The Centrus investment case is a bet on the revival of nuclear energy, and winning government support from >3B$ in RFP's by the US DoE.

Centrus is a US based uranium supplier of LEU (>$200M) and technical services (>$100M) with customers in the US, Asia and Europe. The company operates the only facility licensed by the U.S. Nuclear Regulatory Commission (NCR) to produce HALEU (20% U-235) required for many types of Small Modular Reactors (SMRs). Centrus is at least 5 years ahead of competition on High-Assay Low Enriched Uranium.

My thesis is that future demand for HALUE and the sanctions on Russian LEU (30% of US/EU demand) are billion dollar growth opportunities for Centrus in the coming 5 years. Given that growth potential the company is undervalued at 10x PE (est 2024).