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Investing.com - JPMorgan initiated coverage on Mirion Technologies (NYSE:MIR) with an Overweight rating and a $28.00 price target, implying approximately 31% upside potential. The stock has shown remarkable momentum, delivering a 94% return over the past year, though InvestingPro analysis indicates the stock is currently trading above its Fair Value.
The investment bank cited Mirion’s position as a global leader in radiation safety technologies across nuclear power, medical cancer care, dosimetry, and research labs as key factors behind its positive outlook.
JPMorgan expects Mirion to achieve high-single-digit revenue growth and EBITDA margin expansion from approximately 24% in 2024 to around 30% by 2028, with free cash flow conversion improving to approximately 75% by 2026.
The firm highlighted Mirion’s $825 million backlog and recurring revenue structure, with approximately 30% of revenue now coming from software and services and about 73% of overall revenue being recurring in nature.
JPMorgan also expressed confidence that Mirion’s acquisition of Paragon, which is expected to yield approximately $10 million in synergies, will not impede the company’s projected 600 basis points of margin expansion by 2028.
In other recent news, Mirion Technologies , Inc. has announced several significant financial developments. The company priced an upsized public offering of 17,309,846 shares of its Class A common stock at $21.35 per share, with the offering expected to close on September 30, 2025. Additionally, Mirion has launched a $325 million offering of 0.00% Convertible Senior Notes due in 2031, increased from an initial $250 million target. Moody’s Ratings has affirmed Mirion’s B1 corporate family rating and upgraded its senior secured bank credit facility rating to Ba2 from Ba3, maintaining a stable outlook. This follows Mirion’s announcement of a $585 million acquisition of Paragon Energy Solutions, funded through a combination of the new bond issuance and equity. Furthermore, Mirion had previously announced a $250 million convertible note offering, with plans to grant initial purchasers an option to buy an additional $37.5 million in notes. The company also commenced a $350 million public offering of its Class A common stock, with Goldman Sachs, Evercore ISI, Citigroup, and Morgan Stanley serving as joint book-running managers. These financial maneuvers indicate a period of strategic growth and capital raising for the company.
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