There’s been a lot of talk of the potential to expand our relationship with the EU, which could improve our long standing deficit ($35B in 2025)…

… should the bloc look to keep growing its purchase of natural resources from Canada and potentially invest directly in new supply.

With a renewed focus on defence and higher NATO spending targets, our aerospace sector should benefit too…

… leaving companies like Magellan (MAL) and Bombardier (BBD-B) well-positioned, given both the jet maker...

… and advanced manufacturer have a meaningful foothold in the European market today.

That growth is arguably priced in, with the pair trading near peak forward multiples…

… but a more under the radar opportunity might lie in the energy sector, which represents a significant portion of the EU’s total imports.

While there’s a longer-term LNG play here, the shift away from Russian natural gas supply…

… combined with the US-Iran conflict has driven TTF benchmark prices up nearly 3x YTD. Tourmaline (TOU) stands to benefit from this increase…

… with management calling out a $50M FCF benefit for every $1/Mcf move in 2026, which grows to $70M in 2027. With geopolitical tensions flaring up recently…

… a sustained elevation in prices would translate to hundreds of millions in additional cash generation, which could be enough to get the stock moving - even if international markets only account for ~7% of nat gas production.

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