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Coinshares International Limited (SE:CS)
:CS
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Coinshares International Limited
(CS)
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Rating:67Neutral
Price Target:
kr141.00
▲(12.26% Upside)
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
Revenue Growth
Consistent revenue growth indicates expanding market reach and product adoption, crucial for sustaining long-term business success.
Profitability
High profitability margins reflect efficient operations and strong pricing power, enhancing the company's ability to reinvest in growth.
Balance Sheet Health
Low leverage provides financial flexibility, reducing risk and enabling the company to capitalize on growth opportunities.
Negative Factors
Cash Flow Challenges
Declining cash flow growth can strain operations and limit the company's ability to invest in future growth, impacting long-term sustainability.
Cash Conversion Issues
Low cash conversion efficiency suggests potential issues in generating cash from operations, which could affect liquidity and operational flexibility.
Potential One-Time Gains
Reliance on one-time gains can distort profitability, making it crucial to monitor for sustainable earnings quality over time.
Coinshares International Limited (CS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
$8.85B
Dividend Yield2.57%
Average Volume (3M)99.78K
Price to Earnings (P/E)7.4
Beta (1Y)1.33
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees91
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.65
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 Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$174.96Price Target Upside39.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)13.94
Revenue Forecast (FY)$1.20B
Coinshares International Limited Business Overview & Revenue Model
Company DescriptionCoinShares 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 MoneyCoinshares 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 Earnings Call Summary
Earnings Call Date:Nov 05, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Feb 17, 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.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 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.85
Very Positive
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.78
Positive
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.60
Neutral
| 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 | ― |
| Operating Cash Flow | 22.38M | -69.68M | -106.78M | 364.96M | -1.76B | 22.42M |
| Investing Cash Flow | 6.96M | 9.18M | 6.91M | ― | 1.63B | ― |
| Financing Cash Flow | -26.70M | 41.64M | -4.39M | 24.27M | 12.55M | ― |
Coinshares International Limited Technical Analysis
Negative
125.60
Price Trends
148.00
Negative
132.11
Negative
107.27
Positive
Market Momentum
-6.53
Positive
36.36
Neutral
11.47
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 125.6 is below the 20-day moving average (MA) of 142.63, below the 50-day MA of 148.00, and above the 200-day MA of 107.27, indicating a neutral trend. The MACD of -6.53 indicates Positive momentum. The RSI at 36.36 is Neutral, neither overbought nor oversold. The STOCH value of 11.47 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | €69.60B | 24.57 | 41.80% | 3.05% | 2.54% | 4.51% | |
68 Neutral | kr57.41B | 21.92 | 42.92% | 3.27% | 7.33% | 23.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $8.85B | 7.39 | 29.65% | 2.57% | ― | ― | |
64 Neutral | €5.81B | 660.12 | 0.16% | 0.79% | -96.46% | -99.03% | |
56 Neutral | €23.97B | 199.46 | ― | ― | -97.64% | ― | |
52 Neutral | kr39.36M | ― | -62.30% | ― | 177.14% | -80.98% |
* Financial Sector Average
SE:CS
Coinshares International Limited
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40.95
48.37%
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Coinshares International Limited Corporate Events
CoinShares Reports Strong Q2 2025 Performance
Aug 30, 2025
CoinShares International Limited is a leading digital asset investment firm operating in the cryptocurrency sector, known for its innovative exchange-traded products (ETPs) and asset management services.
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.