Tim James TD securities ; this morning.Bombardier (Top Pick): We forecast 6% revenue growth to $2.82 billion (consensus: $2.88 billion) due to 8% delivery growth and 4% Service revenue growth. We assume Q4/23 deliveries of 53 aircraft, leading to full-year deliveries of 135, just shy of guidance for 138, a reflection of our view of increased supplychain-related risk and other factors. This is simply a short-term timing issue and not a reflection of demand, which remains healthy, in our view. We estimate that Adjusted EBITDA will increase 13% to $398 million (consensus: $419 million) due to delivery growth, aftermarket services, pricing, and other cost-saving initiatives, partially offset by cost inflation. Competitors have reported Q4/23 book-to-bill ratios of 0.9x-1.0x, and we anticipate similar results for Bombardier