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ban is the test Bombardier is now facing, and the company's chosen defense is its existing backlog.
The case for that defense: committed orders create a structural buffer between a regulatory disruption and realized revenue harm.
What complicates it is a valuation that leaves almost no room for the buffer to be tested and found wanting. The backlog-as-protection logic has a real mechanism to it.
Orders already on the books represent revenue that a future ban would need to reach around rather than cut through directly.
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