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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

USDm 2024 2025e 2026e
Sales 161 175 183
Sales growth (%) 51,5 8,5 4,7
EBITDA 141 122 126
EBITDA margin (%) 87,3 69,5 69
EBIT adj. 100 116 120
EBIT adj. margin (%) 61,9 66,1 65,3
Pretax profit 138 112 118
EPS 1,95 1,53 1,59
EPS growth (%) N/A -21,4 3,9
EPS adj. 1,55 1,62 1,68
DPS 0,22 0,44 0,67
EV/EBITDA (x) 3,9 3,6 3
EV/EBIT adj. (x) 5,5 3,8 3,2
P/E (x) 4,2 5,4 5,2
P/E adj. (x) 5,3 5,1 4,9
EV/sales (x) 3,39 2,5 2,06
FCF yield (%) -0,1 25 15,7
Le. adj. FCF yld. (%) -0,3 24,4 15
Dividend yield (%) 2,7 5,3 8,1
Net IB debt/EBITDA (x) 0 -0,9 -1,3
Le. adj. ND/EBITDA (x) 0 -0,9 -1,4
USDm 2024 2025e 2026e
Sales 161 175 183
COGS -17 -20 -22
Gross profit 144 155 161
Other operating items -3 -33 -35
EBITDA 141 122 126
Depreciation and amortisation -4 -6 -7
of which leasing depreciation -1 -1 -1
EBITA 137 116 120
EO Items 37 0 0
Impairment and PPA amortisation 0 0 0
EBIT 137 116 120
Net financial items -3 -3 -2
Pretax profit 138 112 118
Tax -1 -4 -5
Net profit 137 108 112
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 137 108 112
EPS 1,95 1,53 1,59
EPS adj. 1,55 1,62 1,68
Total extraordinary items after tax 41 0 0
Leasing payments -1 -1 -1
Tax rate (%) 0,7 3,8 4,7
Gross margin (%) 89,4 88,6 87,9
EBITDA margin (%) 87,3 69,5 69
EBITA margin (%) 84,7 66,1 65,3
EBIT margin (%) 84,7 66,1 65,3
Pre-tax margin (%) 85,3 64,1 64,2
Net margin (%) 84,8 61,7 61,2
Sales growth (%) 51,5 8,5 4,7
EBITDA growth (%) 99,2 -13,6 3,9
EBITA growth (%) 105 -15,4 3,4
EBIT growth (%) N/A -15,4 3,4
Net profit growth (%) 190,1 -21,1 3,9
EPS growth (%) N/A -21,4 3,9
ROE (%) 39,1 24,6 21,6
ROE adj. (%) 27,5 24,6 21,6
ROCE (%) 37 24,9 22,3
ROCE adj. (%) 26,3 24,9 22,3
ROIC (%) 38,8 28,9 30,2
ROIC adj. (%) 28,3 28,9 30,2
EBITDA adj. 104 122 126
EBITDA adj. margin (%) 64,5 69,5 69
EBITDA lease adj. 103 121 125
EBITDA lease adj. margin (%) 64 69 68,5
EBITA adj. 100 116 120
EBITA adj. margin (%) 61,9 66,1 65,3
EBIT adj. 100 116 120
EBIT adj. margin (%) 61,9 66,1 65,3
Pretax profit Adj. 97 112 118
Net profit Adj. 96 108 112
Net profit to shareholders adj. 96 108 112
Net adj. margin (%) 59,6 61,7 61,2
USDm 2024 2025e 2026e
EBITDA 141 122 126
Goodwill 3 3 3
Net financial items -3 -3 -2
Other intangible assets 11 10 8
Paid tax -1 -4 -5
Tangible fixed assets 3 6 11
Non-cash items 4 0 -1
Right-of-use asset 0 0 0
Cash flow before change in WC 140 114 118
Total other fixed assets 28 28 28
Change in working capital -138 38 -21
Fixed assets 46 47 49
Operating cash flow 2 151 97
Inventories 4634 4873 5187
Capex tangible fixed assets -1 -2 -2
Receivables 1425 1267 1349
Capex intangible fixed assets -2 -2 -2
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 25 132 183
Free cash flow 0 148 93
Total assets 6130 6318 6768
Dividend paid -26 -15 -29
Shareholders equity 402 477 559
Share issues and buybacks 0 -9 0
Minority 0 0 0
Leasing liability amortisation -2 -4 -4
Total equity 402 477 559
Other non-cash items 27 -9 0
Long-term debt 25 19 11
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 5700 5819 6194
Other current liabilities 0 0 0
Total liabilities and equity 6130 6318 6768
Net IB debt 1 -111 -170
Net IB debt excl. pension debt 1 -111 -170
Net IB debt excl. leasing -2 -114 -173
Capital employed 430 499 574
Capital invested 403 366 389
Working capital 359 321 342
EV breakdown N/A N/A N/A
Market cap. diluted (m) 579 581 581
Net IB debt adj. 1 -111 -170
Market value of minority 0 0 0
Reversal of shares and participations -26 -25 -25
Reversal of conv. debt assumed equity N/A N/A N/A
EV 546 437 378
Total assets turnover (%) 3,4 2,8 2,8
Working capital/sales (%) 179,6 194,3 180,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 0,3 -23,2 -30,4
Net debt / market cap (%) 0,2 -20,1 -30,9
Equity ratio (%) 6,6 7,5 8,3
Net IB debt adj. / equity (%) 0,3 -23,2 -30,4
Current ratio 1,07 1,08 1,08
EBITDA/net interest 46,3 35,2 63,2
Net IB debt/EBITDA (x) 0 -0,9 -1,3
Net IB debt/EBITDA lease adj. (x) 0 -0,9 -1,4
Interest coverage 44,9 33,5 59,8
USDm 2024 2025e 2026e
Shares outstanding adj. 67 67 67
Diluted shares adj. 70 70 70
EPS 1,95 1,53 1,59
Dividend per share 0,22 0,44 0,67
EPS adj. 1,55 1,62 1,68
BVPS 5,73 6,77 7,94
BVPS adj. 5,52 6,59 7,8
Net IB debt/share 0,02 -1,57 -2,42
Share price 80,3 80,3 80,3
Market cap. (m) 550 550 550
Valuation N/A N/A N/A
P/E (x) 4,2 5,4 5,2
EV/sales (x) 3,39 2,5 2,06
EV/EBITDA (x) 3,9 3,6 3
EV/EBITA (x) 4 3,8 3,2
EV/EBIT (x) 4 3,8 3,2
Dividend yield (%) 2,7 5,3 8,1
FCF yield (%) -0,1 25 15,7
Le. adj. FCF yld. (%) -0,3 24,4 15
P/BVPS (x) 1,44 1,22 1,04
P/BVPS adj. (x) 1,42 1,19 1
P/E adj. (x) 5,3 5,1 4,9
EV/EBITDA adj. (x) 5,3 3,6 3
EV/EBITA adj. (x) 5,5 3,8 3,2
EV/EBIT adj. (x) 5,5 3,8 3,2
EV/CE (x) 1,3 0,9 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 1,6 2,1 2,2
Capex/depreciation 0,7 0,7 0,7
Capex tangibles / tangible fixed assets 30,5 25,9 18,3
Capex intangibles / definite intangibles 13,8 20,3 26,2
Depreciation on intang / def. intang 27 48 72
Depreciation on tangibles / tangibles 11,94 5,84 3,36

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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 May 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