FORGENT POWER SOLUTIONS $FPS initiated at 'Outperform' at Bernstein, with a $48 price-target: "FPS trades at a steep discount to peers, but the market is missing three structural earnings drivers: higher content per MW as modular adoption rises, share gains with new & existing customers, and margin expansion as utilization scales. Through 2030, FPS is set to generate an EPS CAGR of 70% vs. ~60% street. The positive revisions ahead are the catalysts to close the valuation gap. 1) Right markets, right time. FPS is a pure play electrical OEM with 80% of sales coming from data centers and the grid, while increasingly protectionist trade policy is raising the strategic value of domestic manufacturing capacity. 2) Built for the shift to modular and the content gains that come with it. As modular data center construction rises from 40% today to 60% by 2030, FPS’s shift from selling discrete products to integrated systems increases the content opportunity by 55% to $2.8M/MW. FPS has reorganized around that opportunity by changing its go to market, expanding front-end engineering, and adding modular manufacturing capacity. 3) Speed to market is a competitive advantage. FPS’s lead times are 30-50% below industry averages, a meaningful advantage when every month of delay equals millions of dollars of foregone sales. That speed is enabled by available capacity, a custom approach that can design around bottlenecks, and vertical integration that cuts supply chain risks. 4) Multiple paths to share gains. FPS has ~7% share among non-hyperscalers vs. 4% overall, giving it high exposure to where much of the incremental capacity is being developed. Its first hyperscaler win adds a second avenue for share growth. 5) Growth unlocks margins. We forecast a 500bps increase in EBITDA margin to 28% by 2030, driven by higher utilization, SG&A leverage, and a richer mix of modular revenue."