Bombardier: Buy As Deleveraging Turns Into Value Creation

Bombardier maintains a buy rating, driven by robust Q2 results and improved financial flexibility. Q2 saw revenue up 6% to $2.15B, adjusted EBITDA up 9%, and free cash flow of $228M despite lower deliveries, with backlog rising to $21.8B. BDRAF's balance sheet strength enables investments in output, Services, Defense, and potential M&A, while net leverage declined to 1.6x.