CoinShares: Q3 in line, crypto rallying - ABG

FX/Other hampered the results, underlying in line
Crypto rallying, we raise adj. EBIT by 7% for '25e and 17% for '26e
'25e adj. EV/EBIT of 3x with '25e-'26e dividend yield of 12%-11%


Earnings miss driven by one-offs, AUM below ABGSCe

CoinShares reported Q3'24 numbers far below our expectations, but this was mainly driven by one-offs. Adj. EBIT was GBP 5m below ABGSCe: adjusting for the GBP 2m of FX/Other and GBP 2m principal investment miss, adj. EBIT was only 5% below ABGSCe, instead of the reported 27% earning miss. Asset Management revenues beat our expectation by 3% while missing on AUM by 6%, indicating a higher fee level than we anticipated. The earnings misses in Capital Markets and Principal Investments were mainly related to one-offs, as discussed above, although delta neutral trading and liquidity provisioning were below our expectations.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/coinshares/Equity-research/2024/11/coinshares---q3-in-line-crypto-rallying/