DDM Analysis: CLSK

Valuation Snapshot

Stable Growth	$5.63 - $7.52	$6.61
Multi-Stage	$6.22 - $6.81	$6.51
Blended Fair Value	$6.56
Current Price	$14.50
Upside	-54.78%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	72.89	45.56	27.33
Cash Retained (M)	359.32	359.32	359.32
(-) Cash Required (M)	-72.89	-45.56	-27.33
(=) Excess Retained (M)	286.43	313.77	331.99
(/) Shares Outstanding (M)	295.67	295.67	295.67
(=) Excess Retained per Share	0.97	1.06	1.12
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.97	1.06	1.12
(=) Adjusted Dividend	0.99	1.08	1.14
WACC / Discount Rate	15.16%	15.16%	15.16%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.63	$6.61	$7.52
Upside / Downside	-61.17%	-54.44%	-48.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	364.46	360.82	357.21	353.64	350.10	346.60	357.00
Payout Ratio	1.41%	19.13%	36.85%	54.56%	72.28%	90.00%	92.50%
Projected Dividends (M)	5.14	69.02	131.62	192.96	253.06	311.94	330.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	15.16%	15.16%	15.16%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	59.33	59.93	60.54
Year 2 PV (M)	97.25	99.24	101.26
Year 3 PV (M)	122.55	126.34	130.20
Year 4 PV (M)	138.15	143.87	149.77
Year 5 PV (M)	146.38	154.00	161.93
PV of Terminal Value (M)	1,274.01	1,340.35	1,409.43
Equity Value (M)	1,837.65	1,923.73	2,013.13
Shares Outstanding (M)	295.67	295.67	295.67
Fair Value	$6.22	$6.51	$6.81
Upside / Downside	-57.14%	-55.13%	-53.04%

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CleanSpark, Inc. (CLSK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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