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Europe’s defense boom faces a new test: Can it actually deliver weapons?
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- The question for investors no longer seems to be one of defense demand or political ambition, but whether valuations have run ahead of the industry's ability to execute.
- But the path from higher budgets to delivered weapons is proving uneven.
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After years of surging military budgets, emergency Ukraine spending and soaring defense stocks, Europe's rearmament push must now prove it can turn hundreds of billions of euros into weapons, factories and usable military capability.
The question for investors no longer seems to be one of defense demand or political ambition, but whether valuations have run ahead of the industry's ability to execute.
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