The Globe and Mail reports in its Wednesday, Sept. 16, edition that National Bank Financial analyst Mike Stevens rates Calian Group "outperform." The Globe's David Leeder writes that Mr. Stevens set a share target of $100, suggesting a return of 27.2 per cent including forecast dividends. Analysts on average target the shares at $104.60. Mr. Stevens says in a note: "More than half of Calian's revenue is generated in Canada, where recent funding packages supporting a materially stronger defence spending cycle add $81.8-billion of incremental investment over five years to an annual defence base above $50-billion. However, larger budgets create value only when translated into military capability, which we frame across five readiness foundations drawn from Canada's defence policy: people, training, equipment, infrastructure and sustainment. Calian's FY26 contract activity supports that alignment with $1-billion of signings spanning all five foundations, while book-to-bill is tracking above one times and its largely defence-related backlog stands at $1.6-billion, reinforcing its right-to-win. ... The market does not need to award Calian a higher valuation multiple for the company to create meaningful additional value."