Coinshares International Limited (CS) AI Stock Analysis

• Market Cap: kr6.53B
• Dividend Yield: 2.85%
• Average Volume (3M): 99.78K
• Price to Earnings (P/E): 5.4
• Beta (1Y): 1.26
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 91
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 2.50
• Shares Outstanding: 66,678,210
• 10 Day Avg. Volume: 111,699
• 30 Day Avg. Volume: 99,785
• PEG Ratio: -0.03
• Price to Book (P/B): 1.26
• Price to Sales (P/S): 4.55
• P/FCF Ratio: -5.59
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: kr106.00 ▼(-12.83% Downside)

Coinshares International Limited's stock score is primarily driven by its strong financial performance and attractive valuation. However, technical analysis indicates bearish momentum, which poses a short-term risk. The company should address cash flow challenges to enhance its financial stability.

Positive Factors

Fee-based ETP business model

CoinShares' core fee-based ETP and managed-product model produces recurring, scalable revenue tied to AUM and capital markets activity. This aligns incentives with asset growth, creates predictable margins and supports durable cash flow generation if client flows and crypto adoption persist.

High reported profitability and margins

Very high gross and reported net margins reflect low incremental costs to operate digital-asset ETPs and capture fee economics. Sustained margin advantage supports reinvestment, payouts or buffering against downturns, bolstering long-term profitability if revenue trends remain intact.

Low leverage and strong ROE

A conservative debt profile combined with a 29% ROE indicates efficient capital use and financial flexibility. Low leverage reduces solvency risk, enabling the firm to fund growth, absorb shocks, or return capital without excessive refinancing pressure over the medium term.

Negative Factors

Weak cash conversion

An 82% drop in free cash flow growth and an OCF/Net Income ratio of 0.39% indicate earnings are not converting to cash effectively. Persistent weak cash conversion constrains capital investments, dividends and deleverages resilience against revenue or AUM shocks over months.

Rising total debt trend

While current leverage is low, the documented increase in total debt raises concern given weak cash conversion. Continued debt accumulation could elevate refinancing and interest-service risk, reducing strategic flexibility and magnifying strain if market conditions or fee income weaken.

Earnings quality risk from one-offs

The unusually high net margin flagged as possibly driven by one-time items implies earnings may lack quality. If margins are supported by non-recurring gains rather than core fees, reported profitability could reverse, undermining forecasts and investor confidence over the medium term.

Coinshares International Limited Business Overview & Revenue Model

Company Description

CoinShares International Limited engages in the digital assets and blockchain technology business. It offers electronic trading, liquidity provisioning, and risk management services; advisory services; and exchange traded products. The company was formerly known as Global Advisors (Holdings) Limited and changed its name to CoinShares International Limited in June 2020. CoinShares International Limited was incorporated in 2008 and is based in Saint Helier, Jersey.

How the Company Makes Money

Coinshares generates revenue through various streams, primarily by managing investment products that charge management fees based on assets under management (AUM). The company also earns income from performance fees when its investment funds exceed certain benchmarks. Additionally, Coinshares has established partnerships with exchanges and financial institutions, which facilitate trading and liquidity for its products, further enhancing its revenue potential. The growth in demand for cryptocurrency exposure among investors and the expansion of its product offerings contribute significantly to its earnings.

Coinshares International Limited Financial Statement Overview

Summary

Coinshares International Limited demonstrates strong revenue growth and profitability, supported by a stable balance sheet with low leverage. However, cash flow challenges persist, with significant declines in free cash flow growth and low conversion of income to cash. The company should focus on improving cash flow management to sustain its financial health.

Income Statement

Coinshares International Limited shows strong revenue growth with a 7.73% increase in TTM. The company maintains high profitability with a gross profit margin of 84.24% and a net profit margin of 97.16%. EBIT and EBITDA margins are also robust, indicating efficient operations. However, the high net profit margin suggests potential one-time gains or accounting adjustments, which should be monitored.

Balance Sheet

The company has a healthy debt-to-equity ratio of 0.18, indicating low leverage and financial stability. Return on equity is strong at 29.00%, reflecting effective use of equity capital. The equity ratio is solid, suggesting a stable financial structure. However, the increase in total debt over the periods should be watched for potential risk.

Cash Flow

Cash flow analysis reveals challenges with a significant decline in free cash flow growth by 82.46% in TTM. The operating cash flow to net income ratio is low at 0.39%, indicating potential issues in converting income to cash. The free cash flow to net income ratio is healthy at 95.98%, but the overall cash flow position requires improvement to support long-term operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	104.97M	87.33M	43.08M	62.13M	108.99M	25.06M
Gross Profit	88.42M	73.95M	35.83M	39.45M	88.84M	15.93M
EBITDA	114.35M	118.10M	57.12M	641.16M	―	―
Net Income	101.99M	104.37M	-453.13M	629.57M	―	―
Balance Sheet
Total Assets	6.18B	4.80B	2.73B	1.38B	5.40B	2.68B
Cash, Cash Equivalents and Short-Term Investments	1.47B	972.53M	25.51M	26.57M	1.36B	44.91M
Total Debt	72.19M	48.25M	26.84M	49.86M	218.23M	3.97M
Total Liabilities	5.77B	4.48B	2.49B	1.18B	5.13B	2.60B
Stockholders Equity	410.09M	314.32M	239.25M	203.74M	269.95M	77.03M
Cash Flow
Free Cash Flow	39.05M	-71.01M	-107.91M	363.71M	-1.76B	-66.43M
Operating Cash Flow	22.38M	-69.68M	-106.78M	364.96M	-1.76B	22.42M
Investing Cash Flow	6.96M	9.18M	6.91M	-9.76M	1.63B	-87.09M
Financing Cash Flow	-26.70M	41.64M	-4.39M	24.27M	12.55M	-3.56M

Coinshares International Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 121.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CS, the sentiment is Negative. The current price of 121.6 is above the 20-day moving average (MA) of 111.53, above the 50-day MA of 120.02, and above the 200-day MA of 114.70, indicating a bearish trend. The MACD of -7.39 indicates Positive momentum. The RSI at 33.36 is Neutral, neither overbought nor oversold. The STOCH value of 10.10 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CS.

Coinshares International Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAVE	76 Outperform	€71.99B	24.38	41.80%	3.01%	2.54%	4.51%
AZA	69 Neutral	kr54.84B	20.97	42.92%	3.34%	7.33%	23.01%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CS	67 Neutral	kr6.53B	5.45	29.65%	2.85%	―	―
SVOL.B	67 Neutral	kr5.77B	12.77	7.83%	0.79%	-25.75%	-27.25%
BTCX	52 Neutral	kr28.17M	-2.62	-57.43%	―	114.06%	-173.39%
KINV.A	47 Neutral	kr20.22B	172.66	―	―	-97.64%	―