ACF Equity Research

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Accuracy | Clarity | Foresight

Research from ACF Equity Research, ACF Equity Research

Research from ACF Equity Research

Equity Bottom-Up

<ul><li>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.</li><li>As we also forecast, substantively all of the pre-paid warrants have been exercised.</li><li>MAST.L is targeting 1GW of new flexible generation by 2030.</li></ul>

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.

Quantum Data Energy (MAST.L) Flash Note 50% Cash Warrants Expire 12012026