Investment research / Technology × Energy
The business.
The valuation.
The opposing case.
Research the economics behind a theme before deciding what it might be worth.
Company disclosures, transparent assumptions and a dated record of what would change the thesis. General research for independent decision-making.
01 / Sector research
AI infrastructure & power
Grid equipment, generation, storage and cooling. Trace the path from planned megawatts to operating cash flow.
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Read the financial engine
Revenue mix, customer obligations, cash conversion, dilution and capital needs.
Open company research ↗03 / Valuation
Make assumptions visible
Change growth, margins and valuation multiples. See which assumptions carry the result.
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Each completed edition will combine a sourced industry thesis, company financial comparisons, bull/base/bear valuation assumptions, catalysts, material risks and a dated evidence appendix.
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Get release updates · Research enquiriesResearch note / 24 October 2026 / Free
An order book is the start of the valuation argument
For an equipment supplier, a growing pipeline matters only to the extent that the eventual work produces cash after manufacturing, delivery, warranties and capacity investment. A valuation model should therefore reconcile bookings with revenue recognition, operating profit and cash rather than apply a multiple to announced project capacity.
GE Vernova reported Q2 2026 revenue of $11.1 billion and adjusted EBITDA of $1.2 billion. Its disclosure also described 116 GW of Gas Power equipment backlog and slot reservations. These are different measures, and the capacity metric combines backlog with reservations. Source: Q2 release, 22 July 2026.
The arithmetic ratio 1.2 / 11.1 is approximately 10.8%. Both figures are rounded, so this calculation will differ from the separately disclosed 11.3% adjusted EBITDA margin. Use the company’s disclosed margin for comparison; do not present the rounded ratio as a corrected financial result. Adjusted EBITDA is not net earnings or free cash flow.
A financial bridge to build
- Orders → revenue: check binding commitments, cancellations and customer deposits.
- Revenue → operating profit: separate pricing, product mix, capacity utilisation and delivery costs.
- Profit → cash: examine working capital, deposits, capital spending and tax.
- Enterprise → equity: reconcile debt, cash, pension and other material claims consistently.
- Equity → per share: use a defined share count and account for dilution.
A dated catalyst, not a forecast
The company has scheduled its Q3 2026 release for 28 October 2026. At publication, those results are still forthcoming. Company announcement, 13 October 2026. Questions for that release include reservation conversion, delivery timing and the relationship between cash growth and customer advances. No price target or buy/sell rating is assigned here.
The strongest opposing case
Scarce manufacturing capacity may support pricing and service revenue longer than a simple cyclical model assumes. Conversely, a strong business can disappoint investors if its market price already requires exceptional execution. That is why business quality and valuation must be tested separately.
Free analytical tool / Hypothetical inputs
What must the numbers support?
This one-period EV/EBITDA model contains illustrative defaults, not financial forecasts for a company. Replace them with your own dated assumptions. Keep all monetary values in the same currency; enter revenue and net debt in millions, and shares in millions.
Formula: forward revenue = starting revenue × (1 + growth); EBITDA = forward revenue × margin; enterprise value = EBITDA × multiple; equity value = enterprise value − net debt; value per share = equity value ÷ diluted shares. This simplified model excludes discounting, dividends, taxes, capital expenditure and other claims. It is unsuitable for negative-EBITDA businesses and is not a DCF or a live market valuation.
Our research standard
Sources and periods beside material claims. Facts separated from calculations and hypotheses. Scenario assumptions exposed. Corrections dated. No invented performance history, guaranteed returns or personalised trading instructions.