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Coinshares International Limited (SE:CS)
:CS
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Coinshares International Limited
(OTC:CS)
Rating:84Outperform
Price Target:
kr123.00
▲(4.95%Upside)
Positive Factors
Financial Performance
The company delivered robust results for FY24, with revenue of £87.3M—up from £43.1M in FY23.
Market Expansion
A welcoming U.S. crypto markets administration may now accelerate CoinShares' own crypto epoch as it pursues a stateside listing.
Product Development
CoinShares' newer Physical products are gaining ground, with the Physical platform attracting $269M of net inflows.
Negative Factors
Assets Under Management
Group assets under management (AUM) finished the quarter at $5.2B, down 24% from 4Q24's $6.9B and about 9% lower than the $5.7B recorded in 1Q24.
Redemptions
XBT Provider generated fees of £18.7M in 4Q24, it experienced redemptions totaling about $369.8M for the quarter—a typical pattern during strong bitcoin rallies.
Coinshares International Limited (CS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.81B
Dividend Yield3.33%
Average Volume (3M)81.95K
Price to Earnings (P/E)1.2
Beta (1Y)0.79
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees91
SectorFinancial
Sector Strength81
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)3.21
Shares Outstanding66,642,334
10 Day Avg. Volume97,583
30 Day Avg. Volume81,949
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.36
Price to Sales (P/S)0.00
P/FCF Ratio4.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr111.18Price Target Upside-5.14% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Coinshares International Limited Business Overview & Revenue Model
Company DescriptionCoinShares International Limited is a leading digital asset investment firm that operates within the cryptocurrency and blockchain technology sectors. The company offers a range of financial products and services designed to provide investors with access to the digital asset market, including exchange-traded products (ETPs), asset management solutions, and advisory services. CoinShares leverages its expertise in cryptocurrencies to deliver innovative investment strategies and tools to both institutional and individual investors.
How the Company Makes MoneyCoinShares International Limited generates revenue through a diverse range of financial products and services centered around digital assets. The company earns money primarily by managing and issuing exchange-traded products (ETPs) that track the performance of various cryptocurrencies. These products often come with management fees, which constitute a significant portion of the firm's revenue. Additionally, CoinShares provides asset management services, earning fees based on the assets under management (AUM). The company also engages in trading and market-making activities in the cryptocurrency markets, capturing spreads and trading fees. Furthermore, CoinShares may enter strategic partnerships or collaborations with other financial institutions and technology firms to enhance its product offerings and reach, contributing to its revenue streams.
Coinshares International Limited Earnings Call Summary
Earnings Call Date:May 13, 2025
(Q3-2024)
| % Change Since: 45.41%|
Next Earnings Date:Aug 05, 2025
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.Q3-2024 Updates
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.
Record Performance in CoinShares Physical
CoinShares Physical ETP posted its strongest quarter on record with management fees inclusive of staking revenue at GBP 4.1 million, compared to GBP 0.6 million for the same period in 2023.
Positive Developments in Asset Management
CoinShares XBT Provider fees increased to GBP 14.9 million from GBP 9.5 million in the same period in 2023. CoinShares Physical saw inflows amounting to $77.3 million for the quarter.
Valkyrie Acquisition Performance
Valkyrie reported fees of GBP 488,000 for the quarter, with total management fees since acquisition in Q1 reaching around GBP 1 million.
Capital Markets Revenue Growth
Other income and gains for the capital markets business in Q3 were GBP 7.7 million, bringing the year-to-date figure to GBP 36.2 million, up from GBP 21.2 million for the same period in 2023.
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.
Increased Costs and Expenses
Increases in costs due to larger AUM, increased custody fees, and bonus accruals due to stronger performance impacted the cost side.
Principal Investments Portfolio Decrease
The principal investments portfolio decreased by about GBP 1.9 million, mainly due to extending the CS2 fund's life.
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
Coinshares International Limited demonstrates significant financial improvement with strong revenue growth, profitability, and cash flow management. The balance sheet is stable, but liability management needs attention.Income Statement
The company's income statement reveals strong revenue growth and impressive profitability in the TTM (Trailing-Twelve-Months). Gross and net profit margins are robust, boosted by significant improvements in EBIT and EBITDA. Revenue has grown consistently over the years, showcasing a strong growth trajectory. However, past volatility in net income and EBIT suggests potential risks in maintaining this performance.85
Very Positive
Balance Sheet
The balance sheet highlights a healthy debt-to-equity ratio, indicating manageable leverage. There is a notable increase in stockholders’ equity over recent periods, contributing to a stronger equity ratio. However, the company experienced substantial liabilities growth, which poses a potential risk if not managed carefully.70
Positive
Cash Flow
Cash flow analysis indicates a strong improvement in operating cash flow and free cash flow in the TTM, suggesting effective cash management and operational efficiency. The free cash flow growth rate is positive, indicating a sustainable cash generation capability. However, the volatility in past cash flows signals potential challenges in maintaining consistent cash flow levels.78
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 87.33M | 43.08M | 51.34M | 80.75M | 18.39M |
| Gross Profit | 73.95M | 35.83M | 38.77M | 65.83M | 11.69M |
| EBITDA | 118.10M | -442.45M | 529.80M | -2.40B | -1.39B |
| Net Income | 104.37M | -453.13M | 520.22M | -2.41B | -1.39B |
Balance Sheet | |||||
| Total Assets | 4.80B | 2.73B | 1.38B | 4.00B | 1.96B |
| Cash, Cash Equivalents and Short-Term Investments | 972.53M | 25.51M | 26.57M | 1.00B | 32.96M |
| Total Debt | 48.25M | 26.17M | 49.86M | 161.69M | 1.73M |
| Total Liabilities | 4.48B | 2.49B | 1.18B | 3.80B | 1.91B |
| Stockholders Equity | 314.32M | 239.25M | 203.74M | 200.01M | 56.50M |
Cash Flow | |||||
| Free Cash Flow | -71.01M | -107.91M | 133.35M | -1.76B | 15.94M |
| Operating Cash Flow | -69.68M | -106.78M | 134.38M | -1.76B | 16.02M |
| Investing Cash Flow | 9.18M | 6.91M | 77.50M | 1.63B | -63.90M |
| Financing Cash Flow | 41.64M | -4.39M | 20.06M | 12.55M | -2.19M |
Coinshares International Limited Technical Analysis
Positive
117.20
Price Trends
94.71
Positive
83.02
Positive
78.33
Positive
Market Momentum
5.47
Negative
67.61
Neutral
87.20
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CS, the sentiment is Positive. The current price of 117.2 is above the 20-day moving average (MA) of 102.49, above the 50-day MA of 94.71, and above the 200-day MA of 78.33, indicating a bullish trend. The MACD of 5.47 indicates Negative momentum. The RSI at 67.61 is Neutral, neither overbought nor oversold. The STOCH value of 87.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CS.
Coinshares International Limited Peers Comparison
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | kr7.81B | 1.23 | 155.93% | 3.33% | ― | ― | |
65 Neutral | kr116.52B | 24.01 | 6.10% | 3.64% | 14.34% | -72.17% | |
58 Neutral | €585.50M | ― | -7.20% | ― | -3.13% | -844.33% | |
52 Neutral | €35.76M | 130.77 | 2.15% | ― | 214.33% | ― | |
49 Neutral | €99.10M | ― | -24.41% | ― | -15.41% | -85.25% |
* Financial Sector Average
Performance Comparison
SE:CS
Coinshares International Limited
112.40
58.41
108.18%
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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.