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.

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.

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.