Quantum Data Energy (MAST.L) is a UK-listed energy company developing, owning, and operating flexible power generation and battery storage assets. Its portfolio is designed to deliver predictable revenues through long-term contracts, capacity market payments, and grid-balancing services, while supporting the stability of the UK electricity network. With an experienced management team and a pipeline of scalable projects, the company is positioned to benefit from rising power demand, increasing renewable penetration, and the need for reliable, dispatchable energy infrastructure.
Quantum Data Energy (MAST.L)
Value Range, 30 January 2026
| Intrinsic Price GBp | 51.51 |
| Value Range Low GBp | 50.22 |
| Value Range High GBp | 52.79 |
| Implied MCAP (£m) | £114.76 |
| Implied EV (£m) | £114.19 |
| SEMDEX | MAST.L |
| Financial YE | 31-Dec |
| Currency | GBP |
Business Activity
Conglomerate
Key metrics
| Close Price GBp | 3.18 |
| MCAP (£m) | 5.30 |
| Net Debt (Cash) (£m) | -£0.57 |
| EV (£m) | £4.73 |
| 52 Wk Hi GBp | 213.50 |
| 52 Wk Lo GBp | 3.11 |
Key ratios
| Net Debt / Equity Value % | 102% |
| FX Rate USD/MUR | 45.37 |
Utilities Sector Research
LSE ESCC Transition Index
Analyst Team
+44 20 7419 7928
energy@acfequityresearch.com
Company Overview
Quantum Data Energy (QDE, MAST.L) – A big step closer – record monthly revenues again and as we forecast, our maximum full dilution based upon our meta-analysis remains very much on target after ~113m ITM cash warrants expired on 11 Jan 26. As we also forecast, substantively all of the pre-paid warrants have been exercised. MAST.L is targeting 1GW of new flexible generation by 2030. Our current value range GBp 51-54 is based only on 150MW and our expected dilution of ~223m shares. MAST shares in issue are now 166,385,735 see RNS dated 06 Jan 26. Materially only the value accretive remaining cash warrants now matter, up to ~122m shares, raising ~£5m if exercised. The cash warrant raise can be substituted by debt and equity funding at the SPV level (non-dilutive to MAST equity holders)… To read more download note
➢ Prepaid warrants allow nano caps to ‘escape’ MCAP constraints
➢ Remaining cash warrants ~122m are accretive, can raise up to ~£5m
➢ Our NoSh Expected forecast of ~223m remains very much intact
➢ Each project can also be SPV funded using non-dilutive debt/equity
➢ Projects can be FCF funded- it takes a lot longer (implies less NPV)
CIEL (lighter line) vs. SEMDEX market price relative
Investment Case
Quantum Data Energy (QDE, MAST.L) prepaid and cash warrants raise is a commendable mechanism. The question is why? MAST was able to raise net cash equating to >3x MCAP at the time. Via the prepaid warrants MAST.L received the raise gross cash in advance of £5m, comprised of £4.65m cash and a £350k interest free CLN. The CLN balance and an approximate £2m of consultancy fees associated with the raise structure are to be paid from cash warrant proceeds. This is expensive money but it provides a critical escape route in leaden markets from the nano-cap MCAP constraint.
By keeping the prepaid warrants unexercised the investors providing the new capital, can provide more capital than the current market cap might suggest, can sell in when there is bid demand/volume that will absorb the sale and can also sell in smaller, digestible tranches. All of which counteracts constraints on mispriced growth stocks. By dripping in the stock, raise investors can also avoid 3% disclosure and the 30% Rule 9 mandatory offer, without which they might be unable to invest.
MAST Catalysts
➢ Site acquisition targets of 50MW by 1H26E
➢ Bordesley commissioning & CM registration 3Q26E
➢ Hindlip completion of construction
➢ Government CM rule changes favouring hydrogen-capable engines (initial decision expected 2026)
➢ FCF breakeven during YE26E
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