Coinbase: the funding cost inflection already happened
The expensive part of the funding rebuild is behind this bank. The market is still modelling it as ahead.
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Discussion · 7
Respectfully, I think this overstates it. The mix argument is the part I had not considered properly. What would you need to see to add rather than hold?
Thanks for showing the workings. The comp table did more work for me than the narrative did. How much of this do you think is already in the buy side's numbers?
This is the clearest write-up I have seen on the name. Splitting volume from price is what makes this legible. Where does this break if rates back up another 50bp?
Been on the sidelines on this one. The regulatory ceiling being quantified changes the model, not just the headline. How much does this depend on the macro cooperating?
This is the second-order point everyone skips. The utilisation assumption is where I disagree. Would you underwrite this without the catalyst date?
I came in sceptical. The destocking signature is textbook and nobody is naming it. What would you need to see to add rather than hold?
I hold the other side of this. The destocking signature is textbook and nobody is naming it. What would you need to see to add rather than hold?