Research on power, markets and the deals connecting them.

Manraj Bains

Trader and macro researcher

London, UK

/Report

GE Vernova is paying €8bn for Trench Group

GE Vernova has agreed to buy Trench from Triton for $9bn. The deal, the price, and why a transformer maker wants to own its bushing supplier.

On 28 October GE Vernova announced that it will buy Trench Group from Triton Partners for $9.0bn. The dollar figure is an equivalent at a rate of 1.12. GE Vernova's quarterly filing says the agreement was signed on 25 October "for approximately 8.0 billion Euros". The price is 13 times Trench's...

Read the full report
One price, three multiplesThe €8.0bn price is 19, 16 and 13 times Trench's EBITDA for 2026, 2027 and 2028, on GE Vernova's figures.
  • 2026 EBITDA$1.4bn of revenue at 33%€412m, 19 times
  • 2027 EBITDA$1.6bn of revenue at 35%€500m, 16 times
  • 2028 EBITDA$1.9bn of revenue at 36%€611m, 13 times

Source: GE Vernova investor presentation, 28 October 2026, revenue and margin by year converted at 1.12. The multiples are my arithmetic

/Research

CoreWeave has not funded a dollar of its GPUs from operations

A case study of the largest GPU rental business: what it earns, what it owes, and what the credit market is really pricing.

Read the research
Four cash movements, cumulative 2023 to June 2026
  • Gross debt raised36,998
  • Cash spent on property and equipment36,071
  • Cash from operations11,303
  • Debt principal repaid9,209

Source: FY2025 Form 10-K and Q2 2026 Form 10-Q, consolidated statements of cash flows. Gross cash movements over the period, not a sources and uses statement, so they do not sum.

/Report

Triton paid €401m for Trench Group

A study of Triton Partners' exit from Trench: what Trench makes, what Triton paid and has already taken out, where the company sits in the grid and AI buildout, and whether it gets sold or listed.

Read the report
Revenue and order intake by fiscal year
€ millions
  • Revenue
  • Order intake

Source: Trench Group results, 16 December 2025, and POWER Magazine

/Report

Britain's fast-tracked grid

All 26 accelerated transmission projects across the three licences. Where the dates have moved, which allowances are public, what money has gone out before assessment, and where each one is in planning.

Read the report

The webs

The UK electricity grid

The transmission system mapped as a supply chain and as an institution, from raw materials through to the customer. Every node and flow exists because a primary document says so.

Open the map