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]