Alex

When have you ever had a scenario where a huge portion of a G7 country’s future space/sovereign defence budget can flow to one public company. $MDA / $ MDA.TO / $ MDALF • This is the five eyes and allies sovereignty thesis. $MDA is one of the only scaled non-US space primes that NATO and allied governments can lean on when they want sovereign space capability, but don’t want to be dependent on SpaceX and the US (industry still feeling effects of Musk/Ukraine). • Canada moving hard towards its own space capabilities. Europe moving away from US (also US moving away from EU/NATO). Militaries need LEO comms, surveillance, Arctic coverage, maritime domain awareness, more satellites, etc. Sovereignty is the new trend and $MDA is a huge beneficiary. Laying out a bunch of catalysts below. • Obviously $MDA is well known in the industry. Works or partnered with Airbus, TSAT GSAT LHX RKLB Hanwha ($000880.KS) VOYG/Starlab DND CSA ESA etc. All 5 US primes for SDA use components from $MDA • Compared to US peers, valuation gap is crazy. $MDA is profitable, growing, already has insane ISS heritage, and since IPO on TSX (2021) the business has compounded revenue at ~32% CAGR but analysts are modeling future revenue growth till 2029 at 12% (!). Crazy that at a time where Canada is full steam ahead on defence /space/Arctic etc. that $MDA's growth significantly decelerates, whereas they were growing at 32% for the past 5 years when the industry was mainly US/foreign primes. Also, Canada does not have a bunch of primes competing for the same contracts, they are the ONLY Canadian scaled, trusted, space partner with decades of experience. • Last earnings, $MDA showed a backlog of ~$4b CAD with a pipeline of ~$40b CAD. The pipeline DOUBLED year over year with $ 10b of that downselected to them. A lot of the below contract are still in the beginning /design phases. $MDA is about go on a huge run of contract award announcements (contract award list attached in thread) • One of the biggest catalysts coming up is the ESCP-P (Polar mission). Yesterday during TSAT's earnings call, the CEO mentioned they are in advanced stages with the Canadian gov and it should be awarded over the coming months. This is a >$5b program none of which is not even recognized in the backlog yet (huge part of the 40b pipeline though). $MDA TSAT and CDN Gov already signed the strategic partnership on Dec 9. • Another huge potential catalyst that no analyst is modelling is Defence Enhanced Surveillance from Space - Project (DESSP) which $MDA is a natural contender for. Although early and start definition is 2028/2029, this is another greater than $5 b CAD program that $MDA should get a huge chunk of since the contract is an upgrade to RADARSAT and $MDA already has a done of a ton of work there (even implementing RADARSAT heritage and experience in their new MDA Chorus product) • The above is completely different than Lightspeed (which the TSAT constellation that got awarded to $MDA). Lightspeed is progressing well, on time, and ready for first launch end of 2026. TSAT mentioned lots of demand coming to them, also last quarter they updated their sats to add Ka-band/military payload. They mentioned this due to increasing demand and it shows how $MDA's Aurora platform is dual use and easily configurable. Current TSAT contract is for 198 satellites with option to add 100 more. With increased demand, TSAT could be looking sooner than later to extend (need to get past their lawsuit first) • Another catalyst is the Surveillance of Space 2 Program. So far, $MDA has only awarded $32 million out of the $250 million to $499 million program. Expect some follow on awards there. • $MDA is also part of the River Class Destroyer. They got $60 m for the first 3 ships for sensors. Canada is building 15 ships total, so you could get ~300 million over contract. • They also spun off an internal subsidiary called 49North to focus on opportunities in Canadian defence tech. They've already done tons of work for Canada with River destroyer, UAVs, ISTAR, command/control, surveillance, Arctic, etc. So 49North is not starting from zero but having their own president presents more opportunities and focus. • You also have the Amazon/GSAT thesis. This is purely a call option on $MDA. Obviously AMZN acquired GSAT and has plans to bring production in-house. But AMZN is likely to face some regulatory hurdles with their slower than expected roll out. $MDA is still contracted to finish building GSAT's C-3 (17 sats + the next 50). However, you got GSAT announcing in September Globalstar HIBLEO-XL-1 where it filed for up to 3,080 LEO satellites. $MDA is already the prime on Globalstar C-3 so more work potentially ahead if AMZN can't keep up? • Hanwha 000880.KS signed MOU with MDA, but if you listen to Mike Greenley on podcasts and interviews, it seems like a collab on a military constellation for South Korea in exchange for Canada awarding the submarine deal to Hanwha (vs. TKMS). Submarine deal (whether it goes to Hanwha or TKMS) is expected to be awarded in June. Hanwha beefed up their offer big time, even sent the KSS III subm to Victoria which is being accompanied by 2 RCNs. Part of me thinks this lines up with a Canada/South Korea media PR campaign during award (could be wrong). • $MDA also recently launched (and yesterday signed multiple contracts and LOIs) for MDA CHORUS. The reason CHORUS is different than other EO sats is because of RADARSAT heritage. Everyone might think its just another EO constellation but this is differentiated because of RADARSAT heritage which makes it more geared for military ops (specifically in Arctic) than a PL or BKSY. Recurring rev starting and re-pricing from space components to space data provider. • Another underrated aspect of $MDA is Aurora D2D NTN (which was already a proven concept with Echostar SATS). Hiring is picking up in APAC and UK. During satcom, Mike Greenly ($MDA CEO) pitched building a neutral satellite network layer for MNOs and operators so they can offer terrestrial and NTN coverage without handing their customer/data relationship to a third party. Military angle is even more obvious too. Governments don’t want sovereign comms/data flowing to third party networks and will avoid doing that. I like the ASTS thesis, but if D2D ARPUs are real, sat costs keep falling, why wouldn’t MNOs or tower operators fund a consortium and keep the revs to themselves. • You also got Starlab ($VOYG). Not a lot of investors know but $MDA owns a small equity stake (around 1%), and basically has a deal for SKYMAKER (their robotics Canadaarm). Yesterday VOYG seemed optimistic about the prospects of Starlab. • Can't forget the increased Canada and EU space partnerships. They signed a classified info sharing agreement (which is pretty big). Canadian firms can also now bid on ESA programs: Moonlight, FutureNAV, ACCESS, and ERS-EO. • Also, MDA is a prime for SkyPhi which is European and UK Space agencies to enable regenerative 5G D2D. Right now is still early days, but if it works (which I think it will), what's stopping them from building it out into a full constellation (similar to what SATS was trying to do). • One of their more wellknown accomplishments in Space is the Canadaarm. Hard to find anyone else who has the advantage of over 25 years of robotics heritage on the ISS. Currently working on Canadaarm3 which is funded by the Canadian Space Agency and will be used for future lunar work as well (also on Starlab via Skymaker as mentioned above). • They've got a solid balance sheet. Raised $300 million USD in NYSE listing in March. Mike literally said they have a shortlist of acquisitions in US and Europe (vid below). Could speculate all day here on who they acquire, maybe European supply chain, SpaceFlux type asset in UK, maybe AccelerComm if they want to enhance D2D NTN, maybe something in domestic launch/sovereign infrastructure, but don’t know and will keep looking. • Recently listed on NYSE. No options yet, so adding that could be a nice boost. You also see institutions now can adding. Probably gets added to some US space/ aerospace ETFs over time. Dont know Russell rules well enough because Canadian HQ/foreign issuer issue, but I would imagine index / ETF ownership should improve from here. • Can’t forget the Montreal facility. They went from being able to manufacture ~1 satellite per week to (with fill capacity expected in second half of 2026) to 2 Aurora digital sats per day. Very underrated and $MDA calling it world’s largest high-volume manufacturing facility in its satellite class. Management said they expect to sign 1-2 constellations in the next year. Perfect timing with the facility. • Another catalyst is first orders for $MDA Midnight (guard sats). Japan, India, EU, etc. all exploring guard sats. With companies and governments putting high value assets in orbit (military comms) and all the talk about orbital data centers, you're going to need some protection. Canadaarm playing a huge role here. • Can't not talk about the Golden Dome. $MDA was awarded SHIELD IDIQ followed by TSAT a month after. TSAT already adding lots of Ka-band and hinting to more military revenues. Canada also removed all restrictions on air and missile defence of Canada, which is them lining up to join. If/when Canada officially announces it's joining Golden Dome, these can pop. US needs Canada for this and they are basically shoeins for the contracts. • In orbit refuelling and space debris is another theme that could get going soon. $MDA is already advanced there via MDA Midnight. Now obviously space is heating up and lots of new entrants and everyone competing, but $MDA does not get enough credit (especially on fintwit). Canada literally named space and aerospace as sovereign capabilities under the new Defence Industrial Strategy. Canada hit 2% NATO and is targeting 5% by 2035. Arctic sovereignty is becoming actual policy. ESA agreement with Canada opens more doors to Europan programs. You can clearly see how MDA Space becomes Canada’s national defence and space champion + trusted supplier to allies globally (all for ~$4 billion USD marketcap all for the lowest forward EV/Sales in the industry - aside from value trap RDW). Analysts still pricing $MDA like a space subcontractors while backlog is $4 billion, pipeline $40 billion, record revenue, profitable, new NYSE listing, national champion status, Canada defence budget inflecting, moving to recurring revenue, and MDA Space is one of the only prime beneficiaries in Canada. Carney literally said Canada will raise the share of defence acquisitions awarded to Canadian firms to 70%. Earnings tomorrow morning. Feels like the market still hasn’t fully priced what happens when a G7 country decides space is no longer optional, but core to national sovereignty, and there is basically only one scaled public Canadian space prime standing in the middle of it.

Canadian-designed aircraft (A220 is the former Bombardier C Series), assembled in Quebec, sold to a Malaysian airline through Airbus. Canadian bashers need to stop with the endless conspiracy theories. This is a win for Canada 🇨🇦

$SHMD finally seeing some nice momentum here. Christian and Anette have less than a year left to hit their $15 and $18 earnout targets (5 million shares at risk of getting cancelled). Got to move quick

- "This new high-volume manufacturing facility is a key part of our strategy to establish MDA Space as a leading prime contractor for satellite constellations. With connectivity needs and the geopolitical climate evolving, we now have the cutting-edge talent, technology and capacity to deliver reliable, secure solutions for commercial, civil and military customers rapidly." --    Mike Greenley, CEO, MDA Space "We've been designing and building advanced satellite technology for more than 60 years, contributing to Canada's role as a leading space faring nation. This new facility is a symbol of continuity, but also of change, as we expand our offering to respond to emerging market demand today. We wish to thank our partners who made it possible to achieve this milestone in less than two years." --    Luigi Pozzebon, Vice-President, Satellite Systems, MDA Space "The fact that MDA Space is today inaugurating one of the largest satellite manufacturing facilities in the world highlights and reinforces Canada's place at the leading edge of the space sector. This investment also means good jobs for Canadians, a stronger, more sovereign economy, and growing our world class advanced manufacturing capacity here at home." --    Hon. Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions "The inauguration of this new MDA Space facility is excellent news for all of Quebec. This project confirms that we have the talent, expertise and know-how needed to be a leading player in the global space industry. By investing in innovation and in high-quality specialized jobs, MDA Space is contributing directly to Quebec's economic vitality and international standing." --    Bernard Drainville, Minister of Economy, Innovation and Energy

More $MDA news (quotes in thread)

$MDA

Yup $RKLB

Love to see it. Institutions adding $MDA. All new positions

@TraderBucket I bet the call is going to be super bullish. Would expect a nice move after $RKLB

@alexdbanks If they had reported this on Tuesday when the market was euphoric…20% gain. This is a little muted especially after todays pullback but solid.

Feels like $RKLB should be up way more than 6% after that quarter 🚀

We've signed the largest launch contract in Rocket Lab history: 5x Neutron launches and 3x Electron launches across LC-1 and LC-3 from now through to 2029. With Neutron's manifest filling up fast through to the end of the decade, the demand signal is clear: the market needs medium launch and assured access to space. We're ready to deliver with Neutron.

Buy local 🇨🇦 $MDA

@Vmaxpax Also bullish for $MDA Midnight + Skymaker. Mike said on today's earnings call that they've been working on orbit refueling since 2007

🎯 A major reason fuel constraints have gone out the window and Astroscale $186A keeps winning contracts, the tanker fleet of space.

@LucasSacerdote_ @broheim777 Why do you think there's this big of a disconnect between market cap and backlog/revs. Is the China discount that strong?

@broheim777 Thanks man! Really hard to underscore how early i believe $CSIQ is. My average price on common shares is $19. My first buy was at $27 when they restructured their US business in early Dec. Not where i think it should go, at $27 I WAS BUYING…!!

Huge earnings beat by $FLNC , stating $2B in YTD order backlog. +30% after hours Very positive for $CSIQ $EOSE . The industry is firing on all cylinders. (Very interested to see $CSIQ Canadian Solar’s order backlog growth. We are already aware of +4GWh of orders coming in during Q1 2026). Mkt cap a fraction of Fluence’s, with bigger additional adjacent businesses.

When $MDA Terrestar deal?

$MDA : MDA Space reports Q1 earnings tomorrow before the bell. Here’s a quick recap of what happened during the quarter. 🗓️January 8, MDA Space announced it has received an indefinite delivery/indefinite quantity (IDIQ) contract from the Missile Defense Agency for the Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) program. 🗓️January 26, MDA Space announced the signing of a Memorandum of Understanding (MOU) with Hanwha Systems Co., Ltd. (“Hanwha”). Through this MOU, MDA Space and Hanwha will explore opportunities to collaborate on the development of Korea’s sovereign Low Earth Orbit (K-LEO) defence constellation, leveraging MDA’s AURORA™ software-defined digital satellites. 🗓️March 18, MDA Space announced that it's been contracted by Canada’s Defence Investment Agency (DIA) to deliver three Ground-Based Optical (GBO) observatories as part of the Surveillance of Space 2 space domain awareness program to the Department of National Defence (DND). Valued at approximately $32 million, as part of the contract MDA Space will also operate and provide in-service support to ensure long-term sustainment of the ground stations.

@scotto2050 @daveginvesting @SpaceInvestor_D 🇨🇦 There’s a local space champion at home in $MDA that almost no one talks about and it gets basically zero recognition from fintwit/spacetwit. Feels like everyone is still reeling from the EchoStar deal cancellation and the Amazon/Globalstar potential deal cancellation (discredited). But that's behind and there’s a lot going for it right now and as much as everyone likes to hate on Canada, Canada is clearly moving in the right direction, especially around space and defence. $MDA will become the Canadian space/defence darling. Obviously I like the stock, but the fact that it’s a domestic champion makes me like it even more 🇨🇦 It feel like way more Canadian space investors should be talking about it/holding it. Thesis below with all upcoming catalysts also earnings tomorrow. x.com/alexdbanks/sta…

@SpaceInvestor_D @adamscrabble Ride is only going to get better x.com/alexdbanks/sta…

@alexdbanks @adamscrabble I owned it for a while, enjoyed the ride.

Show me the optimal path for RDW to get to $30

@SpaceInvestor_D @adamscrabble Just buy $MDA. Profitable, growing, getting awards 10x the size of that by the Canadian gov through end of year

@adamscrabble Andromeda 100M award, VLEO demo mission, UAVs 100M award, ELSA 100M award, all could technically happen by end of year

$MDA TLDR - cleanest public Canadian space sovereignty play as Canada/NATO/allies move to reduce US dependencies. - backlog ~$4B CAD, pipeline ~$40B CAD, with ~$10B already downselected. A lot of the 40b pipeline is visible from Canadian programs - ESCP-P/Polar near-term catalyst: >$5B program, not in backlog yet. - DESSP/RADARSAT upgrade is another >$5B long-term program where MDA is the natural contender. - Telesat Lightspeed is progressing, current deal is 198 satellites with option for 100 more, and military demand seems to be increasing. - CHORUS, Aurora D2D NTN, Midnight guard sats, in-orbit servicing/refuelling = MDA is not a space components business anymore and moving fto higher-value recurring/strategic space infrastructure. - Canada just named space/aerospace a sovereign capability, hit NATO 2%, targets 5% by 2035, and wants 70% of defence awards to Canadian firms. No other public space co has this many catalysts and tailwinds coming up. Cleanest space play out there $RKLB $ASTS $RDW $VOYG $YSS

When have you ever had a scenario where a huge portion of a G7 country’s future space/sovereign defence budget can flow to one public company. $MDA / $ MDA.TO / $ MDALF • This is the five eyes and allies sovereignty thesis. $MDA is one of the only scaled non-US space primes that NATO and allied governments can lean on when they want sovereign space capability, but don’t want to be dependent on SpaceX and the US (industry still feeling effects of Musk/Ukraine). • Canada moving hard towards its own space capabilities. Europe moving away from US (also US moving away from EU/NATO). Militaries need LEO comms, surveillance, Arctic coverage, maritime domain awareness, more satellites, etc. Sovereignty is the new trend and $MDA is a huge beneficiary. Laying out a bunch of catalysts below. • Obviously $MDA is well known in the industry. Works or partnered with Airbus, TSAT GSAT LHX RKLB Hanwha ($000880.KS) VOYG/Starlab DND CSA ESA etc. All 5 US primes for SDA use components from $MDA • Compared to US peers, valuation gap is crazy. $MDA is profitable, growing, already has insane ISS heritage, and since IPO on TSX (2021) the business has compounded revenue at ~32% CAGR but analysts are modeling future revenue growth till 2029 at 12% (!). Crazy that at a time where Canada is full steam ahead on defence /space/Arctic etc. that $MDA's growth significantly decelerates, whereas they were growing at 32% for the past 5 years when the industry was mainly US/foreign primes. Also, Canada does not have a bunch of primes competing for the same contracts, they are the ONLY Canadian scaled, trusted, space partner with decades of experience. • Last earnings, $MDA showed a backlog of ~$4b CAD with a pipeline of ~$40b CAD. The pipeline DOUBLED year over year with $ 10b of that downselected to them. A lot of the below contract are still in the beginning /design phases. $MDA is about go on a huge run of contract award announcements (contract award list attached in thread) • One of the biggest catalysts coming up is the ESCP-P (Polar mission). Yesterday during TSAT's earnings call, the CEO mentioned they are in advanced stages with the Canadian gov and it should be awarded over the coming months. This is a >$5b program none of which is not even recognized in the backlog yet (huge part of the 40b pipeline though). $MDA TSAT and CDN Gov already signed the strategic partnership on Dec 9. • Another huge potential catalyst that no analyst is modelling is Defence Enhanced Surveillance from Space - Project (DESSP) which $MDA is a natural contender for. Although early and start definition is 2028/2029, this is another greater than $5 b CAD program that $MDA should get a huge chunk of since the contract is an upgrade to RADARSAT and $MDA already has a done of a ton of work there (even implementing RADARSAT heritage and experience in their new MDA Chorus product) • The above is completely different than Lightspeed (which the TSAT constellation that got awarded to $MDA). Lightspeed is progressing well, on time, and ready for first launch end of 2026. TSAT mentioned lots of demand coming to them, also last quarter they updated their sats to add Ka-band/military payload. They mentioned this due to increasing demand and it shows how $MDA's Aurora platform is dual use and easily configurable. Current TSAT contract is for 198 satellites with option to add 100 more. With increased demand, TSAT could be looking sooner than later to extend (need to get past their lawsuit first) • Another catalyst is the Surveillance of Space 2 Program. So far, $MDA has only awarded $32 million out of the $250 million to $499 million program. Expect some follow on awards there. • $MDA is also part of the River Class Destroyer. They got $60 m for the first 3 ships for sensors. Canada is building 15 ships total, so you could get ~300 million over contract. • They also spun off an internal subsidiary called 49North to focus on opportunities in Canadian defence tech. They've already done tons of work for Canada with River destroyer, UAVs, ISTAR, command/control, surveillance, Arctic, etc. So 49North is not starting from zero but having their own president presents more opportunities and focus. • You also have the Amazon/GSAT thesis. This is purely a call option on $MDA. Obviously AMZN acquired GSAT and has plans to bring production in-house. But AMZN is likely to face some regulatory hurdles with their slower than expected roll out. $MDA is still contracted to finish building GSAT's C-3 (17 sats + the next 50). However, you got GSAT announcing in September Globalstar HIBLEO-XL-1 where it filed for up to 3,080 LEO satellites. $MDA is already the prime on Globalstar C-3 so more work potentially ahead if AMZN can't keep up? • Hanwha 000880.KS signed MOU with MDA, but if you listen to Mike Greenley on podcasts and interviews, it seems like a collab on a military constellation for South Korea in exchange for Canada awarding the submarine deal to Hanwha (vs. TKMS). Submarine deal (whether it goes to Hanwha or TKMS) is expected to be awarded in June. Hanwha beefed up their offer big time, even sent the KSS III subm to Victoria which is being accompanied by 2 RCNs. Part of me thinks this lines up with a Canada/South Korea media PR campaign during award (could be wrong). • $MDA also recently launched (and yesterday signed multiple contracts and LOIs) for MDA CHORUS. The reason CHORUS is different than other EO sats is because of RADARSAT heritage. Everyone might think its just another EO constellation but this is differentiated because of RADARSAT heritage which makes it more geared for military ops (specifically in Arctic) than a PL or BKSY. Recurring rev starting and re-pricing from space components to space data provider. • Another underrated aspect of $MDA is Aurora D2D NTN (which was already a proven concept with Echostar SATS). Hiring is picking up in APAC and UK. During satcom, Mike Greenly ($MDA CEO) pitched building a neutral satellite network layer for MNOs and operators so they can offer terrestrial and NTN coverage without handing their customer/data relationship to a third party. Military angle is even more obvious too. Governments don’t want sovereign comms/data flowing to third party networks and will avoid doing that. I like the ASTS thesis, but if D2D ARPUs are real, sat costs keep falling, why wouldn’t MNOs or tower operators fund a consortium and keep the revs to themselves. • You also got Starlab ($VOYG). Not a lot of investors know but $MDA owns a small equity stake (around 1%), and basically has a deal for SKYMAKER (their robotics Canadaarm). Yesterday VOYG seemed optimistic about the prospects of Starlab. • Can't forget the increased Canada and EU space partnerships. They signed a classified info sharing agreement (which is pretty big). Canadian firms can also now bid on ESA programs: Moonlight, FutureNAV, ACCESS, and ERS-EO. • Also, MDA is a prime for SkyPhi which is European and UK Space agencies to enable regenerative 5G D2D. Right now is still early days, but if it works (which I think it will), what's stopping them from building it out into a full constellation (similar to what SATS was trying to do). • One of their more wellknown accomplishments in Space is the Canadaarm. Hard to find anyone else who has the advantage of over 25 years of robotics heritage on the ISS. Currently working on Canadaarm3 which is funded by the Canadian Space Agency and will be used for future lunar work as well (also on Starlab via Skymaker as mentioned above). • They've got a solid balance sheet. Raised $300 million USD in NYSE listing in March. Mike literally said they have a shortlist of acquisitions in US and Europe (vid below). Could speculate all day here on who they acquire, maybe European supply chain, SpaceFlux type asset in UK, maybe AccelerComm if they want to enhance D2D NTN, maybe something in domestic launch/sovereign infrastructure, but don’t know and will keep looking. • Recently listed on NYSE. No options yet, so adding that could be a nice boost. You also see institutions now can adding. Probably gets added to some US space/ aerospace ETFs over time. Dont know Russell rules well enough because Canadian HQ/foreign issuer issue, but I would imagine index / ETF ownership should improve from here. • Can’t forget the Montreal facility. They went from being able to manufacture ~1 satellite per week to (with fill capacity expected in second half of 2026) to 2 Aurora digital sats per day. Very underrated and $MDA calling it world’s largest high-volume manufacturing facility in its satellite class. Management said they expect to sign 1-2 constellations in the next year. Perfect timing with the facility. • Another catalyst is first orders for $MDA Midnight (guard sats). Japan, India, EU, etc. all exploring guard sats. With companies and governments putting high value assets in orbit (military comms) and all the talk about orbital data centers, you're going to need some protection. Canadaarm playing a huge role here. • Can't not talk about the Golden Dome. $MDA was awarded SHIELD IDIQ followed by TSAT a month after. TSAT already adding lots of Ka-band and hinting to more military revenues. Canada also removed all restrictions on air and missile defence of Canada, which is them lining up to join. If/when Canada officially announces it's joining Golden Dome, these can pop. US needs Canada for this and they are basically shoeins for the contracts. • In orbit refuelling and space debris is another theme that could get going soon. $MDA is already advanced there via MDA Midnight. Now obviously space is heating up and lots of new entrants and everyone competing, but $MDA does not get enough credit (especially on fintwit). Canada literally named space and aerospace as sovereign capabilities under the new Defence Industrial Strategy. Canada hit 2% NATO and is targeting 5% by 2035. Arctic sovereignty is becoming actual policy. ESA agreement with Canada opens more doors to Europan programs. You can clearly see how MDA Space becomes Canada’s national defence and space champion + trusted supplier to allies globally (all for ~$4 billion USD marketcap all for the lowest forward EV/Sales in the industry - aside from value trap RDW). Analysts still pricing $MDA like a space subcontractors while backlog is $4 billion, pipeline $40 billion, record revenue, profitable, new NYSE listing, national champion status, Canada defence budget inflecting, moving to recurring revenue, and MDA Space is one of the only prime beneficiaries in Canada. Carney literally said Canada will raise the share of defence acquisitions awarded to Canadian firms to 70%. Earnings tomorrow morning. Feels like the market still hasn’t fully priced what happens when a G7 country decides space is no longer optional, but core to national sovereignty, and there is basically only one scaled public Canadian space prime standing in the middle of it.