Western governments are getting tooled up. Since Russia’s all-out assault on Ukraine, Germany has vowed to spend 100 billion euros on upgrading its military, bolstering defence stocks like Rheinmetall . More soldiers and spruced-up nuclear arsenals are additional requirements.
, have risen by between 22% and 73% since the Russian invasion. Based on their valuation multiples and EBITDA margins, the gains imply that the five companies will snag nearly $20 billion of additional annual revenue, according to Breakingviews calculations.
After the pandemic, peaceniks had assumed military budgets would make way for increased health and social spending. Putin has shot down such hopes.- German Chancellor Olaf Scholz on Feb. 27 announced a sharp increase in defence spending to more than 2% of its economic output in response to Russia’s invasion of Ukraine. This year’s military budget would more than double to 100 billion euros, he said.
- The bulk of additional spending announced so far is for warplanes and ammunition, said Marcus Faber, a defence expert and member of the Free Democrats, a junior coalition partner in Scholz’s government. At least 44 billion euros had been earmarked for spending on modern armaments, Bloomberg reported on March 15.
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Future militaries will be pricey and fully loadedWestern armies may get an extra $100 bln a year to counter Russian aggression. Orders for tanks, missiles and bombers have boosted defence stocks like Britain’s BAE and Germany’s Rheinmetall. NATO allies will also need more soldiers and revamped nuclear arsenals.
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