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

Mast Energy Developments / Equity Bottom-Up

<ul><li>Quantum Data Energy (QDE, MAST.L) delivers flexible power solutions to the UK grid and AI datacentres worldwide.</li><li>MAST.L is targeting 1GW of new generation by 2030.</li><li>Our current value range GBp 51-54 is based only on 150MW and our expected dilution of 223m shares.</li></ul>

Quantum Data Energy (QDE, MAST.L) delivers flexible power solutions to the UK grid and AI datacentres worldwide.MAST.L is targeting 1GW of new generation by 2030.Our current value range GBp 51-54 is based only on 150MW and our expected dilution of 223m shares.

Quantum Data Energy (MAST.L) Rapid Progress 25112025