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CoinShares

CoinShares

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CoinShares is an asset manager with a complimentary capital markets division. The company provides exposure to digital assets for its customers through investment products such as ETPs. The company earns money through management fees on its instruments. CoinShares has ~40% market share in Europe and has recently entered the market in the US.

Digital assets is a volatile asset class and the price can vary significantly. Although CoinShares has limited unhedged exposure, the AUM could decrease or increase rapidly through price changes of cryptocurrencies and thereby affect the earnings capacity. CoinShares reported significant losses in 2022 related to its trading division, and it cannot be ruled out that something similar could happen again.

Financials

GBPm 2024 2025e 2026e
Sales 126 144 147
Sales growth (%) 47,3 14,3 1,5
EBITDA 110 102 103
EBITDA margin (%) 87,3 70,6 70,4
EBIT adj. 78 97 98
EBIT adj. margin (%) 61,9 66,9 66,7
Pretax profit 108 95 96
EPS 1,53 1,28 1,3
EPS growth (%) N/A -16,1 1,3
EPS adj. 1,55 1,35 1,37
DPS 0,3 0,41 0,55
EV/EBITDA (x) 3,6 2,8 2,4
EV/EBIT adj. (x) 5 2,9 2,5
P/E (x) 3,9 4,6 4,6
P/E adj. (x) 3,8 4,4 4,3
EV/sales (x) 3,13 1,96 1,66
FCF yield (%) -0,1 32,8 17
Le. adj. FCF yld. (%) -0,6 31,8 16
Dividend yield (%) 5,1 6,9 9,3
Net IB debt/EBITDA (x) 0 -1,1 -1,5
Le. adj. ND/EBITDA (x) 0 -1,1 -1,5
GBPm 2024 2025e 2026e
Sales 126 144 147
COGS -13 -14 -14
Gross profit 113 131 133
Other operating items -3 -29 -30
EBITDA 110 102 103
Depreciation and amortisation -3 -5 -5
of which leasing depreciation -1 -1 -1
EBITA 107 97 98
EO Items 29 0 0
Impairment and PPA amortisation 0 0 0
EBIT 107 97 98
Net financial items -2 -2 -2
Pretax profit 108 95 96
Tax -1 -4 -4
Net profit 107 90 91
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 107 90 91
EPS 1,53 1,28 1,3
EPS adj. 1,55 1,35 1,37
Total extraordinary items after tax 32 0 0
Leasing payments -1 -1 -1
Tax rate (%) 0,7 4,7 4,7
Gross margin (%) 89,4 90,5 90,8
EBITDA margin (%) 87,3 70,6 70,4
EBITA margin (%) 84,7 66,9 66,7
EBIT margin (%) 84,7 66,9 66,7
Pre-tax margin (%) 85,3 65,5 65,3
Net margin (%) 84,8 62,4 62,3
Sales growth (%) 47,3 14,3 1,5
EBITDA growth (%) 93,8 -7,5 1,3
EBITA growth (%) 99,4 -9,7 1,2
EBIT growth (%) 99,4 -9,7 1,2
Net profit growth (%) 182,2 -15,8 1,3
EPS growth (%) N/A -16,1 1,3
ROE (%) 38,7 25,8 21,9
ROE adj. (%) 27,2 25,8 21,9
ROCE (%) 36,6 26,3 22,9
ROCE adj. (%) 26 26,3 22,9
ROIC (%) 38,3 31,3 32,6
ROIC adj. (%) 28 31,3 32,6
EBITDA adj. 81 102 103
EBITDA adj. margin (%) 64,5 70,6 70,4
EBITDA lease adj. 81 101 102
EBITDA lease adj. margin (%) 64 70,1 69,9
EBITA adj. 78 97 98
EBITA adj. margin (%) 61,9 66,9 66,7
EBIT adj. 78 97 98
EBIT adj. margin (%) 61,9 66,9 66,7
Pretax profit Adj. 76 95 96
Net profit Adj. 75 90 91
Net profit to shareholders adj. 75 90 91
Net adj. margin (%) 59,6 62,4 62,3
GBPm 2024 2025e 2026e
EBITDA 110 102 103
Goodwill 2 2 2
Net financial items -2 -2 -2
Other intangible assets 9 8 6
Paid tax -1 -4 -4
Tangible fixed assets 2 7 12
Non-cash items -1 -1 -1
Right-of-use asset 0 0 0
Cash flow before change in WC 106 94 96
Total other fixed assets 22 22 22
Change in working capital -103 45 -21
Fixed assets 36 39 43
Operating cash flow 3 140 75
Inventories 3627 3577 3898
Capex tangible fixed assets -1 -2 -2
Receivables 1115 930 1013
Capex intangible fixed assets -2 -2 -2
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 20 125 156
Free cash flow 0 136 71
Total assets 4798 4671 5110
Dividend paid -33 -20 -27
Shareholders equity 314 384 449
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -2 -4 -4
Total equity 314 384 449
Other non-cash items 35 1 0
Long-term debt 20 12 4
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 2 2 2
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 4461 4272 4655
Other current liabilities 0 0 0
Total liabilities and equity 4798 4670 5110
Net IB debt 1 -112 -152
Net IB debt excl. pension debt 1 -112 -152
Net IB debt excl. leasing -1 -114 -154
Capital employed 336 398 455
Capital invested 315 273 298
Working capital 281 236 257
Market cap. diluted (m) 414 415 415
Net IB debt adj. 1 -112 -152
Market value of minority 0 0 0
Reversal of shares and participations -20 -20 -20
Reversal of conv. debt assumed equity N/A N/A N/A
EV 395 283 244
Total assets turnover (%) 3,4 3 3
Working capital/sales (%) 181,5 179 168
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 0,3 -29,1 -33,8
Net debt / market cap (%) 0,2 -28,5 -38,5
Equity ratio (%) 6,6 8,2 8,8
Net IB debt adj. / equity (%) 0,3 -29,1 -33,8
Current ratio 1,07 1,08 1,09
EBITDA/net interest 46,3 50,9 51,6
Net IB debt/EBITDA (x) 0 -1,1 -1,5
Net IB debt/EBITDA lease adj. (x) 0 -1,1 -1,5
Interest coverage 44,9 48,3 48,9
GBPm 2024 2025e 2026e
Shares outstanding adj. 67 67 67
Diluted shares adj. 70 70 70
EPS 1,53 1,28 1,3
Dividend per share 0,3 0,41 0,55
EPS adj. 1,55 1,35 1,37
BVPS 4,48 5,46 6,37
BVPS adj. 4,32 5,32 6,25
Net IB debt/share 0,01 -1,59 -2,15
Share price 82,5 82,5 82,5
Market cap. (m) 393 393 393
P/E (x) 3,9 4,6 4,6
EV/sales (x) 3,13 1,96 1,66
EV/EBITDA (x) 3,6 2,8 2,4
EV/EBITA (x) 3,7 2,9 2,5
EV/EBIT (x) 3,7 2,9 2,5
Dividend yield (%) 5,1 6,9 9,3
FCF yield (%) -0,1 32,8 17
Le. adj. FCF yld. (%) -0,6 31,8 16
P/BVPS (x) 1,32 1,08 0,93
P/BVPS adj. (x) 1,3 1,05 0,89
P/E adj. (x) 3,8 4,4 4,3
EV/EBITDA adj. (x) 4,8 2,8 2,4
EV/EBITA adj. (x) 5 2,9 2,5
EV/EBIT adj. (x) 5 2,9 2,5
EV/CE (x) 1,2 0,7 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 2,5 2,5 2,7
Capex/depreciation 1,2 0,8 0,9
Capex tangibles / tangible fixed assets 49,8 22,9 16,7
Capex intangibles / definite intangibles 22,6 26,5 32,4
Depreciation on intang / def. intang 27 57 71
Depreciation on tangibles / tangibles 10,99 4,12 2,45

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Media

CoinShares - Company presentation with CEO Jean-Marie Mognetti
CoinShares - Fireside chat with CEO Jean-Marie Mognetti

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Main shareholders - CoinShares

Main shareholders Share capital % Voting shares % Verified
Daniel Masters 18.1 % 18.1 % 27 Mar 2025
Jean-Marie Mognetti 17.8 % 17.8 % 27 Jan 2025
Russell Paul Newton 12.1 % 12.1 % 31 Dec 2024
Alan Howard 11.9 % 11.9 % 31 Dec 2024
Adam Levinson 5.8 % 5.8 % 31 Dec 2024
Paul Davidson 4.7 % 4.7 % 31 Dec 2024
Dwight Anderson 4.4 % 4.4 % 31 Dec 2024
Vitruvius Limited 3.8 % 3.8 % 31 Dec 2024
Meltem Demirors 3.6 % 3.6 % 31 Dec 2024
Horseferry Trading Pte LTD 2.1 % 2.1 % 31 Dec 2024
Source: Holdings by Modular Finance AB