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Catalysts Are there any products or services that could move sales or earnings meaningfully? yes Are there any industry tailwinds this stock is benefitting or hindered from?

Bombardier Inc. (BBD-B.TO) has been on a strong upward trajectory, with its stock price climbing from ~$49.69 in early 2024 to ~$85.05 in early 2025.

Karooooo is continuing to expand in Southeast Asia, leveraging favorable market conditions and an underpenetrated market. The Southeast Asian telematics market is projected to grow at a CAGR of 11.53% from 2024 to 2029, adding c3.4m IoT devices.

Gen2 R1T and R1S, refinement from feedback and lower cost building R2, R3 and R3X lower cost options for different audience. JV with VW and the ripple effects for Software and Electrical Architecture deals through not just VW but also others.

Catalysts Record backlog in High Voltage (€6.2B in 2024). Growth in global electrification (CAGR 7% until 2028).

Europe's steel demand during next 5y will rise significantly (20% CAGR) due to increased spending on defense automotive & housing revovery (2026 onwards) Ukraine's "Marshall plan" climate related infrastructure spending Energy costs in Germany to stabilize and drop due to combination of Global oversupply in major Energy related commodities, "Energie wende 2030" and to be elected (Feb25) more pro business oriented Govt. Soon to be cancelled Nippon's M&A of US Steel ($14bn deal) will provide additional valuation updrift for TKA being identifiend by us as the best / most attractive M&A target in Europe's steel business (with robust&healthy B/S).

In 5 years, the company should still be thriving, entering new markets and expanding in existing ones. Positive passage of the third stage of testing of a new cardiac marker could help.

Stimulus Linkage : Consumer subsidies and employment targets (12 million urban jobs)[1] bolster discretionary spending. JD.com 2025 Projections : Revenue growth of 12-15% YoY[7], driven by appliance subsidies and food delivery expansion; net margin to 3.6-4.0%[11].

Catalysts AI functionality is a new world Assumptions Strong brand can deliver higher revenue growth in heated/inflationary climate While AI investment will be expensive, there will be reasonable increased profit growth with productivity and functionality benefits. Risks Global economic and political climate, along with investment risk in AI, necessitates higher risk level for discount calc.