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Company Reports

16 September 2026

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POWR: AI Power Play – Not Rated

POWR is positioned to benefit from the continued expansion of data-center demand, with contracted load reaching 274 MVA in 1H26 and management raising its 2027 target by 21% to 385 MVA. The company also has significant upside from improving utilization, as current data-center tenants are operating below half of contracted capacity, leaving room for higher power consumption growth ahead. Margin recovery should be supported by normalized gas supply since late April 2026, following elevated diesel costs of USD 26m in 2025. With healthy 31% net gearing, POWR maintains financial flexibility to support future expansions. Based on 1H26 earnings, POWR is on 5.4x EV/EBITDA and 12.0x P/E with 7.5% FY25 dividend yield.

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