CoinShares PLC (CSHRW) Stock Analysis
CoinShares PLC
▾ What's in the 49/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
How to read CSHRW (pre-profit growth)
This company is reinvesting instead of generating profit, so a standard DCF cannot price it. The useful question is whether the growth the market is paying for is achievable — and whether the company can fund itself until then.
-
1
Reverse-DCF — the growth the price demands ↓
It shows exactly how fast the business must grow to justify today's price. Compare that to what comparable companies have actually achieved.
-
2
Cash runway ↓
Can it reach profitability before it has to raise money and dilute shareholders?
-
3
Interactive calculator ↓
Set your own growth + margin assumptions and see what the business would be worth if you are right.
CSHRW's SEC filings give us limited machine-readable financials — common for some foreign or newly-listed filers that report under IFRS or file abbreviated statements. We can't run a full valuation on a partial dataset.
What to use instead: What we have parsed is shown below. As more complete filings arrive (or IFRS support lands), the valuation will populate.
How does CSHRW stack up against its closest peers?
We take the 4 same-industry companies most similar to CSHRW (similar size) and check what investors are paying for each dollar of their revenue (or profits). If CSHRW is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 4 same-industry peers; implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
▾ View peer list (4)
| Ticker | Company | Industry | Mcap | EV/Sales | EV/GP | EV/EBIT | FCF Yield |
|---|---|---|---|---|---|---|---|
| DOMH | Dominari Holdings Inc. | Investment Brokerage | $84M | 0.7x | — | — | 14.3% |
| SIEB | SIEBERT FINANCIAL CORP | Investment Brokerage | $76M | 1.4x | — | 14.4x | 10.9% |
| AXG | Solowin Holdings, Ltd. | Investment Brokerage | $55M | 84.7x | — | — | 0.1% |
| CSHR | CoinShares PLC | Investment Brokerage | $654M | — | — | — | — |
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
The F-score compares two consecutive years of income, cash-flow and balance-sheet data. We have 3 years of income data for this filer, but no machine-readable cash-flow statement — so several of the nine checks have no input at all. We show nothing rather than score a partial year against itself. The reported figures in the financial tables below are unaffected.
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → (DCF) valuation is not meaningful for CoinShares PLC because the company has negative net income and a low franchise/durability score of 0/5, indicating a cash-burning growth stage. Valuing it would require projecting a clear path to sustained profitability and positive free cash flowFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation →, which is not evident in its current financials. Investors are likely betting on the future growth and adoption of digital asset investment products, which is not fully captured by backward-looking models. The biggest risk is that the company's negative net income persists, making it difficult to achieve positive equity value under current assumptions.
As of 4 days ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → by expanding its asset under management and diversifying its revenue streams. This would demonstrate the viability of its business model in the volatile digital asset market.
- Growth in assets under management (AUM)
- Achievement of positive quarterly net income
- Expansion into new regulated markets or product offerings
Management & Leadership
Jean-Marie Mognetti serves as the Chief Executive Officer of CoinShares, a position he has held since 2018. Daniel Masters is the Executive Chairman, having co-founded the company in 2013.
Names marked "per latest SEC filing" come from Form 4 / Item 408 filings and take precedence over our AI-compiled roster when they differ.
What They Make
CoinShares PLC is a digital asset investment firm that provides financial products and services to institutional and individual investors. They earn revenue primarily from management fees and trading activities related to their digital asset offerings.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is pricing CoinShares based on expectations of future growth in the digital asset sector, rather than current cash flows, given its negative net income. The market may be assigning value to the potential for increased institutional adoption of crypto investment products, which is not in the model, and the company's position as an early mover in a nascent industry. The low franchise/durability score suggests the market is focused on future potential rather than established competitive advantages.
Business Model & Valuation
How They Make Money
The company funds itself primarily through equity raises and retained earnings, as it has negative net income and does not pay dividends or engage in buybacks.
Growth / Revenue DCF
No cash flow statement data available - using revenue/margin growth model as fallback.
Show advanced inputs
| Revenue Growth | 15.0% |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project net interest income and fee-income lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Net income has been negative in the latest period, and the company has been profitable in 0 out of the last 3 years.
Geography & Markets
CoinShares PLC is headquartered in Jersey, with operations primarily focused on European markets, though exact geographic segment splits are not available in current filings.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)61.1NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (5 notes — click to expand/collapse)
Guardrail Notes (5)
- FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
- INVARIANT: weighted IV is non-positive. Model may not be appropriate.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Illiquidity discount 15% applied (small/micro-cap — harder to exit, demand a margin).
- Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From CoinShares PLC's SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | — | — | $0.00 |
| 2024 | — | — | $0.00 |
| 2023 | — | — | $0.00 |
Balance Sheet
| Total Assets | 60.4M |
| Total Liabilities | 61.8M |
| Equity | -1.4M |
| Total Debt | 28.1M |
Similar companies worth a look
Same sector and industry, similar fundamentals shape. Verify everything yourself — this list is computed mechanically and does not reflect our judgment about whether any of these are a good investment.