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Cameco Corporation (CCO)
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BWX Technologies Inc. (BWXT)
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NuScale Power Corporation Class A (SMR)
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AtkinsRéalis Group Inc. (ATRL)
BWXT: We like BWXT at 30X earnings with a 1% dividend. It supplies nuclear components and fuel, and is sort of a 'pick and shovels' way to play the sector. The balance sheet is a bit leveraged, but earnings and cash flow growth look solid here.
CCO is the 'easy' choice for uranium producers, being one of the largest in the world. The stock is not cheap at 44X earnings after a 100% gain in the past year. But if uranium is going to move it is going to follow, and it would be one of our 'go to' names in the sector.
ATRL: Is more of a 'builder' engineering company. It does have exposure to the sector, but this is diluted down by all of its other areas of operation. We consider it OK, not great, but would not necessarily view it as a 'nuclear' company overall.
SMR is a small company, but as a modular developer is a bit more directly tied to the industry. There are higher risks here for sure but we find it interesting for exposure.