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.
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