NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Communications Equipment Sector Outlook — September 2026

NeuraCap's Communications Equipment sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

12.4x
Sector median EV/EBITDA
18.0x
Premium end EV/EBITDA vs 6.0x at the discount end
25
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › COMMUNICATIONS EQUIPMENT

Communications Equipment: The Margin Divide

This report shows where public value sits and which operating qualities strengthen strategic standing.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Communications Equipment Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Communications Equipment is not valued as one uniform market. Network infrastructure software sits above the carrier-heavy base, while the public range also separates around profitability, growth quality and recurring revenue. The operating agenda is practical: deepen software attachment and support renewal, focus investment on durable design wins, simplify legacy complexity and test targeted acquisitions where they improve capability or customer access.

Key findings

  • Software exposure sits above carrier equipment
  • The premium end carries a wide lead
  • Higher values sit where margins and growth clear both bars
  • Strategic transactions are clustering around specific capabilities

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › COMMUNICATIONS EQUIPMENT

    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › COMMUNICATIONS EQUIPMENT.

    Cover — Communications Equipment sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › COMMUNICATIONS EQUIPMENT Communications Equipment: The Margin Divide This report shows where public value sits and which operating qualities strengthen strategic standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Value Sits with Profitable Growth and Durable Revenue Quality 02 The Landscape Different Business Models Earn Different Valuation Outcomes 03 Valuation & Situations The Premium End Pairs Earnings Quality with Durable Growth 04 Precedent Transactions Buyers Are Targeting Technology and Customer Positions 05 Strategic Implications Strengthen Revenue Quality Before Stretching the Cost Base 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Communications Equipment Spans Carrier Platforms, Network Infrastructure Software and Components with Distinct Value Profiles

    Communications Equipment Spans Carrier Platforms, Network Infrastructure Software and Components with Distinct Value Profiles.

    Communications Equipment Spans Carrier Platforms, Network Infrastructure Software and Components with Distinct Value Profiles The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Communications Equipment Spans Carrier Platforms, Network Infrastructure Software and Components with Distinct Value Profiles The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Software Exposure Sits Above Carrier Equipment Network infrastructure software stands at 25.0x among the 2 names with estimates. Carrier communications equipment stands at 9.1x among the 11 names with estimates, highlighting the value associated with recurring software and support revenue. 2 The Premium End Carries a Wide Lead The 4-name premium end stands at 18.0x, with the 4-name discount end at 6.0x. The forward lens already includes forecast growth; durability remains the key question. 3 Higher Values Sit Where Margins and Growth Clear Both Bars The 4 names clearing both operating bars stand at 16.3x. The 3 names clearing neither stand at 4.8x, an observed gap associated with profitable growth rather than growth alone. 4 Strategic Transactions Are Clustering Around Specific Capabilities The transactions pair equipment platforms with optical transport, communications hardware and targeted product positions. That pattern supports a sharper focus on installed base, product qualification and software attachment. 12.4x Sector median EV/EBITDA CY2027E consensus · 14 rated of 21 companies 18.0x Premium end EV/EBITDA vs 6.0x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 25 Transactions with disclosed terms 61 recorded in this tier · 3 told as case studies, the full list in the appendix

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    SECTION 02

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    Section 02 of 06 — Different Business Models Earn Different Valuation Outcomes. Carrier equipment dominates the set, while network infrastructure software sits higher. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Different Business Models Earn Different Valuation Outcomes Carrier equipment dominates the set, while network infrastructure software sits higher. 02 of 06 Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Software Economics Sit Above a Carrier-Heavy Market

    Software Economics Sit Above a Carrier-Heavy Market.

    Software Economics Sit Above a Carrier-Heavy Market 21 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Software Economics Sit Above a Carrier-Heavy Market 21 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CARRIER COMMUNICATIONS EQUIPMENT 16 cos median 9.1x Cisco Systems (CSCO) Motorola Solutions (MSI) Nokia Oyj (NOK) Ciena (CIEN) Telefonaktiebolag (ERIC) Viavi Solutions (VIAV) Applied (AAOI) Calix (CALX) Harmonic (HLIT) ADTRAN Holdings (ADTN) Gilat Satellite (GILT) Comtech (CMTL) Aviat Networks (AVNW) AudioCodes (AUDC) Ceragon Networks (CRNT) Inseego (INSG) The largest group brings installed-base reach but remains exposed to carrier spending, backlog conversion and portfolio complexity. ADJACENT: NETWORK INFRASTRUCTURE SOFTWARE 3 cos median 25.0x Fortinet (FTNT) F5 (FFIV) A10 Networks (ATEN) Recurring software, support renewal and hardware attachment give this group a differentiated earnings profile. COMMUNICATIONS COMPONENTS AND SUBSYSTEMS 2 cos 13.0x · 1 rated Celestica (CLS) Wrap Technologies (WRAP) Design wins and long customer qualifications matter, alongside concentration and product-cycle risk.

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    02 · LANDSCAPE

    Recurring Software Economics Separate the Segment Values

    Recurring Software Economics Separate the Segment Values.

    Recurring Software Economics Separate the Segment Values Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Recurring Software Economics Separate the Segment Values Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Carrier communications equipment 16 76% 9.1x Cisco Systems, Inc. (CSCO) · Motorola Solutions, Inc. (MSI) · +14 more Scale meets spending cycles. This group represents 76% of the approved companies and stands at 9.1x among the 11 names with estimates. Installed base and network modernization support relevance, while carrier spending and backlog timing can widen outcomes. Adjacent: network infrastructure software 3 14% 25.0x Fortinet, Inc. (FTNT) · F5, Inc. (FFIV) · +1 more Recurring revenue earns distinction. This group stands at 25.0x among the 2 names with estimates. Software attachment, support renewal and high switching costs can support more durable earnings than project-led hardware revenue. Communications components and subsystems 2 10% 13.0x n=1 Celestica Inc. (CLS) · Wrap Technologies, Inc. (WRAP) Qualifications protect selected positions. Long design-win cycles and proprietary technology can support defensible customer positions. Concentration, product obsolescence and supply commitments remain central diligence questions.

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    SECTION 03

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    Section 03 of 06 — The Premium End Pairs Earnings Quality with Durable Growth. Forward EV / EBITDA separates the peer set sharply. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Pairs Earnings Quality with Durable Growth Forward EV / EBITDA separates the peer set sharply. 03 of 06 Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Premium End Sits with Durability Already Visible in Forward Earnings

    The Premium End Sits with Durability Already Visible in Forward Earnings.

    The Premium End Sits with Durability Already Visible in Forward Earnings EV / EBITDA (CY2027E) · all 14 rated companies, sorted descending · sector median 12.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Sits with Durability Already Visible in Forward Earnings EV / EBITDA (CY2027E) · all 14 rated companies, sorted descending · sector median 12.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.0x CORE · median 12.4x DISCOUNT · median 6.0x Sector median 12.4x WHAT SEPARATES THE TWO ENDS The spread remains wide. The 4-name premium end stands at 18.0x versus 6.0x for the 4-name discount end. The page shows all approved companies, including 14 of 21 companies with a forward EV / EBITDA estimate. Forward pricing tests durability. Forecast growth is already reflected in the valuation lens. Premium positioning therefore needs support from durable margins, recurring revenue and credible backlog conversion. Revenue mix sharpens distinction. Software attachment, support renewal and managed services can reduce reliance on project timing. Customer concentration and legacy portfolio complexity can constrain that benefit.

  9. 09
    03 · VALUATION DRIVERS

    Higher Profitability Is Associated with Higher Valuations

    Higher Profitability Is Associated with Higher Valuations.

    Higher Profitability Is Associated with Higher Valuations Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=7; slower n=6; higher-margin n=7; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Higher Profitability Is Associated with Higher Valuations Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=7; slower n=6; higher-margin n=7; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 16% Margins Matter Most When Growth Also Holds Among the 4 names clearing both the 10% growth bar and the 16% margin bar, valuation stands at 16.3x. The 3 names clearing neither stand at 4.8x. Faster Growth Is Associated with a Higher Range The 7 names above the growth split stand at 13.0x, compared with 9.7x for the 6 names below it. The difference is meaningful, but the margin screen shows why growth quality also matters. Recurring Mix Supports Earnings Durability Software attachment, support renewal and managed services can make revenue less dependent on equipment cycles. The commercial test is whether that mix converts into durable profitability. Concentration Can Narrow the Valuation Case Customer and program concentration, backlog slippage and legacy portfolio complexity can weaken confidence in forward earnings. Diversification and disciplined product investment strengthen the operating case.

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    03 · SITUATION MAP

    Businesses Pairing Growth and Earnings Quality Carry Higher Valuations

    Businesses Pairing Growth and Earnings Quality Carry Higher Valuations.

    Businesses Pairing Growth and Earnings Quality Carry Higher Valuations Cut on EV / EBITDA vs the sector median (12.4x) (rows) and revenue growth vs the covered median (10%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Businesses Pairing Growth and Earnings Quality Carry Higher Valuations Cut on EV / EBITDA vs the sector median (12.4x) (rows) and revenue growth vs the covered median (10%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth with Valuation Support Above-median multiple · above-median revenue growth 4 names Fortinet, Inc. (FTNT) · Celestica Inc. (CLS) · Viavi Solutions Inc. (VIAV) · +1 more The 4 names in this cell combine above-middle growth with above-middle valuation. Their next test is sustaining earnings quality as investment and mix evolve. Value Ahead of Growth Above-median multiple · below-median revenue growth 2 names Cisco Systems, Inc. (CSCO) · Motorola Solutions, Inc. (MSI) The 2 names in this cell retain above-middle valuation despite below-middle growth. Installed base, margin durability and recurring support can help defend that standing. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 3 names Calix, Inc. (CALX) · Harmonic Inc. (HLIT) · Gilat Satellite Networks Ltd. (GILT) The 3 names in this cell show above-middle growth without above-middle valuation. Margin conversion, customer concentration and backlog quality are the central questions. Operating Gap to Close Below-median multiple · below-median revenue growth 4 names Nokia Oyj (NOK) · Telefonaktiebolaget LM Ericsson (publ) (ERIC) · ADTRAN Holdings Inc. (ADTN) · +1 more The 4 names in this cell sit below the middle on both measures. Portfolio focus, cost structure and revenue quality need to improve before valuation can re-rate.

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    03 · GROWTH VS PROFITABILITY

    Some Businesses Pair Higher Growth with Higher Earnings Quality

    Some Businesses Pair Higher Growth with Higher Earnings Quality.

    Some Businesses Pair Higher Growth with Higher Earnings Quality Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 13 companies with both estimates · cuts at the covered medians (11% growth, 16% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=4; margin-only n=3; growth-only n=3; neither n=3). CLS plotted at the chart edge. 11

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    03 · GROWTH VS PROFITABILITY Some Businesses Pair Higher Growth with Higher Earnings Quality Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 13 companies with both estimates · cuts at the covered medians (11% growth, 16% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=4; margin-only n=3; growth-only n=3; neither n=3). CLS plotted at the chart edge. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 10% 20% 30% 40% MARGIN ONLY median 15.9x BALANCED median 16.3x NEITHER median 4.8x GROWTH ONLY median 9.1x ERIC CRNT MSI NOK ADTN CSCO HLIT FTNT ATEN GILT VIAV CALX CLS x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The map reads growth from left to right and margin from bottom to top. Fortinet, Inc. (FTNT), A10 Networks, Inc. (ATEN), Harmonic Inc. (HLIT) and Viavi Solutions Inc. (VIAV) occupy the balanced position. Growth-only names still need proof that expansion converts into earnings. One approved company is unmapped. The neither median rests on 3 names and is lifted by NOK at 11.8x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 5 of 13 names clear it (FTNT, MSI, CSCO, ATEN, CLS).

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    03 · THE AGENDA

    Growth, Earnings Quality and Valuation Gaps Point to Different Operating Priorities

    Growth, Earnings Quality and Valuation Gaps Point to Different Operating Priorities.

    Growth, Earnings Quality and Valuation Gaps Point to Different Operating Priorities NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

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    03 · THE AGENDA Growth, Earnings Quality and Valuation Gaps Point to Different Operating Priorities NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Shift Mix Toward Recurring Revenue Increase software attachment, support renewal and managed-services penetration across the installed base. What changes the answer: The answer changes when recurring revenue becomes durable enough to offset equipment-cycle volatility. Concentrate Investment Behind Qualified Products Prioritise products with durable design wins, roadmap relevance and clear network modernization exposure. What changes the answer: The answer changes when product qualification and backlog conversion support repeatable returns. Simplify the Portfolio and Cost Base Reduce legacy complexity and align engineering, manufacturing and support resources with defensible product positions. What changes the answer: The answer changes when simplification protects customer continuity and improves earnings durability. Test Build Versus Buy Compare internal development with targeted acquisitions where capability, customer access or qualification time matters. What changes the answer: The answer changes when acquisition fit outweighs integration risk and internal roadmap investment.

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    SECTION 04

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    Section 04 of 06 — Buyers Are Targeting Technology and Customer Positions. The transaction record spans strategic combinations and selective financial sponsorship. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Are Targeting Technology and Customer Positions The transaction record spans strategic combinations and selective financial sponsorship. 04 of 06 Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Favour Targeted Technology and Customer Access

    Precedent Transactions Favour Targeted Technology and Customer Access.

    Precedent Transactions Favour Targeted Technology and Customer Access 3 of 25 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 81 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Favour Targeted Technology and Customer Access 3 of 25 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 81 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Mar-2022 $3.3B HP Inc. HP Inc. paired with Plantronics, Inc. in a communications hardware expansion. EV / LTM revenue 1.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests an effort to add communications hardware and an established customer position. Installed-base access and portfolio fit provide the clearest inferred logic. HOW THE TARGET WAS VALUED Plantronics, Inc. was valued at $3.3B and 1.9x EV / Revenue. The revenue lens should be considered alongside hardware mix, customer quality and the path to durable profitability. Jun-2024 $2.3B Nokia Corporation Nokia Corporation paired with Infinera Corporation to deepen strategic equipment exposure. EV / LTM revenue 1.5x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests value in complementary product capability and customer access. Product roadmap fit and long customer qualifications strengthen that strategic interpretation. HOW THE TARGET WAS VALUED Infinera Corporation was valued at $2.3B and 1.5x EV / Revenue. That benchmark should be read alongside gross margin, customer concentration and forward earnings potential. Jan-2020 $679M Comtech Telecommunications Corp. acquires Gilat Satellite Networks Ltd. EV / LTM revenue 5.0x EV / LTM EBITDA 18.5x WHY THE DEAL HAPPENED The transaction suggests that targeted capability can matter more than undifferentiated manufacturing scale. Product qualification, installed base and roadmap fit are the key strategic tests. HOW THE TARGET WAS VALUED The valuation read should focus on revenue quality, backlog conversion and durable profitability. Those factors determine how a communications equipment benchmark should be interpreted.

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    SECTION 05

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    Section 05 of 06 — Strengthen Revenue Quality Before Stretching the Cost Base. Portfolio mix, recurring revenue and disciplined investment shape the next move. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen Revenue Quality Before Stretching the Cost Base Portfolio mix, recurring revenue and disciplined investment shape the next move. 05 of 06 Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Build Value Through Mix, Focus and Disciplined Execution

    Build Value Through Mix, Focus and Disciplined Execution.

    Build Value Through Mix, Focus and Disciplined Execution NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS Build Value Through Mix, Focus and Disciplined Execution NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect the Quality of Growth Prioritise recurring revenue, customer diversification and products tied to durable network modernization demand. Growth that converts into earnings carries greater strategic weight. FOR MANAGEMENT Fund the Portfolio Selectively Direct engineering and commercial resources toward qualified products with durable customer positions. Address legacy complexity where it absorbs investment without strengthening the roadmap. FOR BOARDS Set Clear Capital Priorities Balance organic investment, portfolio simplification and targeted acquisitions against earnings durability. Keep customer concentration, integration risk and product obsolescence visible in the decision.

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    SECTION 06

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    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (12.4x); amber marks below · 14 rated companies; 7 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 14 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (12.4x); amber marks below · 14 rated companies; 7 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 14 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥16.0x · median 18.0x · 4 companies Fortinet, Inc. FTNT Adjacent: network infrastructure software $127B 35.4x 11% 38% 51 Viavi Solutions Inc. VIAV Carrier communications equipment $10.2B 18.2x 12% 27% 40 Motorola Solutions, Inc. MSI Carrier communications equipment $83.9B 17.9x 7% 34% 41 Applied Optoelectronics, Inc. AAOI Carrier communications equipment $7.6B 16.1x n/a 11% 198 CORE — 7.8x–16.0x · median 12.4x · 6 companies Cisco Systems, Inc. CSCO Carrier communications equipment $437B 15.9x 10% 37% 47 A10 Networks, Inc. ATEN Adjacent: network infrastructure software $1.7B 14.5x 12% 31% 43 Celestica Inc. CLS Communications components and subsystems $41.6B 13.0x 72% 9% 81 Nokia Oyj NOK Carrier communications equipment $53.4B 11.8x 7% 16% 25 Calix, Inc. CALX Carrier communications equipment $1.9B 9.1x 16% 13% 31 Harmonic Inc. HLIT Carrier communications equipment $1.2B 8.5x 11% 22% 34 DISCOUNT — <7.8x · median 6.0x · 4 companies Telefonaktiebolaget LM Ericsson (publ) ERIC Carrier communications equipment $28.8B 7.6x 2% 16% 18 Gilat Satellite Networks Ltd. GILT Carrier communications equipment $575M 7.2x 12% 12% 26 Ceragon Networks Ltd. CRNT Carrier communications equipment $182M 4.8x 6% 8% 16 ADTRAN Holdings Inc. ADTN Carrier communications equipment $1.0B 4.7x 8% 14% 26

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 25 transactions with disclosed terms in this tier (61 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 81 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 25 transactions with disclosed terms in this tier (61 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 81 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 25 transactions shown; the rest are in the companion workbook. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 STG Partners, LLC → Clearfield Finland Oy n/a 3.0x 22.3x STG Partners, LLC and Clearfield Finland Oy illustrate financial interest in a defined communications equipment position. The strategic read centres on defensibility, customer quality and cash generation. Sep-2024 Convergence Partners → Inseego Corp. n/a n/a 6.8x Convergence Partners and Inseego Corp. show financial sponsorship reaching a carrier communications equipment business. Resilient demand and a credible earnings path remain central to the fit. Jun-2024 Nokia Corporation → Infinera Corporation $2.3B 1.5x n/a Nokia Corporation and Infinera Corporation point to a strategic equipment combination aligned with network modernization. Product roadmap and customer positions are central to the read. Sep-2022 ADTRAN Holdings, Inc. → ADVA Optical Networking SE n/a n/a 9.8x ADTRAN Holdings, Inc. and ADVA Optical Networking SE show strategic appetite for broader equipment capability. Product integration and customer continuity shape the commercial case. Mar-2022 HP Inc. → Plantronics, Inc. $3.3B 1.9x n/a HP Inc. and Plantronics, Inc. illustrate a buyer extending into communications hardware. Installed-base access and portfolio fit are the central strategic considerations. Mar-2022 Cisco Systems, Inc. → Tandberg n/a n/a 11.5x Cisco Systems, Inc. and Tandberg show that platform fit does not remove transaction uncertainty. Customer overlap and integration complexity remain important considerations. Mar-2022 Arris International Limited → Pace plc n/a n/a 7.0x Arris International Limited and Pace plc illustrate the strategic logic of broader equipment scale. The terminated status also underscores the importance of execution and transaction certainty. Dec-2021 RF Industries, Ltd. → Microlab/FXR LLC n/a 1.5x 6.6x RF Industries, Ltd. and Microlab/FXR LLC reflect interest in targeted communications components. Product qualification and customer relevance frame the strategic value. Aug-2021 Undisclosed buyer → ADTRAN Holdings, Inc. $895M 1.3x n/a The Undisclosed buyer and ADTRAN Holdings, Inc. illustrate interest in an established communications equipment platform. The terminated status keeps transaction certainty central to the interpretation.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 25 transactions with disclosed terms in this tier (61 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 81 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 25 transactions with disclosed terms in this tier (61 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 81 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 25 transactions shown; the rest are in the companion workbook. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2021 GI Manager L.P. → ORBCOMM Inc. n/a 4.5x 22.9x Value shown as recorded in the filing; deal value unit unresolved. Jan-2020 Comtech Telecommunications Corp. → Gilat Satellite Networks Ltd. $679M 5.0x 18.5x Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 CommScope Holding Company, Inc. → ARRIS International plc n/a 8.7x 8.7x Sep-2018 Zev Ventures Incorporated → Ondas Networks Inc. n/a n/a 7.4x Jun-2018 Corning Optical Communications LLC → 3M Company, Communication Markets Division n/a 2.3x n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2018 Plantronics, Inc. → Polycom, Inc. n/a 1.8x n/a Feb-2018 Clearfield, Inc. → portfolio of outdoor powered cabinet products $10M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2017 Sierra Wireless, Inc. → Numerex Corp. n/a 1.8x n/a Value shown as recorded in the filing; deal value unit unresolved. Jul-2016 Siris Capital Group, LLC → Polycom, Inc. n/a 5.9x 6.7x

  21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Communications Equipment Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Communications Equipment and it clears the coverage gate with 14 of 21 companies (67%). EV / Revenue, P / E are carried as a cross-check. The set earns: 14 of the 15 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 20 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 907 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (906) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Observed Premium Sits with Durable Earnings, Growth and Recurring Revenue Quality.

    The Observed Premium Sits with Durable Earnings, Growth and Recurring Revenue Quality..

    Closing — The Observed Premium Sits with Durable Earnings, Growth and Recurring Revenue Quality. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    The Observed Premium Sits with Durable Earnings, Growth and Recurring Revenue Quality. NeuraCap AI — Communications Equipment Coverage September 2026 · Prepared by NeuraCap AI · Confidential Communications Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Communications Equipment (Information Technology › Technology Hardware and Equipment › Communications Equipment) with market data and consensus estimates as of September 28, 2026. The company universe is the 21 listed companies whose core business is Communications Equipment according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Applied Optoelectronics, Inc. (AAOI), ADTRAN Holdings Inc. (ADTN), A10 Networks, Inc. (ATEN), AudioCodes Ltd. (AUDC), Aviat Networks, Inc. (AVNW), Calix, Inc. (CALX), Ciena Corporation (CIEN), Celestica Inc. (CLS), Comtech Telecommunications Corp. (CMTL), Ceragon Networks Ltd. (CRNT), Cisco Systems, Inc. (CSCO), Telefonaktiebolaget LM Ericsson (publ) (ERIC), F5, Inc. (FFIV), Fortinet, Inc. (FTNT), Gilat Satellite Networks Ltd. (GILT), Harmonic Inc. (HLIT), Inseego Corp. (INSG), Motorola Solutions, Inc. (MSI), Nokia Oyj (NOK), Viavi Solutions Inc. (VIAV), Wrap Technologies, Inc. (WRAP). The market map groups them by business vertical — Carrier communications equipment: 16 companies (CSCO, MSI, NOK, CIEN, ERIC, VIAV, AAOI, CALX, HLIT, ADTN, GILT, CMTL, AVNW, AUDC, CRNT, INSG); Adjacent: network infrastructure software: 3 companies (FTNT, FFIV, ATEN); Communications components and subsystems: 2 companies (CLS, WRAP). 14 of the 21 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Communications Equipment (Information Technology › Technology Hardware and Equipment › Communications Equipment) with market data and consensus estimates as of September 28, 2026. The company universe is the 21 listed companies whose core business is Communications Equipment according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Applied Optoelectronics, Inc. (AAOI), ADTRAN Holdings Inc. (ADTN), A10 Networks, Inc. (ATEN), AudioCodes Ltd. (AUDC), Aviat Networks, Inc. (AVNW), Calix, Inc. (CALX), Ciena Corporation (CIEN), Celestica Inc. (CLS), Comtech Telecommunications Corp. (CMTL), Ceragon Networks Ltd. (CRNT), Cisco Systems, Inc. (CSCO), Telefonaktiebolaget LM Ericsson (publ) (ERIC), F5, Inc. (FFIV), Fortinet, Inc. (FTNT), Gilat Satellite Networks Ltd. (GILT), Harmonic Inc. (HLIT), Inseego Corp. (INSG), Motorola Solutions, Inc. (MSI), Nokia Oyj (NOK), Viavi Solutions Inc. (VIAV), Wrap Technologies, Inc. (WRAP). The market map groups them by business vertical — Carrier communications equipment: 16 companies (CSCO, MSI, NOK, CIEN, ERIC, VIAV, AAOI, CALX, HLIT, ADTN, GILT, CMTL, AVNW, AUDC, CRNT, INSG); Adjacent: network infrastructure software: 3 companies (FTNT, FFIV, ATEN); Communications components and subsystems: 2 companies (CLS, WRAP). 14 of the 21 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

20 records failed a validation gate and never feed a statistic in this report (19 excluded from aggregate; 1 quarantined). Each exclusion, with its reason: AAOI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AAOI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ADTN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CMTL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CMTL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CMTL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CMTL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CRNT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · HLIT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INSG — EBITDA 300000.0000 is below the $1000000 materiality floor; any multiple would be meaningless (effect: excluded from aggregate) · INSG — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · INSG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INSG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · INSG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · VIAV — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WRAP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WRAP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WRAP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WRAP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WRAP — Revenue for CY2026E is 0.00x the CY2025A value and 216.2x smaller than CY2027E; the value is on a different basis from the periods either side of it and cannot be compared with them (effect: quarantined)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Communications Equipment and it clears the coverage gate with 14 of 21 companies (67%). EV / Revenue, P / E are carried as a cross-check. The set earns: 14 of the 15 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 14 of 21 companies; EV / rEVenue: 20 of 21 companies; P/E: 16 of 21 companies. 1 company shows a non-meaningful EV / EBITDA denominator and is excluded from that statistic. 3 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥16.0x, Core 7.8x–16.0x, Discount <7.8x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 12.4x = median(ev_ebitda CY2027E) (14 rated companies) · 18.0x = median(ev_ebitda CY2027E) within Premium tier (n=4) · 12.4x = median(ev_ebitda CY2027E) within Core tier (n=6) · 6.0x = median(ev_ebitda CY2027E) within Discount tier (n=4) · 13.0x = median(ev_ebitda CY2027E) | growth ≥ 10% (n=7) · 9.7x = median(ev_ebitda CY2027E) | growth < 10% (n=6) · 15.9x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 16% (n=7) · 9.1x = median(ev_ebitda CY2027E) | EBITDA margin < 16% (n=7) · 33% = median Rule of 40 score (revenue growth + EBITDA margin) (n=13) · 16.3x = median(ev_ebitda CY2027E) within balanced quadrant (n=4) · 15.9x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=3) · 9.1x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=3) · 4.8x = median(ev_ebitda CY2027E) within neither quadrant (n=3) · 11.8x = ev_ebitda CY2027E for NOK (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Communications Equipment recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 61 transactions were recorded for this industry; 25 are shown. 36 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 41 × no evidence record; 30 × deal value unit unresolved; 5 × duplicate precedent id; 1 × duplicate filings collapsed; 4 × divestiture roles reassigned. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 911 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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