Elbit: capacity expansion is funded and the backlog already justifies it
The capital is committed and the demand to fill it is contracted. That is an unusually low-risk expansion.
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Discussion · 4
Useful framing. Second source in a constrained market is genuinely underrated. Would you underwrite this without the catalyst date?
Useful framing. The mix argument is the part I had not considered properly. What is the level where you would walk away?
I think the setup matters more than the thesis here. The distinction between adequate reserves and the earnings path is well made. How much does this depend on the macro cooperating?
Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (613)