UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) - Initiation Coverage
We initiate coverage on Emirates Central Cooling Systems Corporation PJSC (“Empower” or “The Company”) with a Valuation of AED 2.15 per share. Empower is a leading district cooling service (DCS) provider in Dubai with a connected capacity of more than 1.6 Mn refrigeration tons (RT), serving more than 148,000 corporate and individual customers in more than 1,684 buildings, boasting a contracted capacity of more than 1.9 Mn RT as of 1H25.
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