First Read: Global Data Centre Equipment "Vertiv CMD market outlook supp..."

研报英文原文证据摘录

First Read: Global Data Centre Equipment "Vertiv CMD market outlook supp..."

Global Research

20 May 2026ab

First Read

EquitiesGlobal Data Centre Equipment

Vertiv CMD market outlook supports our positive Europe including UK

stance and points to upside Industrial

Andre Kukhnin

Analyst

andre.kukhnin@ubs.com

Bottom line - clear positive read across +44-20-7567 2162

Vertiv presented a bullish set of targets at its Investor Day. It targets organic growth of Jingyi Zheng

22-22% CAGR over 2025-30E vs consensus discounting high teens. It also provided Analyst

insightful details on new power capacity additions outlook (expect 20-35GW pa, jingyi.zheng@ubs.com

c140GW over 2025-30E), Data Centre market growth (18-20% CAGR over 2025-30E, +44-20-7568 3962

supported by expected 18% CAGR in Data Centre infrastructure capex), and $/MW Dini Magoon

estimates (expected to increase by 10-15% to $3.25-3.75m/MW vs prior range). Analyst

Overall, Vertiv's forecasts and outlook support our DC market estimates (see Deep Dive dini.magoon@ubs.com

4.0) and point to risk to the upside. Schneider, Legrand and Halma have the largest +44-20-7567 4037

exposure to Data Centres in our coverage (25%, 26%, 20% of group sales respectively) Hemal Bhundia, CFA

with Schneider and Halma as the top picks (both Buy rated; Legrand - Neutral). Full Analyst

details on market forecast and key players benchmarking can be found in our Data hemal.bhundia@ubs.com

Centre Primer. +44-20-7901 6515

Ed Hussey

Key highlights from the CMD Analyst

Organic growth: Vertiv targets organic sales growth of c20-22% CAGR for edward.hussey@ubs.com

2025-30E (Figure 1) from 12-14% CAGR (2024-29E), while it anticipates its total +44-20-7568 3946

addressable market (including Data Centres, Communication Networks, and Bruno Gjani