Calian Group (CGY) ran over 20% on its Q2 results, which blew estimates out of the water thanks to 18% revenue growth (12% organic)…

… that looks set to continue, with over $200M of Canadian military wins in the quarter taking the total defence backlog above $1B.

Given the size of the defence opportunity, management is hunting for deals at home and abroad - calling out Europe as an attractive near-term market. With close to $250M of available liquidity, they have the fire power to execute…

… and could issue equity for a splashy transaction, given the stock has re-rated above its long-term average.

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