Cipher Mining Inc.

DB:3A9 Stock Report

Market Cap: €1.9b

Cipher Mining Valuation

Is 3A9 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3A9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3A9 (€5.5) is trading below our estimate of fair value (€58.16)

Significantly Below Fair Value: 3A9 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3A9?

Key metric: As 3A9 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 3A9. This is calculated by dividing 3A9's market cap by their current revenue.
What is 3A9's PS Ratio?
PS Ratio12.8x
SalesUS$152.47m
Market CapUS$1.96b

Price to Sales Ratio vs Peers

How does 3A9's PS Ratio compare to its peers?

The above table shows the PS ratio for 3A9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average11.3x
NB2 Northern Data
28.7x31.5%€2.2b
AOF ATOSS Software
11.4x12.7%€1.9b
TMV TeamViewer
2.7x6.5%€1.8b
MUM Mensch und Maschine Software
2.5x-0.1%€888.7m
3A9 Cipher Mining
12.8x57.1%€2.0b

Price-To-Sales vs Peers: 3A9 is expensive based on its Price-To-Sales Ratio (12.8x) compared to the peer average (11.4x).

Price to Sales Ratio vs Industry

How does 3A9's PS Ratio compare vs other companies in the DE Software Industry?

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.3x5.2%US$72.66m
CLIQ Cliq Digital
0.08x13.2%US$24.36m
LSX LS telcom
0.5x5.0%US$21.24m
IVX InVision
0.6xn/aUS$9.69m
3A9 12.8xIndustry Avg. 2.1xNo. of Companies7PS02.44.87.29.612+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 3A9 is expensive based on its Price-To-Sales Ratio (12.8x) compared to the German Software industry average (2.1x).

Price to Sales Ratio vs Fair Ratio

What is 3A9's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3A9 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio12.8x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 3A9's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 3A9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€5.50
€7.76
+41.0%
18.1%€10.48€5.72n/a10
Nov ’25€4.42
€7.00
+58.4%
20.3%€10.11€5.52n/a10
Oct ’25€3.46
€6.66
+92.6%
15.9%€8.09€5.39n/a10
Sep ’25€3.16
€6.97
+120.4%
13.6%€8.07€5.38n/a8
Aug ’25n/a
€6.34
0%
17.9%€8.29€4.61n/a7
Jul ’25n/a
€6.13
0%
19.8%€8.38€4.65n/a6
Jun ’25n/a
€5.36
0%
14.6%€6.89€4.60n/a6
May ’25n/a
€5.31
0%
20.2%€7.49€4.22n/a6
Apr ’25n/a
€5.25
0%
20.2%€7.42€4.17n/a6
Mar ’25n/a
€5.22
0%
20.2%€7.38€4.15n/a6
Feb ’25n/a
€5.33
0%
19.0%€7.30€4.11n/a6
Jan ’25n/a
€4.88
0%
13.1%€5.63€3.99n/a6
Dec ’24n/a
€4.88
0%
13.1%€5.63€3.99n/a6
Nov ’24n/a
€4.75
0%
15.3%€5.70€3.80€4.426
Oct ’24n/a
€4.92
0%
12.0%€5.63€4.22€3.466
Sep ’24n/a
€4.69
0%
11.4%€5.52€4.14€3.165
Aug ’24n/a
€4.04
0%
24.3%€5.39€2.70n/a5
Jul ’24n/a
€3.37
0%
13.6%€3.74€2.81n/a5
Jun ’24n/a
€3.19
0%
14.3%€3.65€2.74n/a4
May ’24n/a
€3.19
0%
14.3%€3.65€2.73n/a4
Apr ’24n/a
€2.67
0%
4.9%€2.76€2.49n/a3
Mar ’24n/a
€2.68
0%
5.3%€2.82€2.54n/a2

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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