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$OKLO

I just had a conversation with @Multibagger in another post and promised to post a few stocks that I once saved somewhere as potential tenbaggers!

Unfortunately only 3 of the 10 I promised have turned out, as the rest like Kraken and Ondas are already well known here!

$SMR
$RR
$GRAB (-2,86%)

I'm sorry that I can't offer any well-founded analyses or assessments now, because that's not my area!

But this post is more for the "usual suspects", maybe you can do something with it 😉

@Multibagger
@Klein-Anleger
@Tenbagger2024 These are just the 3 I can think of off the top of my head, but the post is of course for everyone!

Best regards 🚀

$DPZ (+1,48%)
$HIMS (-4,04%)
$KTOS (-0,93%)
$DOCN (-10,63%)
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$SMR
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$DUOL

Dear Community,

Where the hunger for energy is being met by nuclear power and the new generation of Small Modular Reactors (SMRs), a massive growth market for downstream services is inevitably emerging.

This applies above all to nuclear waste disposal, the professional dismantling of old plants and the recycling of fuels and water.

Since there is currently no pure "nuclear waste ETF" (at least that I am aware of), we investors must focus on specialized individual stocks that are global leaders in the disposal of uranium and contaminated components (including water).

1. the operational heavyweights for dismantling and disposal

• Veolia ($VIE (-1,09%)
  ): Although Veolia is primarily perceived as a global environmental services provider, it also operates a nuclear power plant with Veolia Nuclear Solutions a highly specialized division. As the global market leader in robot-assisted cleaning and the dismantling of highly radioactive sites (such as Fukushima), they are indispensable. They offer technologies for the vitrification of waste ("vitrification", the transformation of liquid or solid nuclear waste into a solid glass body) and for water treatment in contaminated areas. Veolia thus bridges the gap to the traditional water business and covers two key areas in its portfolio at the same time.

• Fortum ($FORTUM (+1,3%)
  ): The Finnish energy group is a hidden champion of nuclear aftercare. In addition to operating power plants, Fortum offers specialized services for the purification of radioactive liquids (NUKEM technology) and final disposal. They are a key player in European waste management standards.

• Jacobs Solutions ($J (-0,79%)
  ): The US engineering services giant manages major government nuclear sites such as Sellafield (UK) and Hanford (USA). Its focus is on program management for the long-term storage of fuel elements. The SMR connection is particularly exciting: Jacobs is already advising numerous developers on planning the entire life cycle, including disposal.

• Perma-Fix Environmental Services ($PESI (-7,43%)
  ): Perma-Fix is regarded as one of the few genuine "pure plays". The company operates its own facilities for the treatment of nuclear and mixed waste. Its core competence lies in massively reducing the volume of nuclear waste before it is transferred to a final repository.

2 The fuel cycle: Cameco and Westinghouse

Cameco ($CCO (-2,21%)
) is primarily known as a uranium producer, but together with Brookfield Asset Management holds a majority stake in Westinghouse Electric Corporation (electrical engineering). The company thus covers the entire cycle:

• Operations: Cameco produces uranium concentrate (yellowcake), while Westinghouse supplies the reactor technology and maintenance.

• Disposal expertise: Through Westinghouse, Cameco covers the lucrative "back end". This includes the decontamination of process water as well as the conditioning and volume reduction of of radioactive waste.

• Dismantling service: As a technological market leader, the team offers solutions for the dismantling (D&D) of old plants, using specialized filter systems to clean contaminated liquids.

• Market model: Sales are stable through long-term supply contracts. The service division makes the company less dependent on fluctuations in the uranium price, as maintenance and waste treatment are permanent tasks required by law.

Energy Fuels ($UUUU (-3,1%)
): This company occupies a strategic niche. In its White Mesa Mill they recover uranium from residual materials and waste from other industries. This positions Energy Fuels as a pioneer in "uranium recycling", which reduces dependence on primary extraction and makes waste streams economically viable.

3. specialty materials and water technology

In the nuclear industry, water is not only a coolant, but often also a transport medium for contaminants. This is where the technology leaders come into play:

• Xylem Inc. ($XYL (-0,14%)
  ): As a pure water technology company, Xylem supplies the heavy-duty pumping and filtration systems that are essential for the cooling circuits of modern reactors and subsequent wastewater treatment.

• Danaher Corporation ($DHR (-1,12%)
  ): Via the divested environmental division Veralto Danaher offers high-precision analytical instruments for monitoring water quality - a critical component for detecting leaks and contamination in real time.

• Umicore ($UMI (-0,54%)
  ): The materials technology group is pursuing a "closed-loop" model. In the long term, its expertise in recovering metals from complex industrial waste could play a role in the recycling of power plant components.

The new generation of reactors: SMR specialists in detail

When it comes to direct energy supply for the AI sector, two companies are in the spotlight:

• NuScale Power ($SMR
  ): The conservative pioneer relies on proven light water reactor technology (VOYGR™). As NuScale traditionally relies on water, the need for water technology (pumps, filters from suppliers such as Xylem) is extremely high. This makes NuScale an ideal partner for traditional infrastructure investors.

• Oklo Inc.$OKLO
  ): The radical innovator (supported by Sam Altman) develops "fast reactors". The key feature: these can be fueled with recycled nuclear waste (HALEU). Oklo transforms a disposal problem directly into an energy source and thus addresses the waste problem at its root.

Strategic conclusion

If you want to bridge the gap between water cooling and waste disposal, you will find in Veolia the most stable connection.

Jacobs Solutions and Perma-Fix are the most direct options for physical dismantling.

Energy Fuels offers an exciting bet on the recycling of uranium residues, while Xylem and Danaher provide the indispensable technological basis for water management in a nuclear renaissance.

However, the decisive strategic winner of the current nuclear renaissance could be the team of Cameco & Westinghouse ($CCO) (-2,21%) could be:

By merging uranium mining and reactor technology, they have created a vertically integrated business model. They not only profit from the sale of the fuel, but also control the entire downstream value chain via Westinghouse - from the purification of the process water to the final storage preparation.

As a result, Cameco has risen from a pure mining player to an indispensable infrastructure partner for the energy and AI economy.

In addition, the 80 billion dollar agreement with the US government agreed at the end of 2025 is likely to have cemented Cameco's long-term market leadership in the West (https://de.marketscreener.com/boerse-nachrichten/westinghouse-electric-cameco-und-brookfield-starten-80-milliarden-dollar-offensive-fuer-atomkraft-in-ce7d5ddcd88cf127).

Risk analysis

The nuclear renaissance is more real today than it was ten years ago, but as investors we need to look at two sides of the coin:

Opportunities through regulatory certainty: Waste disposal and dismantling are not "optional services", but permanent tasks prescribed by law. Financing is often already secured by existing provisions of the groups, which makes the service providers (Veolia, Jacobs, Perma-Fix) crisis-resistant.

Risks: Political risks remain. A change of government can delay approval processes for final storage facilities. In addition, the sector is highly emotional; ESG ratings often (still?!) determine how much capital actually flows into the shares.

Could water and waste management technology end up being the safer investment than the actual SMR builders, because it makes money from every technological outcome? How do you see the risk/reward ratio?

Best regards and thank you very much for the positive response and all the feedback on my previous and very first post ✌🏼

Anderlé

$SMR

- NuScale Power: pure commitment to small modular nuclear reactors

- Goal is a reliable, CO2-free base load supply

- Well positioned to benefit from AI, data centers and demand for grid stability

Growth 📈

- Sales are expected to grow by approx. 54% per year

- 66% gross profit margin potential with increasing production volume

- Debt-free - balance sheet strength is crucial in this phase

- Long-term growth potential if the introduction of SMR is accelerated worldwide

This is early stage energy infrastructure.

Chart 📊

- Price down 70%+ from all-time highs

- Correction wave 2 is nearing its completion

- I would like to open a position in the support area at 0.786 Fibonacci.

- The projection of wave 3 implies an upside potential of approx. 642 %

Conclusion 💡

54 % growth, no debt, enormous upside potential.

Anyone who considers SMR an important topic can now look forward to the latest insights from the NuScale ($SMR ) analyst conference. The conference on the fourth quarter and full year 2024 provided exciting insights into the company's progress and future plans.

John Hopkins, President and CEO, began with a review of the year 2024, which was characterized by significant progress in the commercialization of the Small Modular Reactor (SMR) technology. was characterized. Particular emphasis was placed on the improved financial situation of the company.

An important point was the RoPower project in Romania, in which NuScale installed a 6-module SMR plant with an installed capacity of 462 megawatts on the site of a decommissioned coal-fired power plant in Doicesti. NuScale is thus actively supporting the Romania's energy security and decarbonization initiatives. The FEED phase 2 (Front-End Engineering and Design) under the management of Fluor is generating significant revenue and cash flow for NuScale.

Hopkins emphasized that NuScale is the only near-term SMR on the market. on the market. While other announced SMR projects in the US are focused on demonstration plants that can only receive approval from the US Nuclear Regulatory Commission for commercial operation after several years of operation, NuScale has already invested over 2 billion US dollars in the development and licensing of its technology. licensing of its technology and has received design certification from the NRC design certification.

Another important step is the technical review of the improved FDA application to the NRC to increase the increase the electrical output per module from 50 to 77 megawatts. The decision on this is expected by mid-2025. This step is intended to broader range of customers and increase the economic efficiency increase economic efficiency.

In the area of manufacturing, Hopkins announced that the strategic partner Doosan Enerbility continues to make progress in the production of the first six NuScale power modules. In addition, based on discussions with customers about 12-module configurations
preproduction materials for six additional modules ordered. This means that there are now twelve modules in productionwhich underlines the confidence in the customer pipeline and the commitment to delivery by 2030.

The increasing demand for energyespecially due to the reshoring trend in manufacturing, the electrification of industries and the need for data centers for artificial intelligence (AI)was identified as a key growth driver. Hopkins referred to a report by the US Department of Energy, according to which the energy consumption of data centers could triple in the next three years and could account for up to 12% of national electricity consumption by 2028.

Given the fact that power capacity additions in the US are mainly based on intermittent sources and short-term battery storage, NuScale storage, NuScale sees a massive opportunity to provide clean baseload energy. The world's largest technology companies are driving this demand. Meta is planning up to 4 gigawatts of new nuclear energy for its AI and sustainability goals.

Hopkins also mentioned the ongoing innovations in the field of hydrogen production. A white paper release from Dr. Jose Reyes, NuScale's Chief Technology Officer and co-founder, highlighted how NuScale is benefiting from tax credits for the production of clean hydrogen production.

Hopkins concluded by emphasizing the support for advanced nuclear energy and the government's initiatives to promote SMRs. He also pointed out that NuScale no additional hurdles in connection with HALEU fuels (High-Assay Low-Enriched Uranium) that are required for other Generation 4 SMR technologies.

Robert Hamady, Chief Financial Officer, provided an overview of the financial results. NuScale's NuScale's cash position improved significantly and reached USD 446.7 million at the end of 2024. This is due to a mandatory redemption of warrants which generated net proceeds of USD 227.7 million. For the fourth quarter of 2024, NuScale reported revenue of revenue of 34.2 million US dollars and a net loss of 180.3 million US dollars. reported. For the full year 2024, revenue amounted to turnover amounted to 37 million US dollars and the net loss amounted to 348.4 million US dollars. The operating expenses were significantly reducedresulting in an annual savings of more than 108.6 million US dollars. resulted.

In the subsequent Q&A session the analysts addressed various aspects:

George Gianarikas (Canaccord Genuity) asked about potential bottlenecks in the signing signing an agreement with a large data center company in the USA. Hopkins explained that it was not about bottlenecks, but about the complexity of putting these projects togetherinvolving NuScale as the power module provider, ENTRA1 as the owner and other contractors.

Gianarikas also asked for more details on the parameters parameters or conditions for revenue recognition in the fourth quarter. Hamady explained that the revenue from the provision of services and the progress in the provision of services or the delivery of an item in connection with the in connection with the licensing of technology and subcontracts in the area of EPC work.

Esteban Albarracin (TD Cowen) asked about the forged reactor components from Doosansix of which are destined for the Romanian plant. He wanted to know if the additional six had not yet been booked by another, as yet unannounced, customer. Hopkins confirmed this and explained that this was to shorten lead times, shorten lead times. Hamady clarified that NuScale does not manufacture reactors, but rather preproduction materials for twelve NuScale power modules.

Another analyst inquired about the 800 million dollar grant for Gen 3 reactors in the U.S. and whether NuScale would apply for it. Hopkins said he would be having discussions with the Department of Energy this week to get more clarity. Clayton Scott added that they are evaluating the situation in collaboration with ENTRA1 and some of their off-taker partners.

Eric Stine (Craig-Hallum) asked about the upgrade to 77 megawatts and the remaining steps. Hopkins replied that the technical technical requirements for the NRC were almost completely fulfilled and that it was now a matter of the administrative process. He was confident that the schedule could be met or even exceeded.

Stine asked about the increasing demand for nuclear energy and whether there is a whether there has been a change in the view of traditional nuclear power plants and the restart of decommissioned plants. plants. Hopkins replied that he did not know how many plants could actually be restarted and that he believed that Small Modular Reactors are the future are the future. Clayton Scott agreed and said that there were not many plants left that could come out of the restart program.

Hopkins concluded by emphasizing that NuScale is a first mover in this area and is ready to deliver clean energy at scale.

An exciting company in an exciting sector! It remains to be seen whether this technology will actually catch on.

Other companies that are active in the SMR sector include Rolls Royce ($RR. (-2,1%) ) and Oklo ($OKLO )