Amentum Holdings WKN: A40PX2 ISIN: US0239391016 Kürzel: AMTM

AMTM - The Nuclear Monopoly at the Center of Trump's Nuclear Energy Dominance Trump just made AMTM the most important company in America that nobody's heard of....$55 UNDERSTAND WHAT THEY CONTROL: Amentum manages 90% of America's nuclear infrastructure for the DOE. Not "participates in" - MANAGES. They're the ONLY company with the expertise, clearances, and relationships to handle: Nuclear weapons complex operations Radioactive waste cleanup at EVERY major site New reactor engineering and operations Defense nuclear facilities This isn't a contractor. This is the KEYSTONE of U.S. nuclear capability. THE TRUMP CATALYST - THIS IS BIGGER THAN YOU THINK: 18 hours ago: Trump DOE gives $1B for Three Mile Island restart May 2025: Trump EO mandating 400 GW nuclear by 2050 (4x current) Active: $250B+ DOE loan program for nuclear Active: Executive orders fast-tracking ALL nuclear approvals Trump's energy secretary said it explicitly: "The bulk of LPO money will go to nuclear." That's $250 BILLION in nuclear loans over the next 4 years. WHO EXECUTES THIS? AMTM. WHY AMTM IS IRREPLACEABLE: The U.S. has 177 underground tanks of radioactive waste at Hanford alone. 56 million gallons of plutonium production waste. By law, this MUST be cleaned up. By reality, only ONE company can do it. AMTM has: 40+ years operating DOE nuclear facilities Every security clearance that exists The ONLY workforce trained in legacy nuclear operations Relationships spanning 4 decades with DOE/DOD/NRC You cannot train replacements. You cannot hire competitors. The expertise doesn't exist anywhere else. THE MARKET IS MISSING THE POLICY SHIFT: Trump isn't just "supporting nuclear." He's betting America's AI supremacy on it. Every EO mentions the same thing: AI data centers need nuclear power, and nuclear power is national security. Microsoft needs 835 MW for AI → Three Mile Island restart Google needs power for AI → Iowa reactor restart The next 50 data centers all need baseload power Th They ALL need AMTM THE $3 TRILLION OPPORTUNITY: Trump wants 300 GW of NEW nuclear by 2050. At $10B per GW, that's $3 TRILLION in nuclear infrastructure. Every single project needs: Site assessment & environmental (AMTM) Engineering & design (AMTM) Regulatory approval support (AMTM) Construction oversight (AMTM) Operations & maintenance (AMTM) Decommissioning (AMTM in 50 years) AMTM isn't bidding for contracts. They're the only company qualified to receive them. THE CONTRACTS ALREADY IN HAND: BEFORE Trump's $250B nuclear buildout. CANTOR'S SOTP (Before Three Mile Island News): Nuclear: 20% of EBITDA at 14-16x = premium Defense: 60% at 12-14x = baseline Space: 10% at 12-16x = growth Commercial: 10% at 8-10x = discount Base Case: $45 (100% upside) Bull Case: $55 (144% upside) But Cantor didn't know about: Three Mile Island $1B loan (announced yesterday) Trump's accelerated timeline for reactor approvals The $250B DOE lending spree about to hit Our view: Nuclear goes from 20% → 35% of EBITDA by 2027 That alone justifies $65+ per share. THE DOGE INSURANCE: Every defense stock is terrified of DOGE budget cuts. AMTM doesn't care. Here's why: Their nuclear business is: Legally mandated - You can't "efficiency" away radioactive waste National security classified - Weapons complex operations Multi-decade contracts - Already appropriated and funded Bipartisan - Nuclear waste cleanup has zero opposition