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CleanSpark, Inc. (CLSK)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$8.71 - $12.53$10.57
Multi-Stage$13.56 - $14.92$14.23
Blended Fair Value$12.40
Current Price$14.50
Upside-14.47%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%0.00%0.000.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)364.46
(-) Cash Dividends Paid (M)5.14
(=) Cash Retained (M)359.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)72.8945.5627.33
Cash Retained (M)359.32359.32359.32
(-) Cash Required (M)-72.89-45.56-27.33
(=) Excess Retained (M)286.43313.77331.99
(/) Shares Outstanding (M)295.67295.67295.67
(=) Excess Retained per Share0.971.061.12
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.971.061.12
(=) Adjusted Dividend0.991.081.14
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$8.71$10.57$12.53
Upside / Downside-39.94%-27.07%-13.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)364.46360.82357.21353.64350.10346.60357.00
Payout Ratio1.41%19.13%36.85%54.56%72.28%90.00%92.50%
Projected Dividends (M)5.1469.02131.62192.96253.06311.94330.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)62.6263.2663.90
Year 2 PV (M)108.36110.58112.83
Year 3 PV (M)144.14148.60153.15
Year 4 PV (M)171.52178.63185.96
Year 5 PV (M)191.84201.83212.23
PV of Terminal Value (M)3,330.373,503.793,684.36
Equity Value (M)4,008.864,206.704,412.43
Shares Outstanding (M)295.67295.67295.67
Fair Value$13.56$14.23$14.92
Upside / Downside-6.49%-1.88%2.92%

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