BWX Technologies Inc.

Overview Key strengths Key risks Sole manufacturer of nuclear reactors for the U.S. Navy. Significant customer and contract concentration. Robust defense spending. High capital spending requirements. Above-average profitability. Potential for increased acquisitions or shareholder returns. Defense spending will likely remain sufficient to support BWX Technologies Inc. ?s growth over time. With a backlog of about $5.2 billion (more than 2x annual sales), BWX has good revenue visibility. The global threat environment and near peer competition makes the development of naval capabilities of critical importance to the U.S.? national security strategy. The most recent 30-year naval vessel construction plan contains a schedule for 28 submarines through 2051, suggesting continued long-term demand for nuclear propulsion systems as the Navy continues to build

...'s growth over time. With a backlog of about $5.2 billion (more than 2x annual sales), BWX has good revenue visibility. The global threat environment and near peer competition makes the development of naval capabilities of critical importance to the U.S.' national security strategy. The most recent 30-year naval vessel construction plan contains a schedule for 28 submarines through 2051, suggesting continued long-term demand for nuclear propulsion systems as the Navy continues to build its fleet. We believe BWX will remain well positioned to take advantage of future demand for nuclear components, which will drive long-term growth....

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