Belimo "UBS Evidence Lab inside: Reflecting latest UBS data center capacity..."

研报英文原文证据摘录

Belimo "UBS Evidence Lab inside: Reflecting latest UBS data center capacity..."

Powered by Lab Global14 JulyResearch2026ab Evidence UBS YES

Belimo Equities

SwitzerlandUBS Evidence Lab inside: Reflecting latest UBS

data center capacity built up industry forecast Electric Components & Equipment

12-month rating Sell

12m price target CHF575.00UBS raises its data center capacity forecasts and...

Prior : CHF500.00

Recently, UBS’ cap goods team revised their data center (DC) capacity forecasts. Based

also on latest UBS Evidence Lab data tracking DC construction efforts and planed Price (13 Jul 2026) CHF814.00

capacity, the team now expects 324GW by CY30E, which is then up from around RIC: BEAN.S BBG: BEAN SW

118GW (CY25, UBSe). To better understand the relevance for Belimo, we estimate,

based on industry forecasts, the breakdown of installed capacity into non-AI (more air- Trading data and key metrics

cooled) and AI (more water-cooled) capacity, add refurbishments, as well as Belimo- 52-wk range CHF965.50-623.50

specific sub-TAMs and company specific market shares. Overall, this results in suggested Market cap. CHF10.0b/US$12.4b

more pronounced sales growth for Belimo’s DC-related revenues (FY25: c18% of group Shares o/s 12.3m (REG)

sales) in FY26/27E. However, the implied levelling-off of AI related capacity built up by Free float 81%

FY28E limits the growth prospects by then, in our view. Moreover, refurbishments are Avg. daily volume ('000) 28.7

likely to become rather relevant by FY29E, in our view. Nonetheless, to reflect this Avg. daily value (m) CHF23.5

suggested backdrop, we raise our FY26/27/28E EPS (UBS adj.) estimates by Common s/h equity (12/26E) CHF0.74b

12%/15%/14% for the company and raise our PT to CHF575m (from CHF500). We rate P/BV (12/26E) 13.7x