00:06space 3 con evelyn ciao di newberger perché i titoli aerospace e defense sono passati da
00:20migliore storia di mercato a uno dei comparti più deboli dell'anno sta forse cambiando qualcosa
00:26nella view di lungo periodo us and european defense stocks are roughly flat to down this year a sharp
00:35reversal after a multi-year run when a rising threat environment and expectations for bigger
00:41budgets pushed valuations sharply higher the air started coming out through spring and summer
00:47and as the iran conflict de-escalated a heavier budget request landed and odds rose of a more
00:55democratic leaning midterm this put the sector into a holding pattern from here the path depends on
01:02how iran settles the midterm outcome and whether energy driven inflation squeezes budgets further
01:09however we still believe in the underlying driver defense spending is still rising globally and at
01:18the same time valuations have reset 10 to 50 percent off recent peaks affording investors
01:25an opportunity to back names with higher backlog visibility and selectively revisit previous
01:32thematic winners che cosa intendiamo per settore defense tech e perché è entrato nel radar degli
01:40investitori defense tech is the label for a newer cohort of companies selling into defense budgets
01:48with the technology companies playbook rather than a typical prime contractors software and ai platforms
01:56autonomous systems directed energy and space-based sensing often iterating and winning production
02:03contracts faster than legacy cost plus hardware programs allow it's become central to the investment
02:10case for two reasons first recent conflicts have shown that cheap numerous software defined systems can
02:19be as decisive as expensive legacy platforms and procurement is adjusting accordingly second low-cost autonomous
02:28systems remain a stated budget priority even within the base defense budget with further upside from
02:34reconciliation funding the result is a widening set of companies some public for only a few years now
02:42competing directly with and alongside the traditional primes for the same contracts spostandoci del settore ai
02:50titoli dove si nascondono oggi le opportunità più interessanti for companies spring to
02:57in mind the first to fall under the backlog visibility opportunity i mentioned earlier mda space has long
03:06duration mega constellation orders with telesat and global star underpinning a 40 billion dollar plus
03:13pipeline plus earth observation and u.s government access added through the blue canyon and cls deals an rtx just
03:22won a 21 billion dollar contract to nearly double air-to-air missile production with backlog up 35% year
03:31-on-year
03:31before that contract even counted aerovironment shares have more than halved since a contract loss in spring but it just
03:40won a
03:40nearly 500 million dollar directed energy contract and sits squarely in the low-cost autonomous systems that remain a budget
03:49priority palantir keeps compounding revenue up 93% year-on-year commercial up 149% with the army's new titan
04:01contract
04:01moving its platform into production these two are higher risk but with potentially high upside
04:15space 3 con evelyn chow di new burger
04:18moving.
04:19moving to tomone
