Core Viewpoint - Madison Small Cap Fund underperformed its benchmark, the Russell 2000 Index, with a return of -0.4% compared to the benchmark's 2.2% in the fourth quarter of 2025 [1] Fund Performance - The fund's performance was negatively impacted by sector allocation, particularly in the healthcare sector, which was the weakest [1] - The fund remains cautious about the speculative market, acknowledging that "markets can stay irrational longer than you can stay solvent" [1] Company Highlight: Mirion Technologies, Inc. - Mirion Technologies, Inc. is a leader in radiation detection and monitoring solutions for the nuclear and medical sectors, with a market capitalization of $5.02 billion [2] - The stock closed at $20.04 per share on March 12, 2026, with a one-month return of -10.97% and a 52-week gain of 38.59% [2] Business Model and Growth Potential - Mirion Technologies has a recurring-revenue, consumption-based business model with EBITDA margins around 25%, with potential to expand to 30% [3] - The company is well-positioned to benefit from growth trends in nuclear power and cancer care, supported by a recent renaissance in nuclear energy [3] - Mirion holds a significant market presence, with a +60% market share in ionization radiation detection and monitoring, and is involved in 95% of nuclear power plants globally [3] Revenue Drivers and Valuation - Maintenance and upgrade cycles are crucial revenue drivers, as parts and subsystems are typically replaced like-for-like [3] - The intrinsic value of Mirion Technologies is estimated to be $30 [3]

Core Insights - Mirion Technologies, Inc. (NYSE:MIR) is recognized as a promising investment by hedge funds, despite recent price target reductions from major firms [1][2] Group 1: Financial Performance - Baird lowered its price target on Mirion from $30 to $29 while maintaining an Outperform rating, citing strong performance in the nuclear segment as a highlight [1] - Goldman Sachs reduced its price target from $33 to $29 but kept a Buy rating, noting Q4 adjusted EBITDA of $77.6 million, an 11.5% increase from $69.6 million in the same period in 2024, driven by strong margins in the Medical segment [2] - The company achieved over $400 million in orders for the first time, indicating robust demand [2] Group 2: Market Outlook - Despite a decline in stock value due to weaker organic growth and guidance suggesting improved performance in the second half of 2026, Goldman Sachs maintains a positive outlook for the Nuclear segment, presenting a potential buying opportunity [3] - Mirion Technologies is a global leader in radiation safety, providing solutions across various sectors including nuclear, medical, defense, and research [4]

Core Viewpoint - Mirion Technologies reported strong financial results for the fourth quarter and full year 2025, with significant order growth and provided optimistic guidance for 2026, reflecting robust market fundamentals and strategic acquisitions [1][2]. Financial Results - For the fiscal year ended December 31, 2025, total revenues reached $925.4 million, up from $860.8 million in 2024, marking a year-over-year increase of approximately 7.0% [3]. - The company reported a net income of $29.8 million for 2025, compared to a net loss of $36.6 million in 2024 [3]. - Adjusted EBITDA for 2025 was approximately $227.9 million, an increase from $203.6 million in 2024, reflecting a margin of about 24.6% [5]. 2026 Guidance - Mirion anticipates adjusted earnings per share (EPS) to be between $0.50 and $0.57, including stock-based compensation [1]. - The company expects adjusted free cash flow to range from $155 million to $175 million, with an adjusted free cash flow conversion rate of approximately 54% to 58% of adjusted EBITDA [1]. - Organic revenue growth is projected to be between 5.0% and 7.0%, while total revenue growth is expected to be between 22.0% and 24.0% [1]. Order Growth and Market Position - In 2025, Mirion booked over $1 billion in orders, including approximately $150 million from a large opportunity pipeline, indicating strong demand across all three Nuclear Power verticals [1][2]. - The company highlighted its expanding nuclear power portfolio and strategic acquisitions, such as Paragon Energy Solutions, as key drivers for future growth [1][2]. Balance Sheet Highlights - As of December 31, 2025, total assets amounted to $3,588.1 million, up from $2,636.0 million in 2024, with significant increases in cash and cash equivalents [3]. - Total liabilities were reported at $1,671.2 million, compared to $1,076.9 million in the previous year, reflecting the impact of acquisitions and operational growth [3]. Cash Flow Analysis - Net cash provided by operating activities for 2025 was $143.3 million, an increase from $99.1 million in 2024 [4]. - The company reported a net cash used in investing activities of $694.6 million, primarily due to acquisitions [4].

Core Insights - Mirion Technologies, Inc. (NYSE:MIR) is recognized as one of the best stocks to buy for investment, with shares increasing over 73% in the past year as of January 27 [1] - Analysts show strong confidence in MIR, with 89% rating it a Buy and a median price target of $29, indicating an upside potential of nearly 14% [1] - Morgan Stanley has initiated coverage of MIR with an Equal Weight rating and a price target of $29, reflecting optimism about the company's growth prospects in the nuclear power sector [2][3] Company Overview - Mirion Technologies specializes in radiation detection, measurement, analysis, and monitoring products and services, operating through two segments: Medical and Nuclear & Safety [4] - The company's nuclear power solutions are utilized in over 95% of the world's nuclear reactors, while its medical products are present in 80% of cancer centers globally [3] Market Position and Strategy - The recent acquisition of Paragon Energy Solutions enhances Mirion's safety-related offerings for nuclear power plants and strengthens its position in the small modular reactor (SMR) market [3] - Analysts believe that the company will benefit from the increasing global nuclear power generation capacity, driven by the growth of data centers and the rapid adoption of new technologies [3]

Core Insights - TimesSquare Capital Management's "U.S. Small Cap Growth Strategy" reported a gross return of 2.26% and a net return of 2.01% for Q3 2025, significantly underperforming the Russell 2000 Growth Index, which returned 12.19% during the same period [1] - The fund's top five holdings include Mirion Technologies, Inc., which has shown a 44.66% increase in share value over the last 52 weeks [2] Company Overview - Mirion Technologies, Inc. specializes in radiation detection, measurement, analysis, and monitoring products, serving the Medical and Nuclear & Safety segments [2][3] - The company’s nuclear power solutions are utilized in over 95% of the world's nuclear reactors, while its medical products are present in 80% of the world's cancer centers [3] Financial Performance - In Q3 2025, Mirion Technologies reported revenue of $223 million, reflecting a year-over-year increase of nearly 8% [4] - As of January 5, 2026, Mirion's stock closed at $24.65 per share, with a market capitalization of $6.024 billion [2] Strategic Developments - Mirion Technologies recently acquired Paragon Energy Solutions, enhancing its safety-related offerings for nuclear power plants and increasing its relevance in the small modular reactor (SMR) market [3] - The company is not among the top 30 most popular stocks among hedge funds, with 44 hedge fund portfolios holding its shares at the end of Q3 2025, down from 46 in the previous quarter [4]

Core Viewpoint - Mirion has successfully completed the acquisition of Paragon Energy Solutions, enhancing its capabilities in the nuclear power industry [1] Group 1: Acquisition Details - The acquisition integrates Paragon's engineering capabilities specifically tailored for the nuclear power sector [1]

Core Viewpoint - Palantir Technologies Inc. is viewed positively by Jim Cramer, who considers it a speculative stock worth owning due to its profitability, which is rare among speculative stocks [1]. Group 1: Company Performance - Palantir develops software platforms for data integration, analysis, and management, primarily serving intelligence, defense, and enterprise operations [2]. - Cramer highlighted that investors who have recouped their cost basis on Palantir cannot lose money, indicating a strong position for current shareholders [2]. - The fundamentals of Palantir are currently perceived as strong, suggesting a favorable outlook for the company [2]. Group 2: Investment Considerations - While Palantir is recognized as a potential investment, there are other AI stocks that may offer greater upside potential and lower downside risk [2].

Core Insights - Conestoga Capital Advisors reported that equity markets reached new all-time highs in Q3 2025, but the Conestoga Small Cap Composite underperformed the Russell 2000 Growth Index, returning -1.4% compared to the Index's 12.2% gain [1] - The gains in the Russell 2000 Growth Index were primarily driven by low-quality stocks, particularly unprofitable, high-beta names [1] Company Highlights: Mirion Technologies, Inc. (NYSE:MIR) - Mirion Technologies, Inc. specializes in radiation detection, measurement, analysis, and monitoring products for medical and nuclear safety applications [2][3] - The stock of Mirion Technologies gained 1.30% over the past month and 71.94% over the last 52 weeks, closing at $24.17 with a market capitalization of $6.053 billion on October 17, 2025 [2] - The company benefits from durable demand drivers such as increased focus on nuclear energy, healthcare imaging, and global safety standards, generating recurring revenue through service contracts and consumables [3] Financial Performance - In Q2 2025, Mirion Technologies reported revenue of $222.9 million, reflecting a year-over-year increase of 7.6% [4] - The number of hedge funds holding Mirion Technologies increased from 35 to 46 in the second quarter of 2025, indicating growing interest among institutional investors [4] Investment Outlook - Mirion Technologies is viewed as having attractive growth potential due to improving margins, deleveraging progress, and exposure to long-term infrastructure and energy trends [3] - Despite the potential of Mirion Technologies, the company is not considered among the top 30 most popular stocks among hedge funds, and there are suggestions that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Viewpoint - Mirion has entered into a definitive agreement to acquire Paragon Energy Solutions for approximately $585 million in cash, enhancing its capabilities in the nuclear power industry and expanding its global reach [1][2]. Company Overview - Mirion is a global provider of radiation detection, measurement, analysis, and monitoring solutions, serving various end markets including nuclear, medical, defense, and research [13]. - Paragon Energy Solutions specializes in engineered solutions for the nuclear power industry, with a strong portfolio that includes critical nuclear systems and over 20,000 proprietary parts [3][13]. Financial Aspects - The acquisition price of $585 million represents approximately 18 times Paragon's expected Adjusted EBITDA for 2026, which is projected to be around $150 million with margins of 20% - 22% [2][4]. - The acquisition is expected to be accretive to diluted EPS in the first full year post-close and generate annualized commercial and cost synergies of $10 million [4][5]. Strategic Implications - The transaction is anticipated to broaden Mirion's offerings for nuclear power customers, including small modular reactors (SMRs), and strengthen the global supply chain for nuclear operations [2][4]. - Mirion's Chairman emphasized that the complementary capabilities of both companies will enhance customer experience and support the growing needs of the nuclear power sector [2]. Operational Details - The acquisition is supported by a fully committed bridge facility, with permanent financing expected to maintain a pro forma net debt to Adjusted EBITDA ratio of approximately 3.5x or lower [5]. - The transaction is expected to close before the end of 2025, subject to customary closing conditions and regulatory review [5]. Market Guidance - Mirion has revised its organic revenue growth guidance for the fiscal year ending December 31, 2025, now expecting growth of approximately 4.5% – 6.0%, down from a previous estimate of 5.0% – 7.0% [7][8].

Group 1 - Palantir Technologies Inc. is considered a speculative stock due to its high valuation, currently trading at 277 times projected earnings for the year [1] - The company specializes in software platforms that help organizations integrate, analyze, and act on complex data, with a strong focus on artificial intelligence and cybersecurity [2] - Palantir's stock price has significantly increased from $35 a year ago to $162, driven by strong financial reports that exceeded projections [2] Group 2 - The potential for Palantir as an investment is acknowledged, but there are other AI stocks that may offer greater upside potential with less downside risk [3]