note from scotiabank:OUR TAKE: A big question that we get from investors is whether BBD's forecast for 2020 BBA revenue is too optimistic, with the new Global 7000 along with the G500/G600 entering into service in 2018-19. Based on our analysis of the biz jet market, we believe that our forecast of 79 large business jet deliveries in 2020, which supports revenue of $7.9B, is doable. This forecast is mainly premised on growth in the Global franchise due to Global 7000 EIS. We are, however, a little more cautious on Global 5000/6000, as there may be some cannibalization or lost sales to the G500/600. While we prefer to be conservative in our deliveries forecast, we think that with an improving market, there is more upside risk than downside risk to pricing, volume and margins. We remain bullish on BBD and see considerable upside to the shares as the transformation continues, FCF turns the corner, CSeries value improves with the Airbus deal, margins move higher, and BBD buys back the CDP stake in BT.