Editing Openai/6914efcd-d7d8-800a-85de-4212b5b63948 (section)

=== Assistant: Here’s the condensed milestone & share price outlook for the Bull / Optimistic Case for Ampeak Energy LON: AMP. ===
Here’s the condensed milestone & share price outlook for the Bull / Optimistic Case for Ampeak Energy (LON: AMP).

All numbers in pence/share, rounded, based on the Bull DCF (~40 p target).

===== ⚡ Ampeak Energy – Bull Case Milestone & Share Price Outlook =====

| Year        | Milestone / Event                                                          | Operational Impact                                                       | Expected Share Price Trend (Bull Case) |
| ----------- | -------------------------------------------------------------------------- | ------------------------------------------------------------------------ | -------------------------------------- |
| 2025        | • AW1 financial close (Aug 2025)
• MeyGen Phase 1 steady output (~7–8 GWh) | Market begins to anticipate strong pipeline; low risk financing achieved | 3 – 5 p                                |
| 2026        | • AW1 under construction (240 MWh)
• AW2 & MeyBESS prep accelerated        | Investor confidence grows; limited revenue yet                           | 5 – 7 p                                |
| 2027        | • AW1 first full-year operations – Group cashflow ~£5 m                    | Strong recurring cash; proof of execution                                | 10 – 12 p                              |
| 2028        | • AW1 stable operations
• AW2/MeyBESS construction approvals finalized     | Pipeline clarity; market starts pricing larger projects                  | 15 – 18 p                              |
| 2029        | • AW2 & MeyBESS construction complete / partial commissioning              | Significant step-up in future EBITDA; equity dilution minimal            | 25 – 30 p                              |
| 2030        | • AW2 & MeyBESS first full-year operations
• Group after-tax CF ~£48 m     | Cashflow surge; strong balance sheet; market rerating                    | 35 – 40 p                              |
| Beyond 2030 | • Uskmouth near full build-out (~3–4 GWh)
• MeyGen CfD expansions online   | Large-scale IPP platform; potential strategic sale / re-rating           | 40 – 50+ p                             |

===== 🧭 Summary in one line: =====

: In the bull case, Ampeak’s share price could rise from ~3–5 p today to ~40 p by 2030, driven by AW1 execution, AW2 + MeyBESS ramp-up, and eventual full-scale Uskmouth + MeyGen expansions.

I can also produce a side-by-side comparison chart for Base vs Bull case showing price evolution alongside milestone years — this makes the trajectory visually clear.

Do you want me to make that chart next?