CleanSpark, Inc.

DB:3UX Stock Report

Market Cap: €3.7b

CleanSpark Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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 3UX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3UX (€14.27) is trading below our estimate of fair value (€70.11)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for 3UX. This is calculated by dividing 3UX's market cap by their current revenue.
What is 3UX's PS Ratio?
PS Ratio11.4x
SalesUS$342.21m
Market CapUS$3.90b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for 3UX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average13.8x
AOF ATOSS Software
11.4x12.7%€1.9b
NB2 Northern Data
28.5x31.5%€2.3b
TMV TeamViewer
2.7x6.5%€1.8b
NEM Nemetschek
12.5x14.1%€11.5b
3UX CleanSpark
11.4x37.2%€3.9b

Price-To-Sales vs Peers: 3UX is good value based on its Price-To-Sales Ratio (11.4x) compared to the peer average (13.8x).

Price to Sales Ratio vs Industry

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

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.4x5.2%US$74.07m
CLIQ Cliq Digital
0.09x13.2%US$25.77m
LSX LS telcom
0.5x5.0%US$21.11m
IVX InVision
0.6xn/aUS$9.54m
3UX 11.4xIndustry Avg. 2.2xNo. of Companies7PS02.44.87.29.612+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 3UX is expensive based on its Price-To-Sales Ratio (11.4x) compared to the German Software industry average (2.2x).

Price to Sales Ratio vs Fair Ratio

What is 3UX'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.

3UX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio11.4x
Fair PS Ratio13.6x

Price-To-Sales vs Fair Ratio: 3UX is good value based on its Price-To-Sales Ratio (11.4x) compared to the estimated Fair Price-To-Sales Ratio (13.6x).

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 3UX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€14.27
€20.85
+46.2%
27.8%€28.33€9.91n/a6
Nov ’25€10.19
€20.42
+100.4%
27.8%€27.74€9.71n/a6
Oct ’25€7.84
€19.84
+153.1%
27.8%€26.96€9.43n/a6
Sep ’25€9.67
€20.62
+113.2%
26.9%€26.81€9.38n/a6
Aug ’25€13.83
€22.57
+63.2%
23.9%€27.92€11.63n/a6
Jul ’25€16.19
€22.38
+38.2%
23.6%€27.87€11.61n/a6
Jun ’25€15.11
€21.63
+43.2%
21.2%€27.81€13.91n/a6
May ’25€15.50
€21.72
+40.1%
21.2%€27.92€13.96n/a6
Apr ’25€20.00
€21.48
+7.4%
22.6%€27.81€12.98n/a6
Mar ’25€15.95
€13.87
-13.0%
36.8%€24.92€9.23n/a6
Feb ’25€7.70
€10.90
+41.6%
18.8%€13.05€7.35n/a6
Jan ’25€11.60
€10.99
-5.2%
18.8%€13.15€7.41n/a6
Dec ’24n/a
€9.24
0%
26.7%€12.87€4.87n/a6
Nov ’24n/a
€9.43
0%
27.3%€13.25€5.02€10.196
Oct ’24n/a
€10.25
0%
14.6%€12.75€9.11€7.844
Sep ’24n/a
€10.25
0%
14.6%€12.75€9.11€9.674
Aug ’24n/a
€8.59
0%
22.9%€10.85€5.42€13.834
Jul ’24n/a
€7.28
0%
30.6%€10.92€5.46€16.194
Jun ’24n/a
€7.36
0%
30.6%€11.03€5.52€15.114
May ’24n/a
€7.10
0%
34.6%€11.00€4.58€15.504
Apr ’24n/a
€7.02
0%
38.3%€11.24€4.68€20.004
Mar ’24n/a
€7.02
0%
38.3%€11.24€4.68€15.954
Feb ’24n/a
€7.53
0%
38.5%€11.29€4.71€7.704
Jan ’24n/a
€7.53
0%
38.5%€11.29€4.71€11.604
Dec ’23n/a
€9.37
0%
26.7%€12.04€6.02n/a3
Nov ’23n/a
€9.37
0%
26.7%€12.04€6.02n/a3

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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