Coincheck Group N.V. (NASDAQ: CNCK)

Sector: Financial Services Industry: Capital Markets CIK: 0001913847
Market Cap 111.95 Mn
P/B 1.61
P/E -1.06
P/S 0.04
ROIC (Qtr) -158.29
Div Yield % 0.00
Rev 1y % (Qtr) 80.10
Total Debt (Qtr) 451.62 Mn
Debt/Equity (Qtr) 6.48

About

Price action

Investment thesis

Bull case

  • Robust tangible asset base of 897.77M provides 19.03x coverage of working capital 47.18M, indicating strong operational backing.
  • Long-term investments of 4.19M provide solid 0.52x coverage of long-term debt 8.10M, indicating strategic financial planning.
  • Short-term investments of 423.81M provide healthy 8.98x coverage of working capital 47.18M, indicating strong liquidity.
  • Strong tangible asset base of 897.77M provides 47.04x coverage of intangibles 19.08M, indicating robust asset quality.
  • Cash reserves of 60M provide solid 9.76x coverage of other non-current liabilities 6.15M, indicating strong liquidity.

Bear case

  • Short-term investments of 423.81M significantly exceed cash reserves of 60M, which is 7.06x, indicating potentially excessive yield-seeking behavior at the expense of liquidity.
  • The company's operating cash flow of (11.44M) shows concerning coverage of stock compensation expenses of 4.14M, with a -2.76 ratio indicating potential earnings quality issues.
  • Free cash flow of (16.25M) provides weak coverage of capital expenditures of 4.81M, with a -3.38 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (94.03M) show weak coverage of depreciation charges of 5.02M, with a -18.72 ratio indicating high capital intensity and potential reinvestment needs.
  • Operating cash flow of (11.44M) provides minimal -1.18x coverage of tax expenses of 9.71M, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Peer comparison

Companies in the Capital Markets
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GS Goldman Sachs Group Inc 433.97 Bn 57.26 12.78 911.32 Bn
2 MS Morgan Stanley 314.55 Bn 23.99 5.50 353.12 Bn
3 SCHW Schwab Charles Corp 194.70 Bn 30.37 9.37 27.59 Bn
4 BMNR Bitmine Immersion Technologies, Inc. 148.85 Bn -30.55 20,710.58 0.00 Bn
5 HOOD Robinhood Markets, Inc. 72.97 Bn 33.26 17.36 0.00 Bn
6 LPLA LPL Financial Holdings Inc. 30.55 Bn 68.41 5.00 7.52 Bn
7 IBKR Interactive Brokers Group, Inc. 28.46 Bn 103.89 11.54 28.43 Bn
8 CRCL Circle Internet Group, Inc. 27.14 Bn 172.85 16.04 0.15 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.53 1.29
EV to Cash from Ops. EV/CFO 42.62 -15.44
EV to Debt EV to Debt -1.08 18.96
EV to EBIT EV/EBIT 5.18 32.20
EV to EBITDA EV/EBITDA 58.30 45.42
EV to Free Cash Flow [EV/FCF] EV/FCF 30.00 9.12
EV to Market Cap EV to Market Cap -4.35 1.11
EV to Revenue EV/Rev -0.16 300.60
Price to Book Value [P/B] P/B 1.61 4.37
Price to Earnings [P/E] P/E -1.06 16.68
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -0.92
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 7.75
Dividend per Basic Share Div per Share (Qtr) 0.00 0.70
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -8.99
Interest Coverage Int. cover (Qtr) -44.48 -165.38
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 26.49 -12,127.34
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -19.67 1,715.17
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 4.17
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -619.07 -2,046.50
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -127.30 -3,960.13
EBIT Growth (1y) % EBIT 1y % (Qtr) -425.15 728.13
EBT Growth (1y) % EBT 1y % (Qtr) -436.97 838.81
EPS Growth (1y) % EPS 1y % (Qtr) -258.00 26.25
FCF Growth (1y) % FCF 1y % (Qtr) -163.60 -3,406.06
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 20.30 54.45
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.02 0.42
Cash Payout Ratio Cash Payout (Qtr) 0.00 -0.09
Cash Ratio Cash Ratio (Qtr) 0.07 1.46
Current Ratio Curr Ratio (Qtr) 1.06 2.98
Debt to Equity Ratio Debt/Equity (Qtr) 6.48 1.50
Interest Cover Ratio Int Coverage (Qtr) -44.48 -165.38
Times Interest Earned Times Interest Earned (Qtr) -44.48 -165.38
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -2.90 -959.56
EBIT Margin % EBIT Margin % (Qtr) -462.10 -1,006.04
EBT Margin % EBT Margin % (Qtr) -3.16 -981.88
Gross Margin % Gross Margin % (Qtr) 3.30 53.03
Net Profit Margin % Net Margin % (Qtr) -3.50 -988.00