Drax's renewables portfolio is undervalued, says RBC Proactive uses images sourced from ShutterstockRBC Capital Markets sees a 47% total return from Drax Group (LSE:DRX), with the Canadian Bank's London-based analysts arguing that the market undervalues its expanded renewables portfolio and data centre potential. Analyst forecasts now include the Bluefield Solar Income Fund acquisition, which adds around 795MW of solar, 58MW of wind and a 2.9GW development pipeline. RBC expects group EBITDA of approximately £847 million in 2029 after overheads. RBC sees further upside from a proposed data centre at Drax Power Station. Meanwhile, debt is expected to rise following roughly £1.5 billion of investment since October 2025, but RBC forecasts leverage falling below two times EBITDA in 2027.