CoinShares (CSNRF) fair value: what the stock is really worth
We calculate from audited financials what CoinShares is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range $0.7653 – $4.59 · the $4.59 price screens above the $1.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Chesnara plc, together with its subsidiaries, operates in life assurance and pension businesses primarily in the United Kingdom, Sweden, and the Netherlands. It underwrites life, health, accident, and disability cover by providing savings and pensions products to meet future financial needs; and provides a portfolio of investment contracts.
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Chesnara plc, together with its subsidiaries, operates in life assurance and pension businesses primarily in the United Kingdom, Sweden, and the Netherlands. It underwrites life, health, accident, and disability cover by providing savings and pensions products to meet future financial needs; and provides a portfolio of investment contracts. The company also provides term life, unit-linked, index-linked, and non-linked business products. It distributes its products principally through independent financial advisers. Chesnara plc was incorporated in 2003 and is headquartered in Preston, the United Kingdom.
Stock analysis
CoinShares (CSNRF) currently trades at $4.59, while our model-based Fair Value estimate is $1.14, implying the stock looks roughly 302.6% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of $0.9100 per share, and 0 of the 4 models we run sit above the $4.59 price.
Bear case: the Multiples group reads lowest at $0.2200, and 4 of the 4 models stay below the price. Evidence for this calculation is low.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
CoinShares reported revenue of £1.5B in FY2025 versus £638M in FY2021, a compound +24.6%/yr. Reported net income was £3.9M in FY2025, compounding −34.5%/yr from FY2021.
Key figures
Market cap $1.1B · P/S ratio 3.08 · EPS (TTM) $−0.0700 · Dividend yield 4.9% · Net margin 0.3% · Return on equity −2.4% · Return on assets 0.1% · Operating margin 15.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high and 283% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at −75%, CSNRF screens richer than that median.
Fair Value models
Bear $1.14Fair Value $1.14Bull $1.14
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+48.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
’21
’22
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−23.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−28.8%
Dividend (yield on the price)4.9%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.0%
Yearly growth needed for the next five years to justify today's price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Life · 95 stocks
Beats the industry median on 1/12 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−94% · Bottom 25%
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)−3% · Bottom 25%
Operating margin (TTM)15% · Below median
Growth and dividend
Revenue growth−8% · Bottom 25%
Dividend yield (TTM)4.9% · Top 25%
Balance sheet
Debt / equity0.65× · Highest 25%
Valuation Multiplesvs Insurance - Life median · lower = cheaper
P/B3.35× · Priciest 25%
P/S (TTM)3.08× · Priciest 25%
P/FCF24.7× · Priciest 25%
EV/EBITDA41.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 13
FUTURE (revenue growth)0· sector 44
PAST (return on equity)0· sector 43
HEALTH (low debt)67· sector 84
DIVIDEND (yield)98· sector 56
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "CoinShares Fair Value". https://www.fairvalue-calculator.com/stock/CSNRF
Frequently asked questions
Is CoinShares (CSNRF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $1.14 versus a price of $4.59, about −75% upside (overvalued).
What is the fair value of CSNRF?
Our model-based fair value for CoinShares is $1.14 (as of Sep 13, 2026), built from audited fundamentals. The current price: $4.59.
What is the quality score of CSNRF?
CoinShares has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CoinShares (CSNRF)?
Our model-based price target is the fair value of $1.14 (as of Sep 13, 2026) from 4 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the CoinShares stock forecast for 2026?
Our models put fair value at $1.14, about −75% upside versus a price of $4.59 (overvalued). The calculation is refreshed regularly with new filings.
Does CoinShares pay a dividend?
CoinShares currently shows a dividend yield of about 4.90% relative to its recent price (as of Sep 13, 2026).
What growth is priced into CoinShares (CSNRF)?
For today's price to be fair in a discounted-cash-flow model, CoinShares would have to grow free cash flow by +8.0 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +24.6 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of CSNRF use?
Our models discount CoinShares at 9.9 %: a base by market capitalisation (small), damped by beta 0.53, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CoinShares that is +8.0 % per year a year over ten years, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has CoinShares (CSNRF) delivered so far?
Over the past 4 years revenue at CoinShares grew +24.6 % a year. The price currently implies +8.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CoinShares (CSNRF) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into CoinShares (+8.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CoinShares (CSNRF)?
The free-cash-flow yield on the price is 6.15 %: that much free cash flow CoinShares produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CoinShares (CSNRF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CoinShares it is $1.14 per share (as of Sep 13, 2026), against a price of $4.59. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is CoinShares stock overvalued or undervalued in 2026?
As of Sep 13, 2026, CSNRF trades above its calculated fair value: price $4.59, fair value $1.14, a gap of about −75% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CSNRF?
No. The price is what the market pays today ($4.59); the fair value is what the company's own numbers justify ($1.14). For CoinShares the two are $3.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is CoinShares worth?
The market values CoinShares at about $1.1B (market capitalisation, as of Sep 13, 2026). Per share that is $4.59; our models calculate a fair value of $1.14 per share.
How solid is the balance sheet of CoinShares (CSNRF)?
Balance-sheet figures for CoinShares (as of Sep 13, 2026): return on equity −2.4%, debt of 0.65 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is CSNRF from its 52-week high?
CoinShares trades at $4.59, about 0% below its 52-week high of $4.57 and 283% above the low of $1.20 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $1.14 is for.
Which stocks are comparable to CoinShares?
From the same area (Financial Services) we also value China Life Insurance Company, Ping An Insurance (Group) Company, AIA Group, Manulife Financial Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CoinShares stock attractive at the current price?
The data as of Sep 13, 2026: price $4.59, calculated fair value $1.14 (−75%), Quality Score 53/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CSNRF calculated?
We run CoinShares through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $1.14, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. CoinShares itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with CoinShares right now?
The price sits above even our optimistic bull case ($1.14). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of CoinShares
How large is the market capitalisation of CoinShares (CSNRF)?
The market capitalisation of CoinShares is $1.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CoinShares (CSNRF)?
The price-to-sales ratio of CoinShares is 3.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CoinShares (CSNRF)?
Earnings per share at CoinShares are $−0.0700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CoinShares (CSNRF)?
The dividend yield of CoinShares is 4.9%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CoinShares (CSNRF)?
The net margin of CoinShares is 0.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CoinShares (CSNRF)?
The return on equity (ROE) of CoinShares is −2.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of CoinShares (CSNRF)?
The return on assets (ROA) of CoinShares is 0.1% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of CoinShares (CSNRF)?
The operating margin of CoinShares is 15.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CoinShares (CSNRF)?
Revenue at CoinShares is growing −7.7% versus a year earlier (3y avg +0.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CoinShares (CSNRF)?
Earnings per share at CoinShares are growing −93.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CoinShares (CSNRF) carry?
The net debt of CoinShares is $67.6M (fiscal year 2025, ≈ 1.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Sep 13, 2026