Industry Overview - Nuclear energy is transitioning from being viewed as the "black sheep" of the power sector to the "gold standard" for clean energy due to increasing electricity demands from AI data centers and electric vehicles [1] - Unlike solar and wind energy, nuclear energy provides reliable "baseload" power, operating continuously and emitting zero carbon [2] Company Focus: ASP Isotopes (ASPI) - ASP Isotopes (ASPI) is identified as a high-risk, high-reward investment opportunity, focusing on the enrichment process of uranium fuel [2] - The company employs a proprietary method called Aerodynamic Separation for uranium enrichment, which is efficient and cost-effective [3] - ASPI is positioning itself as a primary supplier of High-Assay Low-Enriched Uranium (HALEU), essential for next-generation small modular reactors (SMRs), amid a global shortage [4] Financial Position and Growth - ASP recently raised over $72 million to establish an enrichment facility in South Africa and acquired Renergen Limited, diversifying into helium production for a more stable revenue stream [5] - In the first nine months of 2025, ASP reported a loss of nearly $100 million, ending Q3 with $113 million in cash, indicating a potential need for additional capital [5] - Analysts have a "Strong Buy" recommendation for ASPI, with a mean stock price target of $12, significantly above the current price of $6.31 [6]

Company Overview - Mirion Technologies, Inc. is a global leader in radiation detection, monitoring, and safety solutions, with core operations in nuclear energy and medical radiation [2] - The company provides critical instruments and calibration services essential for regulatory compliance and operational safety in nuclear plants, research facilities, defense programs, and hospitals [2] Revenue Model - Approximately 70% of Mirion's revenue is recurring, supported by long-term service contracts that renew automatically over the lifespan of reactors and medical systems, often lasting 40–80 years [3] - The nuclear and safety division accounts for about two-thirds of revenue and is poised to benefit from the global nuclear renaissance, with plans to triple reactor capacity by 2050 [3] Market Position and Growth Potential - Every new build, restart, or extension in the nuclear sector necessitates Mirion's radiation measurement systems, embedding its products in regulatory frameworks globally [4] - The medical division enhances stability by providing essential tools for radiotherapy quality assurance and dosimetry critical to cancer care and diagnostic imaging [4] Financial Outlook - Management targets 6–8% organic growth, approximately 30% EBITDA margins, and leverage below 3× within five years, potentially tripling free cash flow to $200 million [5] - Despite heavy amortization and integration costs obscuring true profitability, Mirion's systemic role in nuclear and medical sectors positions it for a re-rating as investors recognize its durable cash flow and intrinsic stability [5] Investment Thesis - Mirion Technologies is viewed as mispriced, being perceived as a legacy roll-up rather than a maturing compounder with high switching costs and regulatory entrenchment [4] - The company is considered a compelling long-term investment opportunity in the nuclear and medical safety ecosystem, especially as nuclear and medical tailwinds strengthen [5]