Financial Data and Key Metrics Changes - The profit for the year decreased to CHF 7.9 million from CHF 10.7 million, attributed to a decline in dividend income and option income [7] - The management expense ratio improved slightly to 0.54% from 0.56%, indicating good value for an investment vehicle in this sector [8] - The ordinary dividend was maintained at €0.65, with a portfolio return of 11.4%, underperforming the benchmark return of 15.2% [9][11] Business Line Data and Key Metrics Changes - The portfolio's performance was driven by significant contributors such as Temple and Webster, which increased by 127%, and other companies like Hub24 and Life360 [25] - The underperformance was partly due to the absence of strong representation in high-performing sectors like gold [14] - The company sold down positions in high-performing stocks to manage volatility and maintain dividend capacity [27] Market Data and Key Metrics Changes - The company noted a strong recovery in the market after a significant drop earlier in the year, with a return to near peak levels by June [61] - Approximately 35% of revenue from the top 20 stocks comes from offshore sources, indicating a balanced exposure to global markets [72] Company Strategy and Development Direction - The company aims to provide long-term investment returns through holdings and attractive fully franked dividends, focusing on small and mid-sized companies [5][6] - A one-for-seven rights issue was executed to raise capital, allowing for portfolio rebalancing and lower management expense ratios [16][21] - The company plans to take a patient approach to deploying capital, focusing on long-term value rather than short-term market fluctuations [63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term investment approach despite short-term volatility, emphasizing the importance of patience in capital deployment [63] - The company remains cautious about the current market environment, noting that high growth companies are well-rated, which may limit capital deployment opportunities [69][70] Other Important Information - The company has a history of paying out more in dividends than it receives from share purchase plans, indicating strong shareholder demand for investment opportunities [17] - The capital raising was well-received, with a take-up rate of 119%, leading to a fair outcome for shareholders [21][23] Q&A Session Summary Question: Where is the Australian market developing in a bull market? - The company noted that earnings and valuations drive share prices, but current economic growth is not strong enough to support significant re-ratings in valuations [67][68] Question: What percentage of portfolio revenue comes from global sources? - Approximately 35% of revenue from the top 20 stocks comes from offshore, with a mix of domestic and international businesses [72][73] Question: Why does the company still hold IDP? - The company believes IDP remains the market leader in its space despite current pressures, and it is important to weather the downturn [76][78] Question: What is the view on Macquarie Technology Group's development approval? - There are concerns about development approvals due to local council issues, but the company has faith in management's long-term decisions [80][82] Question: Why was Sigma Healthcare exited from the portfolio? - The exit was due to a rapid increase in value post-merger, making it difficult to justify maintaining a position given its size and valuation [84] Question: Thoughts on Gentrack's transition? - Gentrack has evolved into a robust business, but it may need time to consolidate its growth after a rapid increase in size [90] Question: Will IPD Group pursue further acquisitions? - The company expects IPD Group to continue acquiring businesses, but these will likely be smaller and not thesis-changing [93]

Financial Performance & Portfolio Activity - Mirrabooka successfully raised $85.1 million through an Entitlement Offer and Top Up Facility, with a total take up of approximately 119%[17] - New shares were offered at $3.06 and are entitled to a final dividend of 6.5 cents per share[17] - The company has a significant cash holding of 11% of the portfolio value[25] Key Contributors & Detractors - Top contributors to FY25 performance included Temple & Webster (+127%), Hub 24 (+93%), and Life360 (+97%)[18] - Key detractors from FY25 performance included IDP Education (-75%), OFX (-67%), and Reece (-42%)[19] Portfolio Composition - The top 20 holdings comprise a significant portion of the portfolio, with the largest holding at 5.6%[23] - The company maintains an investment flexibility through tax effective portfolio repositioning[16] Strategic Outlook - The company will maintain a focus on patience and discipline in its investment approach[25] - Market volatility is expected to create buying opportunities for mid and small cap investors[26]

Core Insights - Mirion Technologies (MIR) has achieved a 59.2% gain over the past three months, outperforming BWX Technologies (BWXT) at 53.4% but trailing behind Cameco Corporation (CCJ) which gained 100.2% [1][7] Group 1: Performance and Market Position - MIR's growth is driven by AI-linked nuclear demand, strategic partnerships, and strong revenue guidance for 2025 [7] - The stock currently has a Momentum Score of A, indicating strong technical performance and market sentiment [5][7] Group 2: Business Environment and Opportunities - The U.S. Department of Energy forecasts that data center energy usage will double or triple by 2028, which is beneficial for nuclear energy demand [8] - Executive orders signed by President Trump aim to increase U.S. nuclear energy capacity from 100 GW to 400 GW by 2050, prioritizing domestic uranium supply [9] - Mirion's technologies are essential throughout the nuclear energy lifecycle, with a focus on small modular reactor development and partnerships with companies like Westinghouse Electric [10] Group 3: Financial Outlook - For 2025, MIR expects total revenue growth in the 5-7% range, with adjusted EBITDA projected between $215-$230 million and adjusted free cash flow between $85-$110 million [12] - The Zacks Consensus Estimate for 2025 revenues indicates a 5.3% increase from 2024, while earnings are expected to rise by 14.6% [11][12] Group 4: Challenges and Risks - Mirion faces foreign exchange-related risks, with a forecasted headwind of approximately 40 basis points for revenue growth [15] - Supply chain disruptions and tariff risks pose significant challenges, particularly due to the current U.S. administration's protectionist policies [16] - The company's shares are trading at a premium, with a 12-month forward price-to-sales ratio of 5.33 compared to the industry average of 3.31 [17]

Market Overview - The three major U.S. indexes, Dow Jones Industrial Average, Nasdaq Composite, and S&P 500, experienced losses of 1.32%, 0.94%, and 0.48% respectively last week due to escalating geopolitical tensions in the Middle East, particularly between Israel and Iran [1] - Trade policy uncertainty and the impact of tariffs are significant factors affecting the economic outlook, although lower-than-expected inflation and a cooling labor market provided some optimism [1] Inflation and Labor Market - The Consumer Price Index (CPI) and Producer Price Index (PPI) both increased by 0.1% in May, with year-on-year CPI rising by 2.4% and PPI advancing by 2.6% [2] - The U.S. labor market added 139,000 jobs in May, a decrease from 193,000 a year ago, while the unemployment rate remained steady at 248,000, with wage growth at 3.9% year-over-year [2] Stock Performance - Mirion Technologies, Inc. (MIR) shares increased by 42.8% since being upgraded to Zacks Rank 2 (Buy) on April 16, outperforming the S&P 500's 11% increase [3] - Oatly Group AB (OTLY) shares returned 37% since its upgrade to Zacks Rank 2 on April 14 [4] - Zacks Rank 1 (Strong Buy) stocks returned +6.51% in May 2025, compared to +4.47% for the S&P 500 [4] Hypothetical Portfolio Performance - A hypothetical portfolio returned -2.59% in 2025 (through June 2), underperforming the S&P 500's -1.12% [5] - The portfolio had a strong performance in 2024 with a return of +22.4%, compared to +28% for the S&P 500 [5] Zacks Model Portfolio - The Zacks Model Portfolio, consisting of Zacks Rank 1 stocks, has outperformed the S&P index by over 12 percentage points since 1988, with an annualized average return of +23.5% [6] - Avino Silver & Gold Mines Ltd. (ASM) shares advanced 81.6% since its upgrade on April 22, while Comfort Systems USA, Inc. (FIX) shares increased by 38.5% since its upgrade on April 24 [7] Focus List and Other Portfolios - Quanta Services, Inc. (PWR) gained 37.4% over the past 12 weeks, while Casey's General Stores, Inc. (CASY) returned 27.9% during the same period [10] - The Zacks Focus List portfolio returned +6.33% in April 2025, outperforming the S&P 500 index [11] - The Earnings Certain Admiral Portfolio (ECAP) returned +3.20% in Q1 2025, compared to the S&P 500 index's -4.30% decline [16] Dividend Portfolio Performance - Fastenal Company (FAST) returned 12.1% over the past 12 weeks, while Quest Diagnostics Incorporated (DGX) increased by 5.9% [19] - The Earnings Certain Dividend Portfolio (ECDP) returned +5.74% in Q1 2025, outperforming the S&P 500 index [20]

Industry Overview - The AI-powered data center industry is experiencing significant growth, leading to increased demand for nuclear energy, which has become a hot sector on Wall Street over the past year [1] - The U.S. Department of Energy projects that data center energy usage will "double or triple by 2028," following a doubling over the past decade [2] - Executive orders signed by President Trump aim to increase U.S. nuclear energy capacity from 100 GW to 400 GW by 2050, focusing on reactors near military installations and AI data center hubs [3] Company Highlights Constellation Energy Corp. (CEG) - CEG is a leading energy company with a focus on clean and nuclear energy, planning a $5.1 billion capital expenditure through 2025 to acquire nuclear fuel and increase inventory [7] - The company has acquired a 2,645 MW nuclear plant, enhancing its operational capacity in Texas [8] - CEG has entered into a 20-year agreement with Microsoft to revive the Three Mile Island nuclear plant, aiming to provide carbon-free electricity for data centers [9][10] - Expected revenue and earnings growth rates for CEG are -0.3% and 8.8%, respectively, for the current year [12] Vistra Corp. (VST) - VST operates as an integrated electricity and power generation company with a diversified clean energy portfolio, including nuclear assets [13] - The company is positioned to benefit from government contracts and public-private partnerships related to AI infrastructure and grid reliability [15] - Expected revenue and earnings growth rates for VST are 34% and -15.4%, respectively, for the current year [16] Mirion Technologies Inc. (MIR) - MIR provides radiation detection and monitoring products, essential for operational nuclear facilities and next-gen reactors [17][18] - The company is focused on expanding its reach in the nuclear energy sector by collaborating with small modular reactor developers [19] - Expected revenue and earnings growth rates for MIR are 5.3% and 14.6%, respectively, for the current year [20] BWX Technologies Inc. (BWXT) - BWXT manufactures nuclear components and operates in both government and commercial sectors [21] - The company is expanding its commercial power segment and is involved in developing micro-nuclear reactors [22] - Expected revenue and earnings growth rates for BWXT are 12.9% and 6.6%, respectively, for the current year [23] Cameco Corp. (CCJ) - CCJ is one of the largest uranium producers globally, supplying uranium for clean electricity generation in nuclear plants [24] - The company operates through three segments: Uranium, Fuel Services, and Westinghouse, providing various services and components for nuclear reactors [25] - Expected revenue and earnings growth rates for CCJ are 7.5% and 91.8%, respectively, for the current year [26]

Core Insights - The U.S. government and major tech companies are supporting nuclear energy expansion to drive economic growth and support the energy demands of artificial intelligence [1][2][8] - The U.S. aims to triple nuclear energy capacity by 2050, with recent executive orders to accelerate this initiative [2] - Major tech firms like Meta, Microsoft, and Amazon are entering nuclear energy agreements to support their AI operations while reducing fossil fuel reliance [3][4] Industry Overview - The global investment in clean energy technologies is projected to reach $2.5 trillion by 2025, driven by significant capital expenditures from tech companies [5] - Nuclear energy is seen as a critical component in the transition to a sustainable energy landscape, particularly in relation to AI growth [5] Company Insights - Mirion Technologies specializes in radiation safety and is positioned to benefit from the nuclear energy industry's expansion, with a focus on next-generation nuclear reactors [7][9] - Mirion's revenue from nuclear power is expected to account for approximately 40% in 2024, with projected sales growth of over 5% in 2025 [15] - Rolls-Royce has seen significant stock growth and is leveraging its expertise in nuclear propulsion to develop small modular reactors, with a projected 31% growth in adjusted earnings for FY25 [16][21]

Core Viewpoint - The article emphasizes the importance of confirming the sustainability of stock trends for profitable short-term investing, highlighting the use of a specific screening strategy to identify stocks with strong fundamentals and positive price momentum [1][2]. Group 1: Stock Screening Strategy - The "Recent Price Strength" screen is designed to identify stocks with sufficient fundamental strength to maintain their recent uptrend, focusing on those trading in the upper portion of their 52-week high-low range, indicating bullishness [3]. - Mirion Technologies, Inc. (MIR) is identified as a suitable candidate that has shown a solid price increase of 29% over the past 12 weeks, reflecting investor confidence in its potential upside [4]. - The stock has also experienced a price increase of 23.6% over the past four weeks, confirming that the upward trend is still intact [5]. Group 2: Fundamental Strength Indicators - MIR holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The Zacks Rank system has a strong track record, with Zacks Rank 1 stocks averaging an annual return of +25% since 1988, indicating the effectiveness of this ranking system [7]. - The Average Broker Recommendation for MIR is 1 (Strong Buy), suggesting high optimism from the brokerage community regarding the stock's near-term performance [7]. Group 3: Investment Opportunities - In addition to MIR, there are several other stocks that meet the criteria of the "Recent Price Strength" screen, providing additional investment opportunities for trend-focused investors [8]. - The article suggests that investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [8].

The Business Services group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Mirion Technologies, Inc. (MIR) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Business Services sector should help us answer this question.Mirion Technologies, Inc. is a member of our B ...

Core Viewpoint - The article emphasizes the importance of confirming the sustainability of stock trends for profitable short-term investing, highlighting the use of a specific screening strategy to identify stocks with strong fundamentals and positive price momentum [1][2]. Group 1: Stock Screening Strategy - The "Recent Price Strength" screen is designed to identify stocks with sufficient fundamental strength to maintain their recent uptrend, focusing on those trading in the upper portion of their 52-week high-low range, indicating bullishness [3]. - Mirion Technologies, Inc. (MIR) is identified as a suitable candidate that has shown a solid price increase of 4% over the past 12 weeks, reflecting investor confidence [4]. - A significant price increase of 23.7% over the last four weeks further confirms that the upward trend for MIR is intact, with the stock currently trading at 80.8% of its 52-week high-low range, suggesting a potential breakout [5]. Group 2: Fundamental Strength - MIR holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The Zacks Rank system has a proven track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988, indicating the effectiveness of this ranking in identifying strong investment opportunities [7]. - The Average Broker Recommendation for MIR is 1 (Strong Buy), reflecting high optimism from the brokerage community regarding the stock's near-term performance [7]. Group 3: Additional Insights - The article suggests that there are several other stocks passing through the "Recent Price Strength" screen, encouraging investors to explore these options for potential investments [8]. - It highlights the importance of backtesting stock-picking strategies to ensure past profitability, which can be facilitated by tools like the Zacks Research Wizard [9].

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company's Q1 2025 financial statements reflect improved performance with increased revenues, a shift to net income, and higher operating cash flow compared to the prior year Consolidated Statement of Operations Highlights (Q1 2025 vs Q1 2024) | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | $202.0 | $192.6 | +4.9% | | **Gross Profit** | $96.1 | $87.1 | +10.3% | | **Income (Loss) from Operations** | $8.7 | $(4.9) | N/A | | **Net Income (Loss)** | $0.4 | $(26.5) | N/A | | **Diluted EPS** | $0.00 | $(0.13) | N/A | Consolidated Balance Sheet Highlights | Metric | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $185.8 | $175.2 | | Total Current Assets | $590.2 | $594.7 | | Goodwill | $1,439.6 | $1,426.2 | | Total Assets | $2,625.6 | $2,636.0 | | Total Liabilities | $1,068.9 | $1,076.9 | | Total Stockholders' Equity | $1,556.7 | $1,559.1 | Consolidated Statement of Cash Flows Highlights (Q1 2025 vs Q1 2024) | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $35.6 | $6.0 | | Net cash used in investing activities | $(7.6) | $(12.9) | | Net cash (used in) provided by financing activities | $(21.2) | $0.2 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes provide detailed insights into the company's accounting policies, segment performance, debt structure, and other financial items, including a significant remaining performance obligation and the resolution of specific litigation - The company's remaining performance obligations for all open customer contracts stood at approximately **$813.5 million** as of March 31, 2025, with about **47%** expected to be recognized as revenue during 2025[44](index=44&type=chunk) - The 'Technologies' segment was renamed to 'Nuclear & Safety' during the year ended December 31, 2024[120](index=120&type=chunk) - In November 2024, the company reached an agreement to modify a contract with a Russian customer, leading to the rescission of a **$21 million** claim against the company, and a separate settlement resulted in an agreement to refund **€4.4 million**[103](index=103&type=chunk)[104](index=104&type=chunk) Segment Revenue and Operating Income (Q1 2025 vs Q1 2024) | Segment | Revenue Q1 2025 (in millions) | Revenue Q1 2024 (in millions) | Operating Income Q1 2025 (in millions) | Operating Income Q1 2024 (in millions) | | :--- | :--- | :--- | :--- | :--- | | Medical | $68.6 | $66.8 | $6.7 | $1.4 | | Nuclear & Safety | $133.4 | $125.8 | $21.7 | $12.6 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes revenue growth and the shift to net income to pricing and volume increases, particularly in Nuclear & Safety, while highlighting strong liquidity and ongoing geopolitical and trade risks Reconciliation of Net Income (Loss) to Adjusted EBITDA | Metric (in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income (loss) | $0.4 | $(26.5) | | Interest expense, net | $10.6 | $13.8 | | Income tax expense | $0.2 | $1.2 | | Amortization | $25.4 | $31.5 | | Depreciation | $8.3 | $7.3 | | **EBITDA** | **$44.9** | **$27.3** | | Stock-based compensation expense | $3.4 | $3.6 | | Increase in fair value of warrant liabilities | — | $5.7 | | Foreign currency (gain) loss, net | $(2.8) | $0.8 | | Non-operating expenses | $1.2 | $2.1 | | **Adjusted EBITDA** | **$46.7** | **$39.5** | - The Medical segment revenue increase was driven by recovery in the Nuclear Medicine (NucMed) division and domestic sales, partially offset by an ERP implementation delay in the RTQA business and the exit from the lasers product line[189](index=189&type=chunk)[203](index=203&type=chunk) - The Nuclear & Safety segment revenue increase was primarily due to organic volume growth of **$6.9 million** and pricing increases of **$2.2 million**[190](index=190&type=chunk)[205](index=205&type=chunk) - The company amended its revolving line of credit on March 21, 2025, increasing commitments from **$90.0 million** to **$175.0 million** and extending the maturity date to March 21, 2030[83](index=83&type=chunk)[219](index=219&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes to its quantitative and qualitative disclosures about market risk for the three months ended March 31, 2025, compared to the disclosures in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the disclosures regarding market risk since the last Annual Report on Form 10-K[233](index=233&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[235](index=235&type=chunk) - No changes occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[237](index=237&type=chunk) [PART II - OTHER INFORMATION](index=48&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal actions arising in the ordinary course of business, with management not expecting a material effect on its business or financial condition from their resolution - The company states that the resolution of current legal proceedings is not expected to have a material effect on its business or financial condition[239](index=239&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) The company reiterates its risk factors, emphasizing the potential impact of global economic conditions, geopolitical tensions, tariffs, and trade barriers on its operations and financial results - The company highlights significant risks from worldwide economic conditions, international trade disputes, tariffs, and geopolitical tensions, which could increase costs and adversely affect business[242](index=242&type=chunk) - Revenue generated outside of North America accounted for approximately **37%** of net sales for the year ended December 31, 2024, making international sales a material part of the business and subject to global risks[243](index=243&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its share repurchase activity under a program authorized in December 2024, including the repurchase of **1,160,000 shares** at an average price of **$16.00 per share** during Q1 2025 Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Approx. Dollar Value Remaining (in millions) | | :--- | :--- | :--- | :--- | | Jan 1 - 31, 2025 | — | $— | $— | | Feb 1 - 28, 2025 | 1,160,000 | $16.00 | $81.4 | | Mar 1 - 31, 2025 | — | $— | $— | [Item 5. Other Information](index=51&type=section&id=Item%205.%20Other%20Information) The company reports that on February 19, 2025, Brian Schopfer, the Chief Financial Officer, adopted a Rule 10b5-1 trading plan for the potential sale of up to **150,000 shares** of Class B common stock - Brian Schopfer, Chief Financial Officer, adopted a Rule 10b5-1 trading plan on February 19, 2025, for the potential sale of up to **150,000 shares** of Class B common stock, effective from May 21, 2025, to May 20, 2026[255](index=255&type=chunk)[256](index=256&type=chunk)