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CoinShares

CoinShares

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 are a volatile asset class and the price can vary significantly. Although CoinShares has no unhedged exposure, the AUM could decrease or increase rapidly through price changes of cryptocurrencies and thereby affect the earnings capacity. CoinShares took significant losses in 2022 related to its trading division, and it cannot be ruled out that something similar could happen again.

GBPm 2023 2024e 2025e
Sales 86 146 134
Sales growth (%) 19,2 70,6 -8,4
EBITDA 57 109 96
EBITDA margin (%) 66,3 74,6 72
EBIT adj. 54 103 90
EBIT adj. margin (%) 62,6 70,7 67,3
Pretax profit 38 99 86
EPS 0,53 1,38 1,15
EPS growth (%) 1490,9 161,1 -17,1
EPS adj. 0,69 1,44 1,21
DPS 0,1 0,61 0,48
EV/EBITDA (x) 5,1 2 2,2
EV/EBIT adj. (x) 5,4 2,1 2,4
P/E (x) 9,1 3,5 4,2
P/E adj. (x) 7 3,3 4
EV/sales (x) 3,41 1,47 1,62
FCF yield (%) 2,3 24,3 12,6
Le. adj. FCF yld. (%) 2,6 23,8 11,4
Dividend yield (%) 2,1 12,7 10
Net IB debt/EBITDA (x) -0,2 -0,8 -0,8
Le. adj. ND/EBITDA (x) -0,2 -0,8 -0,9
GBPm 2023 2024e 2025e
Sales 86 146 134
COGS -6 -14 -13
Gross profit 80 132 121
Other operating items -23 -23 -24
EBITDA 57 109 96
Depreciation and amortisation -3 -6 -6
of which leasing depreciation 0 -1 -1
EBITA 54 103 90
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 54 103 90
Net financial items -7 -5 -4
Pretax profit 38 99 86
Tax -1 -1 -5
Net profit 38 98 81
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 98 81
EPS 0,53 1,38 1,15
EPS adj. 0,69 1,44 1,21
Total extraordinary items after tax -8 1 0
Leasing payments 0 -1 -1
Tax rate (%) 1,4 0,9 5,5
Gross margin (%) 92,9 90,6 90
EBITDA margin (%) 66,3 74,6 72
EBITA margin (%) 62,6 70,7 67,3
EBIT margin (%) 62,6 70,7 67,3
Pre-tax margin (%) 44,9 67,7 64,3
Net margin (%) 44,3 67,1 60,8
Sales growth (%) 19,2 70,6 -8,4
EBITDA growth (%) -1034,4 91,8 -11,6
EBITA growth (%) -626,6 92,7 -12,8
EBIT growth (%) -626,6 92,7 -12,8
Net profit growth (%) 1480,2 158,8 -17,1
EPS growth (%) 1490,9 161,1 -17,1
ROE (%) 17,1 34,5 23,2
ROE adj. (%) 20,8 34,1 23,2
ROCE (%) 18,5 33,6 24,2
ROCE adj. (%) 21,8 33,3 24,2
ROIC (%) 24,7 43 31,8
ROIC adj. (%) 24,7 43 31,8
EBITDA adj. 57 109 96
EBITDA adj. margin (%) 66,3 74,6 72
EBITDA lease adj. 57 108 95
EBITDA lease adj. margin (%) 66,3 73,7 70,9
EBITA adj. 54 103 90
EBITA adj. margin (%) 62,6 70,7 67,3
EBIT adj. 54 103 90
EBIT adj. margin (%) 62,6 70,7 67,3
Pretax profit Adj. 47 98 86
Net profit Adj. 46 97 81
Net profit to shareholders adj. 46 97 81
Net adj. margin (%) 53,7 66,4 60,8
GBPm 2023 2024e 2025e
EBITDA 57 109 96
Goodwill 1 1 1
Net financial items -7 -5 -4
Other intangible assets 10 9 8
Paid tax -1 -1 -5
Tangible fixed assets 3 5 9
Non-cash items -6 -2 -2
Right-of-use asset 0 0 0
Cash flow before change in WC 43 101 86
Total other fixed assets 48 49 49
Change in working capital -32 -15 -39
Fixed assets 62 64 67
Operating cash flow 11 87 47
Inventories 2376 5278 6403
Capex tangible fixed assets -2 -1 -2
Receivables 419 765 896
Capex intangible fixed assets -1 -2 -2
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 33 107 97
Free cash flow 8 83 43
Total assets 2889 6215 7463
Dividend paid 0 -7 -41
Shareholders equity 239 330 370
Share issues and buybacks -4 0 0
Minority 0 0 0
Leasing liability amortisation 1 -2 -4
Total equity 239 330 370
Other non-cash items -3 0 0
Long-term debt 23 23 15
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 3 3 3
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 2624 5859 7075
Other current liabilities 0 0 0
Total liabilities and equity 2889 6215 7463
Net IB debt -9 -83 -81
Net IB debt excl. pension debt -9 -83 -81
Net IB debt excl. leasing -12 -86 -84
Capital employed 265 356 388
Capital invested 230 247 289
Working capital 170 185 224
Market cap. diluted (m) 346 343 343
Net IB debt adj. -9 -83 -81
Market value of minority 0 0 0
Reversal of shares and participations -45 -45 -45
Reversal of conv. debt assumed equity N/A N/A N/A
EV 292 215 217
Total assets turnover (%) 4 3,2 2
Working capital/sales (%) 180,1 121,4 152,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -3,7 -25,2 -21,9
Net debt / market cap (%) -2,7 -25,6 -25
Equity ratio (%) 8,3 5,3 5
Net IB debt adj. / equity (%) -3,7 -25,2 -21,9
Current ratio 1,08 1,05 1,05
EBITDA/net interest 8,2 20,1 24,1
Net IB debt/EBITDA (x) -0,2 -0,8 -0,8
Net IB debt/EBITDA lease adj. (x) -0,2 -0,8 -0,9
Interest coverage 7,8 19,1 22,5
GBPm 2023 2024e 2025e
Shares outstanding adj. 68 67 67
Diluted shares adj. 72 71 71
EPS 0,53 1,38 1,15
Dividend per share 0,1 0,61 0,48
EPS adj. 0,69 1,44 1,21
BVPS 3,33 4,64 5,21
BVPS adj. 3,18 4,5 5,09
Net IB debt/share -0,12 -1,17 -1,14
Share price 65,4 65,4 65,4
Market cap. (m) 328 325 325
P/E (x) 9,1 3,5 4,2
EV/sales (x) 3,41 1,47 1,62
EV/EBITDA (x) 5,1 2 2,2
EV/EBITA (x) 5,4 2,1 2,4
EV/EBIT (x) 5,4 2,1 2,4
Dividend yield (%) 2,1 12,7 10
FCF yield (%) 2,3 24,3 12,6
Le. adj. FCF yld. (%) 2,6 23,8 11,4
P/BVPS (x) 1,45 1,04 0,93
P/BVPS adj. (x) 1,44 1,01 0,9
P/E adj. (x) 7 3,3 4
EV/EBITDA adj. (x) 5,1 2 2,2
EV/EBITA adj. (x) 5,4 2,1 2,4
EV/EBIT adj. (x) 5,4 2,1 2,4
EV/CE (x) 1,1 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 3,4 2,2 2,7
Capex/depreciation 0,9 0,7 0,7
Capex tangibles / tangible fixed assets 67,8 25,4 18,3
Capex intangibles / definite intangibles 8,7 22,1 25,1
Depreciation on intang / def. intang 33 46 59
Depreciation on tangibles / tangibles 0 4,28 1,54

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Media

CoinShares - Company presentation with CEO Jean-Marie Mognetti

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Daniel Masters 21.7 % 21.7 % 12 Jun 2024
Jean-Marie Mognetti 17.9 % 17.9 % 31 May 2024
Russell Paul Newton 12.2 % 12.2 % 31 May 2024
Alan Howard 11.9 % 11.9 % 31 May 2024
Adam Levinson 5.9 % 5.9 % 31 May 2024
Paul Davidson 4.7 % 4.7 % 31 May 2024
Dwight Anderson 4.5 % 4.5 % 31 May 2024
Vitruvius Limited 3.9 % 3.9 % 31 May 2024
Meltem Demirors 3.6 % 3.6 % 31 May 2024
Horseferry Trading Pte LTD 2.1 % 2.1 % 31 May 2024
Source: Holdings by Modular Finance AB