BA: backlog gives multi-year visibility

The thesis

Defence budgets provide a floor under the order book regardless of macro.

Book-to-bill above one for several quarters is the tell here.

What I'm watching

• build-rate guidance
• margin incrementals
• A clean move through the level I flag below

Positioning

Long on BA, 3-18 months horizon. Conviction: High. Cycle timing is the main risk — I'm patient.

Opinion, not investment advice. The author may or may not hold positions discussed.