Co. Inks Centrus for HALEU Fuel Supply Across 1.2GW Ohio Campus. Reit OW, $122PT.

Research evidence excerpt

Co. Inks Centrus for HALEU Fuel Supply Across 1.2GW Ohio Campus. Reit OW, $122PT.

June 18, 2026

Valuation

We arrive at our Overweight rating and 12-month price target of $122 using a DCF model.

We have forecasted Oklo’s financials through 2035 and discounted to present day using

a 7.3% discount rate (from our previous 9.0% discount rate). We then calculated Oklo’s

terminal value using a perpetual growth model, assuming a 2% growth rate (from our

previous 1% growth rate).

Risks

Nuclear meltdown headline risk. One of the ongoing risks to OKLO shares is the risk of

a nuclear meltdown, regardless of the specific nuclear reactor technology. We believe

the Fukushima and Chernobyl nuclear incidents had the effect of swaying public opinion

against nuclear power adoption. Should another nuclear incident occur, we believe OKLO

shares would be negatively impacted. Thus, we view any potential nuclear incident as a

headline risk.

Labor force inexperienced with building such facilities. While we believe strongly in the

Oklo management team and the underlying reactor technology, we acknowledge that

there is likely a gap in the U.S. labor force that lacks experience constructing Oklo reactors.

Moreover, we believe there are risks around scaling operations quickly and ensuring

adequate levels of skilled labor are acquired. Thus, we believe there is a risk around

potential project delays that could lead to cost overruns. Any delays could push out Oklo’s

revenue ramp and, in turn, our DCF valuation.

Fuel supply. We view fuel supply as a potential risk to Oklo’s scale-up. Over the past few

years, geopolitical tensions, specifically with Russia (major global supplier of fuel), have

increased the risk of global trade, in our opinion. Moreover, we note our current thesis, in