Nuclear stocks ripping today LEU +12%, SMR +15%, OKLO +8% M...
Nuclear stocks ripping today
LEU +12%, SMR +15%, OKLO +8%
MIR +1% is lagging, but I think it has the best risk/reward of the group.
Why →
1) Picks-and-shovels exposure, not reactor bets
Mirion sells radiation detection, monitoring, and measurement systems used across nuclear facilities. It benefits whether growth comes from SMRs, life extensions, or conventional reactors. No need to guess which design wins.
2) Installed base = recurring revenue flywheel
As reactors run hotter and at higher capacity factors, monitoring equipment is used more intensively and replaced more often. That creates a multi-year replacement cycle, not a one-time build story.
3) Medical segment is underappreciated
Radiation therapy, dosimetry, and nuclear medicine are high-margin, recurring, and growing with radiopharma innovation and aging demographics. A second secular growth engine most nuclear-trade investors overlook.
4) Scale and cross-selling upside
Recent acquisition expands U.S. and European footprint, enabling product bundling, cross-selling, and procurement leverage. Incremental growth without taking construction risk.
5) Data and software quietly compounding
Decades of operating history create proprietary radiation, compliance, and safety datasets. Software and analytics can improve customer stickiness and margins.
6) Cleaner risk profile than the builders
SMR and OKLO are priced on long-dated execution and regulatory timelines.
MIR is priced on an installed base, recurring replacement demand, and near-term growth.
7) Valuation anchored to cash flows
MIR trades around 18x consensus forward EBITDA. Reactor developers have no EBITDA, and LEU trades closer to ~50x.
Bottom line:
Others are levered to new reactors getting built.
MIR is levered to nuclear actually running.
LEU +12%, SMR +15%, OKLO +8%
MIR +1% is lagging, but I think it has the best risk/reward of the group.
Why →
1) Picks-and-shovels exposure, not reactor bets
Mirion sells radiation detection, monitoring, and measurement systems used across nuclear facilities. It benefits whether growth comes from SMRs, life extensions, or conventional reactors. No need to guess which design wins.
2) Installed base = recurring revenue flywheel
As reactors run hotter and at higher capacity factors, monitoring equipment is used more intensively and replaced more often. That creates a multi-year replacement cycle, not a one-time build story.
3) Medical segment is underappreciated
Radiation therapy, dosimetry, and nuclear medicine are high-margin, recurring, and growing with radiopharma innovation and aging demographics. A second secular growth engine most nuclear-trade investors overlook.
4) Scale and cross-selling upside
Recent acquisition expands U.S. and European footprint, enabling product bundling, cross-selling, and procurement leverage. Incremental growth without taking construction risk.
5) Data and software quietly compounding
Decades of operating history create proprietary radiation, compliance, and safety datasets. Software and analytics can improve customer stickiness and margins.
6) Cleaner risk profile than the builders
SMR and OKLO are priced on long-dated execution and regulatory timelines.
MIR is priced on an installed base, recurring replacement demand, and near-term growth.
7) Valuation anchored to cash flows
MIR trades around 18x consensus forward EBITDA. Reactor developers have no EBITDA, and LEU trades closer to ~50x.
Bottom line:
Others are levered to new reactors getting built.
MIR is levered to nuclear actually running.
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Head of digital assets research @VanEck_us.
PM, VanEck Onchain Economy ETF ($NODE).
Disclosures https://bit.ly/3kn4hQW
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