In short: Barron's Stock Pick (Investor Circle, gated): the stock had a "cruel summer," punished after announcing a large acquisition that has since been canceled — leaving it "chilled for purchase" because it "is still cheap." Body not captured.
Solstice's shares fell hard over the summer after the company announced a big acquisition that investors didn't like. That deal has since been called off — so the reason for the selling is gone, but the share price hasn't bounced back. Barron's argues that leaves the stock cheap enough to buy.
This is the classic "punished for a deal that never happened" setup: if the market sold the stock for fear of overpaying or overborrowing, cancelling the deal removes that risk. The detailed valuation case sits behind Barron's Investor Circle paywall and was not captured here.
In short: The one uranium equity he volunteers, and it is a bottleneck rather than a mine: "there's opportunity… but I like a company like Solstice. It got spun out from Honeywell. They own the big conversion facility. I think it's in Kentucky and they're expanding it… if you listen to the recent conference calls, they're pretty stoked, they're going to spend some money and ramp it up. That's been a bottleneck for the uranium industry, for the fueling industry. So, I look for things like that." (He places the plant in Kentucky; Solstice's US UF6 conversion works is Metropolis, Illinois — the argument is unaffected.) Consistent with his rule that the profitable part of a commodity bull is the step nobody else can build, not the ore body everybody can option.
Uranium out of the ground cannot be put in a reactor. It has to be converted into a gas (uranium hexafluoride), then enriched, then made into fuel. Conversion is the step almost nobody can do — there is essentially one operating commercial plant in the United States, and Solstice, spun out of Honeywell, owns it.
Polomny's interest is structural rather than speculative. When a supply chain has one narrow gate, the owner of the gate collects the toll no matter which miner eventually wins. He heard on recent earnings calls that the company intends to spend money widening that gate, which both relieves an industry bottleneck and grows the toll booth.
Two honest caveats. He places the plant in Kentucky; the US conversion works is actually in Metropolis, Illinois — a slip that does not change the argument. And conversion is only part of Solstice: the company also sells refrigerants, electronic materials and packaging, so a uranium buyer here is buying a diversified chemicals business with a strategic asset inside it, not a pure-play.
1:11:08going bonkers and there's opportunity I think, it's not as much anymore because a lot of people have sussed it out but in a lot of the suppliers but I like a company like Solstice. It got spun out from Honeywell. They own the big conversion facility. I think it's in Kentucky and they're expanding it.
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