Coinshares International Limited (SE:CS)
:CS
Top Page
Coinshares International Limited
(CS)
Select Model
Select Model
Rating:72Outperform
Price Target:
kr99.00
▲(37.12% Upside)
Action:UpgradedDate:02/04/26
The score is driven primarily by attractive valuation (low P/E and solid dividend yield) and strong reported profitability with low leverage. These positives are moderated by weak cash-flow conversion and a clearly bearish technical setup, with the stock trading well below key moving averages despite oversold indicators.
Positive Factors
High Profitability Margins
Sustained very high gross and reported net margins indicate the business captures outsized economics on product fees and has a low variable cost base. Over 2-6 months this supports reinvestment, pricing power and resilience to revenue volatility in core products.
Negative Factors
Weak Cash Conversion
Significant deterioration in free cash flow growth and very low OCF-to-net-income indicate earnings are not reliably translating into cash. Over months this constrains capital allocation, dividend sustainability and requires management focus to restore cash generation capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability Margins
Sustained very high gross and reported net margins indicate the business captures outsized economics on product fees and has a low variable cost base. Over 2-6 months this supports reinvestment, pricing power and resilience to revenue volatility in core products.
Read all positive factors
Coinshares International Limited (CS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.82B
Dividend Yield2.85%
Average Volume (3M)99.78K
Price to Earnings (P/E)2.8
Beta (1Y)0.93
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees91
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)3.22
Shares Outstanding66,678,210
10 Day Avg. Volume111,699
30 Day Avg. Volume99,785
Financial Highlights & Ratios
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr175.00Price Target Upside142.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.7
Revenue Forecast (FY)kr148.30M
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...
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 excee...
Coinshares International Limited Earnings Call Summary
Earnings Call Date:Nov 05, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The earnings call presents a generally positive outlook with strong revenue performance and notable achievements in both asset management and capital markets. However, challenges such as the decrease in XBT Provider AUM and increased costs were noted. Overall, the highlights outweigh the lowlights, indicating a positive sentiment.Positive Updates
Strong Q3 Revenue
Combined revenue gains and other income for Q3 stood at GBP 25.8 million, bringing the year-to-date top line figure to GBP 78.5 million, which is ahead of 2023 in its entirety.
Negative Updates
XBT Provider AUM Decrease
Total AUM for CoinShares XBT Provider decreased by approximately 14.2%, from GBP 2.48 billion to GBP 2.14 billion over the quarter.
Read all updates
Q3-2024 Updates
Positive
Negative
Strong Q3 Revenue
Combined revenue gains and other income for Q3 stood at GBP 25.8 million, bringing the year-to-date top line figure to GBP 78.5 million, which is ahead of 2023 in its entirety.
Read all positive updates
Company Guidance
During the CoinShares Q3 2024 earnings call, CEO Jean-Marie Mognetti highlighted key market trends and financial metrics that shaped the company's performance. CoinShares reported a combined revenue gain and other income of GBP 25.8 million for Q3, bringing the year-to-date total to GBP 78.5 million, surpassing 2023's full-year results. The quarter's EBITDA stood at GBP 15.4 million, showcasing strong margins and efficient cost management. The company made significant strides in accounting, transitioning to IFRS and recording digital asset movements at fair value through profit and loss. Asset management saw a resurgence, with CoinShares Physical achieving its best quarter, generating GBP 4.1 million in management fees. Despite a net outflow in XBT Provider, CoinShares Physical experienced net inflows of $77.3 million. The capital markets division contributed GBP 7.7 million to the top line, with e-staking activities yielding GBP 5.6 million. CoinShares also initiated a modest Bitcoin treasury position, holding 78 BTC by quarter-end, reflecting their confidence in digital assets. The company anticipates an exciting 2025, driven by U.S. regulatory changes and strategic initiatives like the MATRIX algorithmic trading platform.Coinshares International Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 124.47M | 87.33M | 43.08M | 62.13M | 108.99M | 25.06M |
| Gross Profit | 105.09M | 73.95M | 35.83M | 39.45M | 88.84M | 15.93M |
| EBITDA | 134.83M | 118.10M | 57.12M | 641.16M | -3.24B | -1.89B |
| Net Income | 120.56M | 104.37M | -453.13M | 629.57M | -3.26B | -1.89B |
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 | 134.77M | 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 | 8.12M | -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 | 4.90M | 9.18M | 6.91M | -9.76M | 1.63B | -87.09M |
| Financing Cash Flow | -26.00M | 41.64M | -4.39M | 24.27M | 12.55M | -3.56M |
Coinshares International Limited Technical Analysis
Negative
72.20
Price Trends
80.20
Negative
103.51
Negative
113.56
Negative
Market Momentum
-2.95
Positive
38.95
Neutral
<0.01
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 72.2 is below the 20-day moving average (MA) of 77.27, below the 50-day MA of 80.20, and below the 200-day MA of 113.56, indicating a bearish trend. The MACD of -2.95 indicates Positive momentum. The RSI at 38.95 is Neutral, neither overbought nor oversold. The STOCH value of <0.01 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr82.48B | 22.18 | 39.30% | 3.01% | 2.54% | 4.51% | |
72 Outperform | kr4.82B | 2.83 | 29.65% | 2.85% | ― | ― | |
69 Neutral | kr61.00B | 22.25 | 37.34% | 3.34% | 7.33% | 23.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
42 Neutral | kr14.09B | -6.93 | ― | ― | -97.64% | ― | |
| ― | kr25.28M | -5.36 | -57.43% | ― | 114.06% | -173.39% | |
55 Neutral | kr5.23B | -3.58 | 7.55% | 0.79% | -25.75% | -27.25% |
* Financial Sector Average
SE:CS
Coinshares International Limited
72.30
3.65
5.31%
SE:AZA
Avanza Bank Holding AB
386.50
112.07
40.84%
SE:KINV.A
Kinnevik AB Class A
59.30
-15.40
-20.62%
SE:BTCX
Goobit Group AB
0.07
-0.01
-15.66%
SE:SAVE
Nordnet AB
330.40
103.19
45.42%
SE:SVOL.B
Svolder AB Class B
49.44
-0.02
-0.05%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.