Despite Hanwha’s best efforts, Carney picked NATO-linked TKMS to replace its aging submarine fleet - which pushed the valuation of Bombardier (BBD) and Magellan (MAL) higher…

… given they’re second-order beneficiaries of the deal. In Magellan’s case, a teaming agreement with TKMS for torpedo production is step one - with potential for growth in Europe as an end market beyond that…

… while Bombardier’s windfall is less direct, with NATO announcing the purchase of 10 surveillance aircraft from Saab the following day - which are built on Bombardier jets and should add to the company’s $20B backlog.

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