 |
4.1 |
(0.0) |
(0.4) |
Adj. administrative expenses |
(10.0) |
(6.7) |
48.0% |
(5.7) |
(9.7) |
(5.7) |
(4.2) |
Adj. EBITDA |
32.9 |
25.7 |
28.1% |
26.0 |
28.6 |
34.2 |
7.8 |
Adj. EBITDA margin |
77.0% |
79.3% |
-2.2 pp |
82.0% |
74.7% |
85.6% |
64.9% |
Depreciation and amortization |
(0.5) |
(0.5) |
9.1% |
(0.5) |
(0.1) |
(0.0) |
(0.1) |
Finance expense |
(2.9) |
(1.5) |
93.7% |
(1.5) |
(1.6) |
(0.7) |
(0.4) |
Income taxes |
0.3 |
- |
N/A |
(0.4) |
(0.3) |
(0.9) |
1.6 |
Currency translation differences |
(0.4) |
- |
N/A |
2.6 |
(0.1) |
(0.4) |
(2.9) |
Total comprehensive income |
29.5 |
23.7 |
24.1% |
26.2 |
26.6 |
32.1 |
6.2 |
Adjusted net income |
29.7 |
22.4 |
32.2% |
N/A |
N/A |
N/A |
N/A |
Source: Company data, Edison Investment Research. Note: *Acquired in December 2021.
Record fees in Q4 assisted by favourable digital asset prices
Asset management fees reached a record-high level of £25.5m in Q421 versus £7.1m in Q420 and were still largely driven by CS’s legacy XBT Provider products (£24.4m), with CoinShares Physical and the CoinShares Global Blockchain Equity Index contributing a further £0.5m and £0.6m, respectively. The improvement in fee revenue versus that achieved in each of the previous quarters of FY21 was assisted by higher average assets under management, which reached c £4.2bn at end-December 2021 versus £3.7bn at end-September 2021 (despite the sell-off in crypto markets, which started around mid-November 2021), primarily due to the rising price of Ether in Q421. We also note that due to sizeable XBT Provider redemptions amid profit taking by noteholders (see below), CS collected £28.8m in cash, which mostly represents accrued management fees. Following the acquisition of Napoleon in December 2021, the company recognised first subscription-based revenues from this business at £0.3m during the quarter.
CSCM delivering income/gains on multiple fronts including DeFi
CSCM has also performed well with total income/gains of £16.2m in Q421, ahead of our estimate of £8.6m and the £5.2m posted in Q420. Its delta neutral (ie non-directional) strategies generated a gain of £5.3m in Q421 (£1.8m in Q420) as CSCM continues to benefit from the volatility in digital assets. While the result is somewhat lower than the exceptionally strong gain in Q121 and Q221 (which saw a particularly high level of market activity and volatility), it is visibly ahead of the Q321 figure of £2.6m.
As highlighted in our previous update note, CS started to engage in yield farming in the decentralised asset space, in particular from activities in peer-to-pool lending protocols (such as Compound, Aave and Maple Finance) and liquidity provisioning on decentralised exchanges. Based on our discussion with management, we understand that CS is deploying a diverse range of DeFi strategies (including straight lending/liquidity provisioning, liquidity mining of tokens, as well as arbitrage strategies) across multiple blockchains. DeFi was a considerable contributor to CSCM gains in Q421 with £3.6m (nil in Q420); according to management the average annualised percentage yield achieved on these activities was c 12.0–12.5%. We believe this illustrates the company’s expertise in pursuing new profitable opportunities arising in the rapidly evolving digital assets sector. Interestingly, apart from being active on lending platforms dominated by retail borrowers, CS also provided liquidity to market makers and clients through Maple Finance’s new institutional DeFi lending protocol. Moreover, CS supported the launch of Aave Arc, a permissioned lending protocol for financial institutions verified through a ‘know your customer’ procedure, designed to be compliant with anti-money laundering regulations.
Finally, CS achieved a y-o-y improvement in its result from liquidity provisioning related to the XBT Provider units and its fixed income activities (which are primarily reverse repo operations) to £2.4m and £3.5m in Q421, respectively. Overall, CS’s capital markets infrastructure operations delivered sizeable income and gains of £62.2m in FY21 (£16.8m in FY20), with US$32bn worth of notional traded (up 305% versus FY20) across 20 venues.
Q421 adjusted EBITDA of £32.9m close to the Q121 all-time high
CS’s gains on principal investments stood at £0.7m in Q421 (versus a £0.4m loss in Q420), assisted mostly by 3iQ (£1.6m revaluation gain) and Solana tokens (£0.5m), in part offset by a reduction in the value of Kingdom Trust (held indirectly through SBG, written down by £1.1m during the quarter). We note that after the balance sheet date, CS announced that it increased its stake in FlowBank from 9.02% to 29.3% (which represents voting rights equal to 32.06%) by investing CHF24.7m – see our initiation note for details on FlowBank.
The company’s administrative expenses excluding D&A rose to £10.0m in Q421 (and £31.1m in FY21) versus £4.2m in Q420. This was primarily the result of 1) higher custody fees associated with the higher value of digital assets held on behalf of XBT Provider and CoinShares Physical unit holders; 2) headcount increase to 80 at end-2021 versus 42 at end-2020; 3) professional fees incurred in preparation for the uplisting; and 4) increased accruals for staff payments as a function of group performance. Consequently, CS’s adjusted EBITDA reached £32.9m (close to the all-time quarterly high of £34.2m in Q121 and versus 7.8m in Q420), with an adjusted EBITDA margin of 77% (65% in Q420).
Strategic expansion into B2C
During the preliminary FY21 earnings call, CS’s CEO provided an update on the strategic priorities of the business going forward. Firstly, CS’s emphasis will be on further leveraging the company’s unified technology framework (now called ‘Galata’) as a bridge to connect a wide range of clients operating in the traditional financial system to the digital asset ecosystem. Its strong and constantly developed technological backbone providing connectivity to a large number of trading venues will be used as the foundation for growing CS into a provider of 1) asset management solutions (B2B2C, such as its existing XBT Provider and CoinShares Physical platforms) deriving revenues from fees charged on AUM; 2) business solutions (B2B) with a licensing model (platform-as-a-service); and 3) consumer solutions (B2C) in a subscription-based (software-as-a-service) model.
The expansion into the B2C sector is of particular importance, as it should also allow CS to have a more direct interaction with retail customers and in turn improve the company’s understanding of their needs to drive an enhanced user experience of its products. CS recently entered the B2C sector by acquiring Napoleon, a French crypto-focused fintech company, which offers, among others, pre-built portfolios and algorithmic trading strategies. Napoleon’s software solution is a social trading platform in the form of a non-custodial meta layer that is venue-agnostic (ie can be used on top of a crypto trading venue’s app, for example Binance, Bitfinex, FTX and Bitstamp). Napoleon has a recurring, subscription-based revenue model, offering three packages at different price levels (Silver – €19/month, Gold – €50/month and Platinum – €99/month). The current average revenue per user (ARPU) at €87/month and its user base currently consists of 5,000 clients (90% of which are French), translating into an annualised revenue of c €5.0m. However, we note that the current customer lifetime value (LTV) stands at just €300 (implying a high monthly churn of c 29%).
CS aims to integrate Napoleon’s product with Galata to facilitate improved connectivity and optimal trade execution. It also intends to scale the business globally across other European countries, the United States and the Asia-Pacific region. Furthermore, it plans to improve both ARPU and LTV through a combination of customer education and better user experience. Finally, CS considers entering partnerships with existing exchanges, as well as co-marketing activities with local exchanges to drive customer acquisition in selected regions. CS acquired Napoleon for a total consideration of €13.9m as a combination of a partial equity swap (issuing c 363.6k at a price of €10.8 per share ie valued at c €3.9m) and cash.
Forecast revisions
Digital asset prices down from November 2021 peak
While CS reported strong Q421 numbers, we note that digital asset prices have significantly declined from the November 2021 peak, with BTC and ETH down c 40–45% (or c 50–55% from peak to the local trough in late January 2022). At this stage, we do not assume a crypto bear market like the one in 2008 in our base scenario given the continued progress in digital assets adoption and a return to net inflows to related investment products after a temporary period of net outflows in late-December 2021/early January 2022 (based on CS data). We also retain our expectations in terms of the global allocation to digital assets at 2.0% and 2.5% by 2025 and 2030 respectively. Nevertheless, we have reduced our near-term assumptions in terms of allocation to digital assets, which now imply a BTC price at c US$48,300 at end-2022 (US$63,600 previously and a current spot price of c US$40,700) and an ETH price of c US$3,700 at end-2022 (c US$4,200 previously and a current spot price of c US$2,750).
XBT Provider outflows may continue in the near term, CoinShares Physical inflows to steadily increase
The net outflows from XBT Provider products in Q421 and so far in Q122 are broadly in line with our expectations. Consequently, we have made only minor changes to our assumptions for the coming years. We now assume net outflows of US$0.9bn in FY22e and US$0.8bn in FY23e (US$1.0bn in both 2022 and 2023 previously). We consider the net inflows into the CoinShares Physical products as moderate so far, though we acknowledge that these were launched quite recently and that between December 2021 and February 2022 inflows were affected by the overall weaker sentiment towards crypto investments. We now assume net inflows of c US$250m and US$450m in FY22e and FY23e respectively (vs US$365m and US$550m previously). We have also reduced our AUM and management fee assumptions for the equity index. As a result of the above, we now forecast CS’s management fees in FY22e and FY23e at £76.4m and £76.2m compared to £100.1m and £94.6m previously.
Napoleon
We have now included revenues from the recently acquired Napoleon in our forecasts, assuming £4.6m in FY22e and £5.6m in FY23e (based on a customer base of 5.5k and 6.9k respectively, driven by intensified marketing activities). We also assume a moderation of monthly churn from the current c 29% to 10% by FY23e and 5% in the long term.
CSCM forecasts raised on the back of DeFi income
We have raised our forecasts for CSCM income/gains to £54.9m in FY22e (vs £41.5m earlier) and £60.3m in FY23e (vs £46.5m earlier), primarily to reflect income from CS’s recently initiated DeFi activities (we assume an income of c £17.5m pa in both FY22e and FY23e). We still cautiously do not include any profit/losses from CS’s principal investments going forward as we consider them difficult to predict. Hence, potential further profits in this segment constitute a potential minor value catalyst.
Exhibit 2: Summary of forecast revisions
|
FY21 |
FY22e |
FY23e |
FY24e |
FY25e |
||||||||
£m |
Actual |
Old |
New |
diff |
Old |
New |
diff |
Old |
New |
diff |
Old |
New |
diff |
Revenue, of which: |
80.9 |
100.1 |
81.3 |
-18.8% |
92.9 |
82.5 |
-11.2% |
94.6 |
94.3 |
-0.3% |
102.2 |
111.6 |
9.2% |
XBT Provider |
78.5 |
92.9 |
71.0 |
-23.6% |
79.8 |
64.3 |
-19.4% |
71.2 |
62.4 |
-12.3% |
62.9 |
61.6 |
-2.1% |
CoinShares Physical and other* |
0.9 |
4.6 |
3.6 |
-22.1% |
9.9 |
9.9 |
-0.5% |
19.6 |
21.4 |
9.4% |
34.8 |
37.2 |
6.8% |
CoinShares Global Blockchain Equity Index |
1.2 |
2.6 |
2.1 |
-18.0% |
3.2 |
2.7 |
-15.1% |
3.9 |
3.3 |
-15.1% |
4.5 |
3.8 |
-15.1% |
B2C |
0.3 |
0.0 |
4.6 |
N/A |
0.0 |
5.6 |
N/A |
0.0 |
7.2 |
N/A |
0.0 |
9.0 |
N/A |
Capital market infrastructure income/gains, of which: |
62.1 |
41.5 |
54.9 |
32.4% |
46.5 |
60.3 |
29.7% |
51.7 |
65.5 |
26.8% |
56.4 |
70.1 |
24.4% |
Liquidity provisioning |
13.8 |
11.2 |
12.2 |
9.1% |
11.3 |
12.0 |
6.4% |
11.2 |
11.2 |
0.6% |
10.0 |
9.6 |
-3.5% |
Delta neutral trading strategies |
27.2 |
16.4 |
13.4 |
-18.5% |
20.1 |
18.9 |
-6.2% |
24.1 |
23.8 |
-1.0% |
28.5 |
29.1 |
1.8% |
Fixed income activities |
10.9 |
11.6 |
9.8 |
-15.3% |
12.7 |
9.9 |
-22.2% |
14.0 |
10.0 |
-28.6% |
15.4 |
10.1 |
-34.4% |
DeFi |
3.6 |
0.0 |
17.5 |
N/A |
0.0 |
17.5 |
N/A |
0.0 |
18.4 |
N/A |
0.0 |
19.3 |
N/A |
Other |
6.6 |
2.3 |
2.0 |
-12.3% |
2.3 |
2.0 |
-14.0% |
2.4 |
2.0 |
-15.6% |
2.5 |
2.1 |
-17.3% |
Principal investment gains/(losses) |
9.6 |
0.0 |
0.0 |
N/A |
0.0 |
0.0 |
N/A |
0.0 |
0.0 |
N/A |
0.0 |
0.0 |
N/A |
Administrative expenses excl. D&A |
(31.1) |
(34.6) |
(47.3) |
36.7% |
(36.0) |
(49.9) |
38.5% |
(39.3) |
(54.5) |
38.8% |
(43.7) |
(60.1) |
37.6% |
Adjusted EBITDA |
121.7 |
107.0 |
88.9 |
-16.9% |
103.4 |
92.9 |
-10.1% |
107.0 |
105.3 |
-1.6% |
115.0 |
121.7 |
5.8% |
Adjusted net income |
110.5 |
98.9 |
73.8 |
-25.3% |
95.6 |
78.3 |
-18.1% |
99.4 |
89.1 |
-10.3% |
107.0 |
102.6 |
-4.1% |
Source: Company data, Edison Investment Research. Note: *Includes fees from CoinShares Physical, Block index, 3iQ and Invesco.
As a result, we now expect CS’s EBITDA to reach £88.9m in FY22e and £92.9m in FY23e (vs £107m and £103.4m previously). Having said that, we note that fees generated on XBT Provider Trackers (which remain one of the key earnings drivers) are accrued until investors redeem the certificates, at which stage they are released in cash to CS. The company collected £28.8m in cash from XBT Provider products in FY21 (mostly from accrued management fees) and we expect this cash flow to remain strong in FY22e at £30.5m (our previous assumption was £20.4m) as investors who have invested before 2021 realise their gains amid the current unstable economic and geopolitical environment. Our valuation in SEK terms was supported by the strengthening of the US dollar since we last published in November 2021, translating into a 6% higher US$/SEK rate assumed in our forecasts. Consequently, we currently value CS at SEK117.2 per share (slightly down from SEK119.8 per share previously) based on our DCF model, representing c 53% upside potential. We have also updated our ‘Crypto Winter 2022’ scenario (see our initiation note for details), which now implies a CS value of SEK72.9 per share (unchanged from our previous valuation).
Exhibit 3: Financial summary
Year end 31 December £000’s unless otherwise stated |
FY18 |
FY19 |
FY20 |
FY21 |
FY22e |
FY23e |
FY24e |
FY25e |
INCOME STATEMENT |
|
|
|
|
|
|
|
|
Revenues |
10,549 |
11,331 |
18,389 |
80,892 |
81,294 |
82,477 |
94,307 |
111,639 |
Administrative expenses |
(10,927) |
(9,284) |
(14,312) |
(32,167) |
(48,383) |
(50,954) |
(55,543) |
(61,156) |
Other operating income |
4,811 |
529 |
607 |
11,427 |
11,770 |
12,123 |
12,486 |
12,861 |
Profit/(loss) on financial instruments |
519,988 |
(64,553) |
(1,398,436) |
(2,236,196) |
6,511 |
(739,588) |
(694,056) |
(867,178) |
Realised gain/(loss) on investments |
(1,074) |
(405) |
942 |
5,287 |
0 |
0 |
0 |
0 |
Adjusted EBITDA |
12,993 |
11,171 |
22,113 |
121,688 |
88,904 |
92,903 |
105,316 |
121,676 |
EBIT |
523,347 |
(62,382) |
(1,392,810) |
(2,170,757) |
51,192 |
(695,942) |
(642,805) |
(803,833) |
Finance income |
693 |
931 |
3,793 |
10,905 |
9,814 |
9,912 |
10,011 |
10,112 |
Finance expense |
(148) |
(404) |
(1,191) |
(6,810) |
(13,172) |
(12,646) |
(14,113) |
(16,832) |
Pre-tax profit |
523,892 |
(61,855) |
(1,390,208) |
(2,166,662) |
47,834 |
(698,676) |
(646,907) |
(810,553) |
Income taxes |
(230) |
(269) |
(401) |
(1,284) |
(870) |
(917) |
(1,031) |
(1,172) |
Net income |
523,662 |
(62,124) |
(1,390,610) |
(2,167,946) |
46,964 |
(699,593) |
(647,938) |
(811,726) |
Total comprehensive income |
14,407 |
8,914 |
18,419 |
114,346 |
73,813 |
78,291 |
89,124 |
102,623 |
Reported EPS (diluted, £) |
N/A |
N/A |
(21.68) |
(32.62) |
0.66 |
(9.81) |
(9.08) |
(11.38) |
Adjusted EPS (diluted, £)* |
N/A |
N/A |
0.28 |
1.64 |
1.03 |
1.10 |
1.25 |
1.44 |
DPS (£) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
BALANCE SHEET |
|
|
|
|
|
|
|
|
Property, plant and equipment |
214 |
376 |
223 |
510 |
510 |
515 |
525 |
542 |
Intangible assets |
0 |
7 |
20 |
19,781 |
18,908 |
18,035 |
17,162 |
16,289 |
Investments |
6,158 |
5,585 |
3,626 |
24,501 |
24,501 |
24,501 |
24,501 |
24,501 |
Long term receivables |
15 |
323 |
329 |
581 |
581 |
581 |
581 |
581 |
Non-current assets |
6,387 |
6,290 |
4,199 |
45,372 |
44,499 |
43,632 |
42,769 |
41,913 |
Trade and other receivables |
9,350 |
27,011 |
62,274 |
1,075,971 |
1,052,282 |
1,224,544 |
1,493,231 |
1,771,794 |
Digital assets |
217,521 |
427,524 |
1,826,695 |
2,736,481 |
2,540,624 |
2,950,849 |
3,648,645 |
4,358,932 |
Cash at bank |
32,897 |
2,350 |
2,266 |
11,088 |
6,565 |
36,819 |
97,220 |
166,107 |
Amounts due from brokers |
N/A |
39,405 |
66,518 |
118,976 |
105,199 |
122,264 |
152,121 |
182,726 |
Current assets |
259,767 |
496,290 |
1,957,752 |
3,942,516 |
3,704,669 |
4,334,476 |
5,391,217 |
6,479,559 |
Total assets |
266,154 |
502,580 |
1,961,951 |
3,987,888 |
3,749,169 |
4,378,108 |
5,433,987 |
6,521,471 |
Share capital |
2,214 |
2,215 |
31 |
34 |
34 |
34 |
34 |
34 |
Share premium |
111 |
111 |
2,387 |
30,781 |
30,781 |
30,781 |
30,781 |
30,781 |
Other reserves |
104,322 |
168,813 |
1,209,630 |
667,846 |
694,695 |
1,472,579 |
2,209,641 |
3,123,990 |
Retained earnings |
(68,003) |
(125,795) |
(1,155,551) |
(497,727) |
(450,763) |
(1,150,356) |
(1,798,294) |
(2,610,019) |
Total equity |
38,644 |
45,343 |
56,497 |
200,934 |
274,747 |
353,038 |
442,162 |
544,786 |
Trade payables and other liabilities |
227,469 |
419,340 |
1,792,936 |
3,491,612 |
3,193,402 |
3,711,452 |
4,617,784 |
5,546,808 |
Amounts due to brokers |
N/A |
37,631 |
112,121 |
292,708 |
281,019 |
313,618 |
374,040 |
429,878 |
Current tax liabilities |
42 |
266 |
398 |
2,635 |
0 |
0 |
0 |
0 |
Current liabilities |
227,510 |
457,237 |
1,905,454 |
3,786,955 |
3,474,422 |
4,025,070 |
4,991,824 |
5,976,686 |
Non-current liabilities |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Total equity and liabilities |
266,154 |
502,580 |
1,961,951 |
3,987,888 |
3,749,169 |
4,378,108 |
5,433,987 |
6,521,471 |
Ratios |
|
|
|
|
|
|
|
|
Adj. EBITDA margin |
52.1% |
54.0% |
62.8% |
85.1% |
65.3% |
65.1% |
65.9% |
66.9% |
Adj. net margin |
59.4% |
38.4% |
47.6% |
80.0% |
54.2% |
54.8% |
55.8% |
56.5% |
ETP management fee (% of average AUM) |
2.5% |
2.5% |
2.5% |
2.3% |
2.2% |
2.1% |
2.0% |
1.9% |
Source: Company data, Edison Investment Research. Note: *Total comprehensive income (excluding currency translation differences and fair value gain/(loss) on investments recognised in other comprehensive income) per share attributable to shareholders of the parent.
|
|
Research: Metals & Mining
Gold and silver sales in Q421 were exactly in line with our forecasts, albeit this was expected given that Wheaton had updated the market with production and sales figures on 7 February. As a result, revenue, total cost of sales, earnings from operations, earnings before tax and net earnings (excluding a US$156.7m impairment reversal) were all within 1% of our prior expectations for the quarter.
Get access to the very latest content matched to your personal investment style.