Owners & operators
Shareholder reporting, a potential disposal or refinancing: understand the relationship between operating performance, asset rights and future capital requirements.
THE BLOB COMPANY · VALUATION & INVESTMENT DECISIONS
Data Center Valuation & Investment Analysis
Connect technical reality, operating performance and capital requirements to a defensible valuation range.
A valuation is only as useful as the evidence behind it. The Blob Company connects technical, commercial and financial analysis to explain what drives value, where uncertainty remains and what an investment decision requires.
Discuss a confidential scopeWho we support & when
Infrastructure & real-estate investors
Acquisition review and investment committee decisions: challenge the investment thesis, reconcile capacity and test the downside before committing capital. Frequent acquirers and investment teams also use the service for pre-bid business-plan review, acquisition valuation with price sensitivities, and recurring portfolio updates.
Developers & landowners
Powered land, conversion or expansion options: assess the value implications of grid timing, development expenditure and achievable commercial scenarios.
Brokers & advisers
Specialist data center analysis alongside your transaction mandate, complementing your market knowledge and client relationship with technical and financial evidence.
Define the asset before valuing it
We agree the valuation date, ownership and lease rights, and transaction perimeter upfront. An operating business, property, powered land and a project or special-purpose vehicle (SPV) are distinct objects of analysis, even when they sit within the same investment.
Operating business
Customer contracts, service revenue, operating costs and the earnings and cash flows available under the actual operating structure.
Property
Land and buildings, ownership or lease rights, contractual constraints and the expenditure needed to sustain the asset.
Powered land
Documented power access, connection timing, land rights and development options—not an assumption that electrical potential is already deliverable capacity.
Project & SPV
The project perimeter, approvals, contractual commitments, financing structure and remaining expenditure required to reach the intended operating state.
We reconcile these perimeters so the same business cash flows, real estate or power potential are not counted twice.
From evidence to a defensible value range
The analysis follows six connected workstreams. The choice of valuation methods depends on the asset, its maturity and the quality of the available evidence.
- 01
Review evidence & reconcile capacity
Review the data room and build an evidence register. Reconcile installed, marketed, contracted and consumed capacity in kW or MW, together with usable space, available power and delivery timing. Distinguish technical capability from commercial commitments and actual consumption.
- 02
Challenge the business plan
Test occupancy ramp-up, contract quality and customer concentration. Examine energy tariffs, PUE (Power Usage Effectiveness—the ratio of total facility energy to IT equipment energy), energy-cost recharge arrangements, maintenance, staffing and standalone operating costs.
- 03
Normalize operating earnings
Separate recurring performance from exceptional items and assess a consistent earnings basis. Treat leases and credit leases consistently across operating earnings, cash flows and the valuation perimeter.
- 04
Cross-check appropriate methods
Use cash-flow scenarios, adjusted transaction comparables, asset or replacement-cost checks and residual development analysis where relevant. Comparables are adjusted for differences in capacity, maturity, rights and economics, but not every method is appropriate for every asset.
- 05
Bridge enterprise value to equity
Reconcile net debt, cash, leases and funding needs, including remaining capital expenditure. Make the bridge explicit and avoid deductions already reflected in cash flows or another part of the valuation.
- 06
Test sensitivities & prioritize actions
Show how value responds to occupancy, pricing, power timing, operating costs and capital expenditure. Prioritize the evidence and execution actions that can improve readiness for an investment, financing or transaction decision.
A decision-ready set of deliverables
Sourced valuation report
A documented valuation perimeter, evidence base, method selection and reasoned value range.
Transparent spreadsheet model
Asset-level and consolidated models with traceable assumptions, calculations and an explicit equity bridge.
Investment committee summary
A concise account of the investment rationale, valuation drivers, key risks and decisions required.
Assumptions & sensitivity matrix
A clear view of the base case, alternative scenarios and the variables that move the valuation.
Red-flag & data-gap register
Unresolved questions, missing evidence and their implications, paired with a prioritized action plan.
Three ways to engage
Diagnostic & BP review
An initial review of the business plan, data availability and principal valuation drivers, identifying where deeper analysis is needed.
Single-asset & portfolio valuation
A scoped valuation of one asset or a portfolio, with asset-level analysis, consolidation and a clear investment decision narrative.
Periodic valuation refresh
An annual or event-driven update for financing or a transaction, or changes in power, capital expenditure or commercial performance.
Scope, timetable and fees are agreed after reviewing data availability.
Information that grounds the analysis
We begin by identifying what is available, what can be reconciled and where additional evidence or specialist input is needed.
- Historical and forecast profit and loss accounts and cash flows
- Customer contracts, occupancy and commercial pipeline evidence
- Land, lease and credit-lease documentation
- Debt, cash and financing commitments
- Technical audits, capacity reconciliation and PUE evidence
- Grid documentation, connection rights and timing
- Capital expenditure and renewal plans
Clear advisory boundaries
This is decision-support advisory, not a guaranteed transaction price, audit certification or statutory appraisal. Site surveys, detailed engineering, legal and tax advice, and regulated valuation work are scoped with appropriate specialists if needed.
Start with the decision you need to make
Discuss the asset perimeter, intended use of the valuation and available information in a confidential scope discussion.