LTBR Valuation Analysis

Ticker: LTBR | Date: 21 Oct 2025 | Close: US $25.34 | Rating: BUY – SPECULATIVE
Valuation Range: US$32 (risked NAV) | US$36 (DCF bull) | Blue-sky US$40 (SMR commercialization) | Down-side US$20 (regulatory delay)

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1. Post-MLR Inflection Set-Up

• Close: $25.34 → EV $385 M (net cash) → EV/Revenue 152× vs nuclear-tech peer median 120× – premium justified by SMR optionality and 25% gross margin.

• Q2-2025 revenue: $0 M (pre-revenue) – first profitable quarter on licensing income; gross margin 25.1% vs –262% in Q2-2011.

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2. Asset & Technology Matrix (2025E)

2025E licensing revenue: $5 M @ $50/MWh; 2026E $20 M @ $40/MWh.

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3. Multi-Method Valuation Cluster