Deep-dive research

GE Vernova

Electrification infrastructure leader with a verified FCF inflection and locked-in gas turbine backlog — but priced at ~53x earnings with full execution already embedded.

BWX Technologies

Contracted naval-nuclear monopoly with real cash flows — the risk is paying 50x for a business the market has already discovered

NRG Energy

Gas-and-retail utility at a leverage-discount, betting on data-centre power demand and LS Power integration to close a 50% gap to analyst targets.

Sterling Infrastructure Inc

Best-in-class AI data-center site developer — outstanding business, priced for perfection at 48x forward earnings

Vistra

Largest US merchant power generator — locked-in nuclear PPAs and elevated PJM prices vs. ~$19B net debt and peak-cycle valuation

Talen Energy

Nuclear-AI anchor deal with AWS is real — but one plant, $7B+ of debt, and a gas acquisition that dilutes the clean-energy premium make execution the whole story.

Jfrog Ltd

Dominant enterprise artifact-management platform riding an AI binary-volume tailwind, but priced at ~16x forward revenue on decelerating growth with no GAAP profit in eight years.

Constellation Energy

World's largest private nuclear fleet with signed AI-power contracts — but the premium multiple demands more deals that haven't arrived yet

Oklo

Pre-revenue advanced reactor developer with real construction underway and a hyperscaler pipeline — but priced for perfection 5 years before first power.