Indra Sistemas has a pretty unique advantage—actually, two. Not only is it a specialist in Airspace Defence, but it’s also partially owned by one of its biggest customers: the Spanish Government. It’s an interesting setup, maybe even a bit eyebrow-raising. Decision-makers have to align with government priorities, which isn’t exactly the best way to maximise corporate financials, but it does keep the cash flowing.
Spain can’t really afford to let Indra sink, which means it has a kind of safety net that doesn’t show up on the balance sheet. Definitely worth keeping an eye on—though maybe with a bit of healthy skepticism.
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