Rolls-Royce

Triple play: defence + civil aerospace + nuclear SMRs. Up 120% in 12M but only 10% YTD — some profit-taking. P/E of 62 is expensive.

Naval propulsion systems, especially submarine reactors. Multi-year UK/US naval rebuild thesis.

Naval propulsion + small modular reactor demand both intensify on Ukraine. UK/EU energy independence + naval rebuild are intertwined Ukraine consequences not captured by Hormuz alone.