At the Sohn 2025 Conference, Bornite Capital’s Dan Dreyfus delivered a powerful investment thesis on Mirion Technologies (NYSE:MIR), presenting it as a “buy-and-never-sell” opportunity embedded at the center of a massive, decades-long electrification and nuclear renaissance. As the world confronts the twin pressures of soaring energy demand and decarbonization mandates, Dreyfus argues that Mirion is one of the best-positioned industrial compounders to ride the wave—and potentially deliver multi-bagger returns.
The Electric Inflection Point
Dreyfus begins with a striking macro observation: the world is on the verge of a power capacity crisis. From semiconductor fabs and gigafactories to AI data centers and electrified buildings, electricity demand is surging, and most major institutions—governments, big tech firms, and manufacturers—are panicking about where the next gigawatt of power will come from.
Even if you completely exclude AI demand, Dreyfus notes, global power markets will still be in structural deficit. “The world is going electric,” he declares, and future progress will be measured by how much electricity we consume.
Why Nuclear? And Why Now?
With power demand rising and fossil fuels facing regulatory pressure, nuclear power is being rediscovered as the only scalable, carbon-free, baseload energy source. According to Dreyfus, nuclear energy has gone from “zero to hero” in the public perception, and bipartisan momentum is building for a massive U.S. nuclear expansion.
He cites reports that the Trump administration is considering an executive order to quadruple the U.S. nuclear fleet to 400 GW by 2050, requiring a $3–5 trillion investment—what he describes as “strategically mandatory” to keep the country competitive.
Enter Mirion: The Backbone of Nuclear Safety
Dreyfus highlights Mirion Technologies as a critical enabler of the nuclear industry, providing radiation detection and monitoring systems—the backbone of nuclear safety protocols. “There’s no nuclear power cycle without Mirion,” he states unequivocally.
In an industry where safety is rule #1, rule #2, and rule #3, Mirion occupies a mission-critical niche that is highly regulated, mandatory, and deeply embedded in every stage of the nuclear lifecycle.
What Makes Mirion Special?
- 70% recurring revenue tied to long-term nuclear plant operations (80–100 years)
- Recession-resistant and non-discretionary demand
- Decades-long cash flow visibility
Mirion’s Three Growth Engines
Dan Dreyfus outlines three long-term growth drivers for Mirion:
- Increased Utilization:
Existing nuclear plants are running at peak output, driving increased wear-and-tear demand for Mirion’s products. - Life Extensions & Restarts:
Nuclear reactors being brought back online (e.g., Three Mile Island) require complete safety system retrofits—Mirion wins each time. - New Builds:
The next nuclear build cycle is finally beginning. As new reactors are constructed, Mirion’s technology goes in by default, creating a high-visibility earnings ramp.
Strategic Background and Valuation
Mirion went public via a Goldman Sachs SPAC in 2021, the second of two from the same Goldman team—the first being Vertiv, which has been a 9× return for investors. Dreyfus believes Mirion could rival or even exceed Vertiv’s success over time.
Earnings & Valuation Outlook:
- Expected to earn ~$1.00 EPS by 2029
- Applying a 25× multiple puts the stock in the low $30s by 2028 (vs. ~$17 today)
- Long-term earnings compounding expected to accelerate into the 2030s and beyond
Final Word from Dan Dreyfus
“This is a compounding engine that’s just going to keep going into the 2030s and 2040s… Industrial growth companies with high barriers to entry and big growth trade at 25–30× earnings—and that’s where Mirion should be.”
Dreyfus believes that both political parties have now embraced nuclear, citing even the Sierra Club’s reversal on its 50-year anti-nuclear stance. With the AI revolution and reindustrialization of America driving energy demand, nuclear is no longer optional—and Mirion is one of the best pure-play ways to invest in that inevitability.
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