Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

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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.

Equity Bottom-Up

Mast Energy Developments / Equity Bottom-Up

Mast Energy Developments PLC operates as an energy holding company. The Company acquires and develops a portfolio of flexible, small scale, and multiple reserve power generation plants producing clean power through natural gas. Mast Energy Developments serves clients in the United Kingdom.

<ul><li>Quantum Data Energy (QDE.L) announced, in an RNS Tuesday 02 June 26, the successful replacement of its auditor Crowe by auditor Parker Russell UK LLP.</li><li> The management team is completely focussed on completing the 31 Dec YE25 audit and will release a new timeline in due course in order that the temporary suspension of QDE’s shares can be reversed.</li><li>Crowe has not disclosed any s519 findings to justify its decision to resign and continues to act as auditor for QDE’s SPVs. We await he revised publication timeline and maintain our temporarily raised ‘uncertainty’ discount rate by 350bps to reflect elevated execution risk.</li></ul>

Quantum Data Energy (QDE.L) announced, in an RNS Tuesday 02 June 26, the successful replacement of its auditor Crowe by auditor Parker Russell UK LLP. The management team is completely focussed on completing the 31 Dec YE25 audit and will release a new timeline in due course in order that the temporary suspension of QDE’s shares can be reversed.Crowe has not disclosed any s519 findings to justify its decision to resign and continues to act as auditor for QDE’s SPVs. We await he revised publication timeline and maintain our temporarily raised ‘uncertainty’ discount rate by 350bps to reflect elevated execution risk.

Quantum Data Energy (QDE.L) Flash Note Parker Russell Puts Audit Back Underway 03062026

<ul><li>Quantum Data Energy (QDE.L) announced, Wed 29 April 26, the unexpected resignation of its auditor, Crowe UK LLP, immediately prior to the statutory reporting deadline.</li><li>As a direct consequence, QDE confirmed it will not publish its audited financial statements 31 Dec YE25 by the 30 Apr 26 deadline required under the FCA’s Disclosure and Transparency Rules.</li><li>While no adverse s519 findings have been disclosed, the timing of the resignation and the resulting reporting delay materially reduce near-term visibility.</li></ul>

Quantum Data Energy (QDE.L) announced, Wed 29 April 26, the unexpected resignation of its auditor, Crowe UK LLP, immediately prior to the statutory reporting deadline.As a direct consequence, QDE confirmed it will not publish its audited financial statements 31 Dec YE25 by the 30 Apr 26 deadline required under the FCA’s Disclosure and Transparency Rules.While no adverse s519 findings have been disclosed, the timing of the resignation and the resulting reporting delay materially reduce near-term visibility.

Quantum Data Energy (QDE.L) Flash Note Crowe Auditor Resignation 30042026

<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

<ul><li>Quantum Data Energy (QDE, MAST.L) has been ‘set free’ to execute its operational plan by the warrants raise mechanism, raising net cash equating to >3x MCAP at the time and fixing the balance sheet.</li><li>The warrants structures are positive for both new shareholders and historical shareholders.</li><li>MAST.L is targeting 1GW of new flexible generation by 2030.</li></ul>

Quantum Data Energy (QDE, MAST.L) has been ‘set free’ to execute its operational plan by the warrants raise mechanism, raising net cash equating to >3x MCAP at the time and fixing the balance sheet.The warrants structures are positive for both new shareholders and historical shareholders.MAST.L is targeting 1GW of new flexible generation by 2030.

QDE MAST.L Update Escaping A Capital Constraint 16122025

<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)  Record Revenues 10122025

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 readers, 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.