RE:Brookfield sells Westinghouse Nuclear for 8B NBF analysis of the transaction and effect on SNC: Arguing for a spin-off or sale of the asset might generate some short-term gains but not enough to materially move the needle, in our view. While the nuclear discussion is of course topical, we however continue to view LSTK completion as a MUCH bigger driver of SNC’s returns. Nuclear constitutes 24% of the NAV while LSTK / legacy mining / oil & gas losses (both on EBIT and working capital) have halved SNC’s share price since 2019. Successful completion of Eglinton / Ottawa / REM projects is the only route to recapturing prior highs (and news flow on the first two has not been stellar). We rate SNC shares Outperform (predicated on 2024 transition to consulting-only business model); $42.00 price target is derived using a SoTP valuation - 12.0x / 12.0x / 5.0x for EDPM / Nuclear / Infra Services on 2023E EBITDA while ascribing no value to Infra EPC, plus $13.17 per share from 407 ($10.60)