Cipher Mining Valuation

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

CIFR * (MX$60) is trading below our estimate of [[fair value]] (MX$749.86)

Is CIFR * 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-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: CIFR * (MX$60) is trading below our estimate of fair value (MX$749.86)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CIFR *?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CIFR *. This is calculated by dividing CIFR *'s market cap by their current preferred multiple.
What is CIFR *'s n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	US$1.38b

CIFR * key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	8.1x
Enterprise Value/EBITDA	29.6x
PEG Ratio	1.7x

Price to Earnings Ratio vs Peers

How does CIFR *'s PE Ratio compare to its peers?

The above table shows the PE ratio for CIFR * vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	51.8x
ENGH Enghouse Systems	22x	11.3%	CA$1.8b
MAPMYINDIA C. E. Info Systems	85.5x	27.0%	₹117.6b
DCBO Docebo	77.9x	34.0%	CA$1.8b
TANLA Tanla Platforms	21.6x	15.1%	₹119.8b
CIFR * Cipher Mining	83.1x	50.1%	Mex$1.4b

Price-To-Earnings vs Peers: CIFR * is expensive based on its Price-To-Earnings Ratio (83.1x) compared to the peer average (51.8x).

Price to Earnings Ratio vs Industry

How does CIFR *'s PE Ratio compare vs other companies in the Global Software Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	0%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	0%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: CIFR * is expensive based on its Price-To-Earnings Ratio (83.1x) compared to the Global Software industry average (31.5x).

Price to Earnings Ratio vs Fair Ratio

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

CIFR * PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	83.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate CIFR *'s Price-To-Earnings 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 CIFR * forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	Mex$60.00	Mex$145.51 +142.5%	15.9%	Mex$176.61	Mex$117.74	n/a	10
Sep ’25	Mex$75.00	Mex$150.19 +100.2%	13.6%	Mex$173.99	Mex$115.99	n/a	8
Aug ’25	Mex$104.50	Mex$125.02 +19.6%	17.9%	Mex$163.58	Mex$90.88	n/a	7
Jul ’25	n/a	Mex$121.71 0%	19.8%	Mex$166.39	Mex$92.44	n/a	6
Jun ’25	n/a	Mex$97.34 0%	14.6%	Mex$125.15	Mex$83.43	n/a	6
May ’25	n/a	Mex$97.05 0%	20.2%	Mex$137.01	Mex$77.07	n/a	6
Apr ’25	n/a	Mex$94.20 0%	20.2%	Mex$132.99	Mex$74.81	n/a	6
Mar ’25	n/a	Mex$96.71 0%	20.2%	Mex$136.53	Mex$76.80	n/a	6
Feb ’25	n/a	Mex$98.18 0%	19.0%	Mex$134.65	Mex$75.74	n/a	6
Jan ’25	n/a	Mex$93.09 0%	13.1%	Mex$107.24	Mex$75.96	n/a	6
Dec ’24	n/a	Mex$93.09 0%	13.1%	Mex$107.24	Mex$75.96	n/a	6
Nov ’24	n/a	Mex$91.23 0%	15.3%	Mex$109.47	Mex$72.98	n/a	6
Oct ’24	n/a	Mex$89.62 0%	12.0%	Mex$102.42	Mex$76.82	n/a	6
Sep ’24	n/a	Mex$87.43 0%	11.4%	Mex$102.86	Mex$77.15	Mex$75.00	5
Aug ’24	n/a	Mex$75.99 0%	24.3%	Mex$101.32	Mex$50.66	Mex$104.50	5
Jul ’24	n/a	Mex$62.62 0%	13.6%	Mex$69.58	Mex$52.18	n/a	5
Jun ’24	n/a	Mex$62.14 0%	14.3%	Mex$71.02	Mex$53.27	n/a	4
May ’24	n/a	Mex$62.75 0%	14.3%	Mex$71.71	Mex$53.79	n/a	4
Apr ’24	n/a	Mex$53.82 0%	4.9%	Mex$55.67	Mex$50.10	n/a	3
Mar ’24	n/a	Mex$52.64 0%	5.3%	Mex$55.41	Mex$49.87	n/a	2

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.