CW: US Nuclear Progress? So you're telling me there's a chance...

研报英文原文证据摘录

CW: US Nuclear Progress? So you're telling me there's a chance...

Aerospace & Defense

FLASH

FLASH: CURTISS-WRIGHT (CW) June 23, 2026

CW: US Nuclear Progress? So you're telling me there's a Rating:

chance... Outperform

Price:

What happened? $765.13

Earlier today, Westinghouse Electric Company (AP1000 OEM) announced a Price Target:

$815partnership with the DoE Office of Energy Dominance Financing for a $17.5B loan % Upside:

program for investment in nuclear supply chains / accelerate the purchase of long- 6.5%

lead items. The obligated funds cover long-lead items for up to 10 AP1000 units. The

Source: FactSet, Wolfe Research

release highlighted that Westinghouse will partner with up to five eligible utilities Priced as of 06/23/26

or energy companies (2 reactors each), and has signed LOIs with seven potential

partners at identified sites.

What does it mean?

CW is the supplier of the reactor coolant pump for AP1000, which is one of the

longest lead items in the reactor bill of materials. There's been clear jockeying for Myles Walton, PhD, CFA

position between the US and Poland for the first AP1000 order (CW noted at our May mwalton@wolferesearch.com

conference that Poland was seemingly in the lead), but today's financing partnership (617) 675-6840 View Myles’s Research

should give confidence that there is real progress being made on the US front as well. View CW Model

View Comp TableAs a reminder, the high level math is ~$150-160M of shipset revenue per reactor

for CW, spread over a 4-5 year bell curve, at attractive EBITDA margins based on Greg Dahlberg

historical work. So, the 10 reactor opportunity with the DoE likely represents a $1.5B gdahlberg@wolferesearch.com(617) 675-6841

revenue opportunity for CW (our AP1000 scenario analysis can be found in the body