Overview Key strengths Key risks Unique expertise and control of scarce disposal assets in the highly regulated nuclear services industry. The bidding environment and availability of nuclear decommissioning projects is uncertain. Good backlog of work. Projects can take years to complete, and disciplined execution is necessary to mitigate cost overruns. Favorable tax attributes that can support cash flow generation. Financial-sponsor ownership (J.F. Lehman&Co.) could result in weaker credit measures. For the 12 months ended Sept. 30, 2023, NorthStar?s high revenue growth of 20% was predominantly fueled by the acquisition revenue from Trans Ash, which contributed a substantial $180 million since the deal completion in January 2023. Apart from good performance on the Trans Ash projects, the successful new
