Comtech Telecommunications Company Valuation & Strategic Insights — September 2026

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COMPANY VALUATION & STRATEGIC INSIGHTS

COMTECH TELECOMMUNICATIONS CORP. (CMTL) · INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › COMMUNICATIONS EQUIPMENT

Comtech Telecommunications: Shrinking by Design, Not yet Repriced

Comtech Telecommunications Corp. (CMTL), as of Sep 25, 2026: the valuation methods, the peer and precedent benchmarks, and the operating options that sit behind them.

Sep 25, 2026 snapshot

Prepared by NeuraCap AI · Confidential

Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target.

CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice

Sources & methodology

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

1. 01
   COMPANY VALUATION & STRATEGIC INSIGHTS

   COMTECH TELECOMMUNICATIONS CORP. (CMTL) · INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › COMMUNICATIONS EQUIPMENT

   Cover slide introducing the Comtech Telecommunications (CMTL) valuation and strategic insights deck as of Sep 25, 2026.

   We're walking through Comtech Telecommunications Corp. (CMTL) as of Sep 25, 2026 — what the valuation methods imply, how the market has priced the stock, where it ranks operationally, what buyers have paid for similar assets, and the strategic options ahead. Everything here is illustrative, not an opinion of value.

   Everything on this page

   COMPANY VALUATION & STRATEGIC INSIGHTS COMTECH TELECOMMUNICATIONS CORP. (CMTL) · INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › COMMUNICATIONS EQUIPMENT Comtech Telecommunications: Shrinking by Design, Not yet Repriced Comtech Telecommunications Corp. (CMTL), as of Sep 25, 2026: the valuation methods, the peer and precedent benchmarks, and the operating options that sit behind them. Sep 25, 2026 snapshot Prepared by NeuraCap AI · Confidential Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BOTTOM LINE

   CMTL Is Trading the Size of Its Old Business for the Margin of Its New One.

   States the deck's central thesis that CMTL is priced for its shrinking legacy business rather than its improving margin profile.

   CMTL is trading the size of its old business for the margin of its new one, and that mismatch is the story the whole deck unpacks. We'll walk through the valuation methods, the market's own record, the operating benchmarks against peers, and what acquirers have actually paid for similar assets. Every page here is illustrative — not an opinion of value, not a price target — but together they show where the evidence points. So the question for CMTL isn't whether the multiple is wrong; it's whether the operating numbers catch up to it.

   Everything on this page

   THE BOTTOM LINE CMTL Is Trading the Size of Its Old Business for the Margin of Its New One. Comtech Telecommunications (CMTL) · Sep 25, 2026 · valuation methods, market record, operating benchmarks, precedent transactions Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 CMTL's Shares Sit Far Below Every Method on the Page The methods' median implied share price is $39.73 against the $1.39 close, within a central band of $24.22 – $41.72. 2 Growth and EBITDA Margin, Not Sentiment, Explain CMTL's Rating On the benchmark set's CY2026 measures CMTL is marked at -15.6% revenue growth against a 10.2% peer average, and a 7.4% EBITDA margin against a 19.8% peer average — the lowest reading in both tables. The market is pricing the operating profile it can see today. 3 The Divestiture Leaves CMTL Smaller, Funded and Margin-Led CMTL has agreed to sell most of its satellite and space business for $157.5 million in cash, $10 million advanced at signing. The fiscal 2025 10-K commits to a low-30% gross margin range in fiscal 2026 and about $3.0 million of annual savings — neither shows yet in the 7.4% CY2027E EBITDA margin. 4 Acquirers in This Category Have Paid Mid-Teens Multiples for Qualified Content Across the 5 precedent transactions the median EV / LTM EBITDA paid was 15.0x, in a range from 14.0x to 22.9x. Those prices followed sole-source positions and funded backlog rather than volume, which is where CMTL's own operating effort earns the most. $39.73 Median of the valuation methods vs the $1.39 share price — a +2758% gap the deck explains 15.8x EV / CY2027E EBITDA — where CMTL trades peer median 11.7x — the multiple gap is the sentiment story 15.0x Median EV / LTM EBITDA paid for control across 5 precedent transactions — vs 15.8x in the market today -15.8% CY2027E revenue growth at a 7.4% EBITDA margin — the profile the market is pricing

3. 03
   FOOTBALL FIELD VALUATION

   CMTL: The Methods Describe the Business the Plan Promises, the Price Describes the One Reported

   Shows a football-field valuation with each method's median multiple ±10% applied to CMTL's own financials.

   Each bar on this page applies the method's median multiple, plus or minus 10%, to CMTL's own reported financials as of Sep 25, 2026. The methods sit well above the $1.39 close, with a median implied share price of $39.73 and a central band of $24.22 – $41.72. That gap tells us the methods are describing the business the plan promises, while the price reflects the business currently being reported. So the read-through is simple: closing that gap requires the operating numbers to move, not a re-run of the math.

   Everything on this page

   FOOTBALL FIELD VALUATION CMTL: The Methods Describe the Business the Plan Promises, the Price Describes the One Reported Sep 25, 2026 snapshot · each bar = the method's median multiple ±10%, applied to the company's own financials · Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 3 The nine methods sit far above the $1.39 close — their median implied share price is $39.73, a +2758% gap, with a central band of $24.22 – $41.72. $0 $20 $40 $60 Multiples teal line = median of the valuation methods (+2758% vs the share price) · amber line = current share price · shaded band = middle half of the methods TRADING 52-Week High-Low $1.36 $6.21 Analyst target range $4.00 $14.00 PUBLIC COMPARABLES EV / 2026E EBITDA $16.00 $19.56 10.54x – 12.88x EV / 2025A Revenue $35.76 $43.70 2.64x – 3.23x EV / 2026E Revenue $38.12 $46.60 2.52x – 3.08x EV / 2027E Revenue $27.59 $33.73 2.38x – 2.90x PRECEDENT TRANSACTIONS EV / LTM EBITDA $4.23 $5.17 13.50x – 16.50x EV / LTM Revenue $48.24 $58.96 3.81x – 4.66x EV / NTM Revenue $36.96 $45.18 3.68x – 4.50x Methods median $39.73 Share price $1.39

4. 04
   MARKET PRICES & THE FILING RECORD

   CMTL Ended the Year at Its Low as Shrinking Sales Outweighed the Divestiture News

   Charts CMTL's weekly closing price from Sep 28, 2025 to Sep 25, 2026 against the filing record.

   Over the year, CMTL's weekly closes ranged from $1.39 to $5.98, ending the period at its low of $1.39. The numbered markers tie each move to a specific filing, and where no filing explains a move, we say so rather than force a link. Shrinking sales weighed on the stock even as divestiture news came through. So the market's read this year has been about the size of the business today, not the strategic moves announced along the way.

   Everything on this page

   MARKET PRICES & THE FILING RECORD CMTL Ended the Year at Its Low as Shrinking Sales Outweighed the Divestiture News Weekly closes, Sep 28, 2025 – Sep 25, 2026 · range $1.39 – $5.98 · last $1.39 · numbered markers = the filings below Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Move-to-event links use calibrated language; where no filing explains a move, the page says so. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 4 $2 $4 $6 2025-09 2025-11 2026-01 2026-03 2026-05 2026-07 2026-08 1 2 3 4 5 6 7 8 Weekly closes fell -46% over the window, from $2.57 to $1.39, against a high of $5.98, and the year finished at the low. 1 Dec 14, 2025 · Executive, Officer & Director Appointment / Departure Filed 8-K - 2025-12-11 - Comtech Telecommunications appointed Mary J. Raymond as an independent director, effective after the next 10-Q… 2 Dec 14, 2025 · Earnings Release & Result of Operations Filed 8-K - 2025-12-11 - Comtech Telecommunications reported Q1 FY2026 net sales of $111 million, an operating loss of $2.8 million… 3 Feb 1, 2026 · Executive, Officer & Director Appointment / Departure Filed 8-K - 2026-01-29 - Director Wendi B. Carpenter announced her retirement and will not stand for re-election at the Fiscal 2025 Annual… 4 Mar 15, 2026 · Shareholder Meeting, Proxy & Voting Matter Filed 8-K - 2026-03-11 - Comtech Telecommunications filed an 8-K detailing the outcomes of its FY2025 annual shareholder meeting, covering… 5 Mar 22, 2026 · Earnings Release & Result of Operations Filed 8-K - 2026-03-16 - Comtech Telecommunications reported Q2 FY2026 results with net sales of $106.8 million, an operating loss of $1.2… 6 May 17, 2026 · Executive, Officer & Director Appointment / Departure Filed 8-K - 2026-05-14 - Bruce T. Crawford resigned from Comtech Telecommunications' Board of Directors effective around June 15, 2026 to…

5. 05
   PERFORMANCE METRICS

   CMTL Is Getting Smaller on Purpose — Now the Margin Has to Follow

   Tracks CMTL's revenue, growth and margin from CY2026 through CY2028E.

   The estimates carry CMTL's revenue from $482M in CY2026 to $406M in CY2027E and $295M in CY2028E, a deliberate step down as the company narrows its footprint. Bars show the level, the line shows growth and margin, and estimate years are marked E throughout. The shrinking top line is the price of the strategic reset — the open question is whether margin expands enough to offset it. So the next few quarters need to show the margin line, not just the revenue line, moving in CMTL's favor.

   Everything on this page

   PERFORMANCE METRICS CMTL Is Getting Smaller on Purpose — Now the Margin Has to Follow CY2026 – CY2028E · bars = level, line = growth / margin · estimates are the platform's, shown as published Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Growth and margin are computed from the published series; estimate years are marked E. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 5 CY2026 revenue of $482M carried $38M of EBITDA, a 7.9% EBITDA margin; estimates take revenue to $406M in CY2027E at a 7.4% EBITDA margin, then $295M in CY2028E. REVENUE & REVENUE GROWTH $482M 2026 $406M 2027E $295M 2028E -15.8% -27.3% bars: revenue (navy = actual, blue = estimate) · line: revenue growth EBITDA & EBITDA MARGIN $38M 2026 $30M 2027E 7.9% 7.4% bars: ebitda (navy = actual, teal = estimate) · line: ebitda margin · CY2028E not shown: no EBITDA figure published

6. 06
   INVESTMENT BANKING KPI BENCHMARKING

   CMTL Sits Last Among Its Peers on Both Growth and EBITDA Margin

   Benchmarks CMTL against peers on CY2026 revenue growth and EBITDA margin.

   On the benchmark set's CY2026 measures, CMTL sits at -15.6% revenue growth against a 10.2% peer average, and a 7.4% EBITDA margin against a 19.8% peer average — the lowest reading in both tables. The vertical line marks the peer average excluding CMTL, so the gap is visible at a glance. This isn't a sentiment problem; it's an operating profile the market can see today. So closing the gap starts with intake and margin, the two levers this page isolates.

   Everything on this page

   INVESTMENT BANKING KPI BENCHMARKING CMTL Sits Last Among Its Peers on Both Growth and EBITDA Margin Comtech Telecommunications (CMTL) highlighted · vertical line = peer average excluding the target Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. On the benchmark set's CY2026 measures CMTL is marked at -15.6% revenue growth against a 10.2% peer average, and a 7.4% EBITDA margin against a 19.8% peer average. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 6 CY2026 REVENUE GROWTH CMTL -15.6% GILT 12.2% LHX 7.6% MRCY 8.5% MSI 11.0% VSAT 3.2% ADTN 5.7% CIEN 33.3% † AVNW 0.2% Peer average 10.2% † bar not to scale: the value exceeds the axis set by the rest of the set and is shown at its true figure CY2026 EBITDA MARGIN CMTL 7.4% GILT 12.4% LHX 17.4% MRCY 15.9% MSI 34.4% VSAT 32.4% ADTN 14.0% CIEN 22.3% AVNW 9.4% Peer average 19.8%

7. 07
   COMPANY VALUATION METRICS

   The Comparable Set, with CMTL Highlighted

   Lists the peer comparable set with CMTL highlighted against median EV/EBITDA and EV/revenue multiples.

   The peer set trades at an 11.7x median EV/EBITDA and a 2.8x median EV/revenue, while CMTL's own multiple sits at 15.8x EV/CY2027E EBITDA — above the peer median, on the earnings base investors are underwriting today. Summary rows are computed over the peer set with outlier multiples excluded, and CMTL's row is shown for reference rather than folded into its own benchmark. The refined peer set held five names, so it was extended with industry members to build a usable median. So CMTL is already priced at a premium multiple on a depressed earnings base — the case for re-rating rests on growing that base, not stretching the multiple further.

   Everything on this page

   COMPANY VALUATION METRICS The Comparable Set, with CMTL Highlighted The peer set is marked at an 11.7x median EV / EBITDA and a 2.8x median EV / revenue, while CMTL's own 15.8x EV / CY2027E EBITDA sits above that median — on the earnings base investors underwrite Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Summary rows are computed over the peer set (outlier multiples excluded); the target row is shown for reference, not included in its own benchmark. ‡ peer added from the company's industry tier: the platform's refined set held 5 names, so the set was extended with industry members (see the sources page). CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 7 Company Price EV Mkt cap CY2027E Rev CY2027E Growth CY2027E Margin P/E 2027E P/E 2028E EV/Rev 2027E EV/EBITDA 2027E CMTL — Comtech Telecommunications Corp. $1.39 $475M $42M $406M -15.8% 7.4% -0.7x -0.8x 1.2x 15.8x GILT — Gilat Satellite Networks Ltd. $10.02 $590M $740M $507M 12.2% 12.4% 16.3x 14.0x 1.2x 9.4x LHX — L3Harris Technologies, Inc. $238.04 $54.8B $44.3B $23.6B 7.6% 17.4% 19.9x 17.6x 2.3x 13.3x MRCY — Mercury Systems, Inc. $83.18 $5.2B $5.0B $1.0B 8.5% 15.9% 61.5x 42.9x 5.1x 32.1x MSI — Motorola Solutions, Inc. $454.91 $84.2B $75.3B $13.0B 11.1% 34.4% 25.7x 23.7x 6.5x 18.9x VSAT — Viasat, Inc. $73.72 $15.6B $10.2B $4.8B 3.2% 32.4% n/a n/a 3.3x 10.1x ADTN — ADTRAN Holdings Inc. ‡ $6.94 $1.0B $563M $1.1B 5.7% 14.0% 24.0x 11.9x 0.9x 6.4x CIEN — Ciena Corporation ‡ $358.43 $51.5B $50.9B $6.7B 33.3% 22.3% 45.8x 28.0x 7.7x 34.5x AVNW — Aviat Networks, Inc. ‡ $19.95 $282M $255M $448M 0.2% 9.4% 9.8x 6.8x 0.6x 6.7x Peer average 29.0x 20.7x 3.4x 16.4x Peer median 24.0x 17.6x 2.8x 11.7x

8. 08
   MERGERS & ACQUISITIONS

   CMTL: Acquirers in This Category Pay for Qualified Content, Not for Revenue Volume

   Reviews five precedent transactions in CMTL's category and reads two of them onto CMTL directly.

   Across the five precedent transactions, buyers paid a median 15.0x EV/LTM EBITDA, and two of the five — including the L3Harris Technologies, Inc. deal — read most directly onto CMTL. Multiples are LTM/NTM at announcement where disclosed, and summary rows are suppressed wherever fewer than three deals carry a given multiple. What these transactions show is that acquirers in this category pay for qualified, program-anchored content and funded backlog, not for revenue volume. So the assets in CMTL's own portfolio that carry that kind of qualified content are the ones most likely to earn a premium multiple.

   Everything on this page

   MERGERS & ACQUISITIONS CMTL: Acquirers in This Category Pay for Qualified Content, Not for Revenue Volume Two of the five transactions read most directly onto CMTL: L3Harris Technologies, Inc. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Multiples are LTM/NTM at announcement where disclosed; values link to the record where a link exists. Summary rows exclude outlier multiples (disclosed on the sources page), show their n, and are suppressed (n/a) where fewer than 3 deals carry the multiple. The strategic read is a NeuraCap analytical view. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 8 Announced Acquirer Target Deal value EV LTM Rev LTM EBITDA LTM EV/Rev LTM EV/EBITDA NTM EV/Rev NTM EV/EBITDA 2022-07-21 L3Harris Technologies, Inc. Link 16 Tactical Data Links business $2.0B n/a n/a n/a n/a 14.0x n/a n/a 2022-04-01 TTM Technologies Telephonics Corporation $300M n/a n/a n/a 1.1x 15.0x n/a n/a 2021-04-01 GI Manager L.P. ORBCOMM Inc. $1.1B n/a $246M $31M 4.5x 22.9x n/a n/a 2021-02-01 Eaton Corporation Cobham Mission Systems Wimborne $2.8B n/a n/a n/a 4.0x 14.0x n/a n/a 2020-01-29 Comtech Telecommunications Corp. Gilat Satellite Networks Ltd. $741M $679M $137M $37M 5.0x 18.5x 4.1x n/a 75th percentile 4.6x 18.5x n/a n/a Average 3.6x 16.9x n/a n/a Median 4.2x 15.0x n/a n/a 25th percentile 3.3x 14.0x n/a n/a n (deals carrying the… n=4 n=5 n=1 n=0 THE STRATEGIC READ Across the 5 precedent transactions the median EV / LTM EBITDA paid was 15.0x, from 14.0x at the lower quartile to 18.5x at the upper; on a small set of 4 deals with revenue multiples the median was 4.2x. What those buyers underwrote was program-anchored, hard-to-displace content and funded backlog, priced separately from new-product growth.

9. 09
   STRATEGIC ROADMAP

   Where CMTL Earns a Higher Multiple: Order Intake, Margin, Mix and Capital

   Sets out four strategic levers — order intake, margin, capital allocation and mix — where CMTL can earn a higher multiple.

   These are NeuraCap's analytical observations, grounded in the sector study, the current market window and the precedent transactions — framed for evaluation, not as instructions. Each option is built around a lever the evidence points to: rebuilding order intake, converting the gross margin commitment into EBITDA margin, deploying divestiture proceeds, and shifting the revenue mix toward recurring content. The evidence chips on each panel show exactly where that input comes from. So this page turns the diagnosis from the earlier pages into a short list of levers management and the board can actually pull.

   Everything on this page

   STRATEGIC ROADMAP Where CMTL Earns a Higher Multiple: Order Intake, Margin, Mix and Capital NeuraCap analytical views grounded in the sector study, the latest market window and the precedent transactions · observations, not recommendations Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Each option is framed for evaluation, not as an instruction; the evidence chips show where each input comes from. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 9 EVIDENCE Precedent transactions: 5 NEAR TERM Rebuild Order Intake Before the Funded Backlog Converts Away The fiscal 2025 10-K records a 0.75x book-to-bill and $672.1 million of funded backlog, with $663 million reported at Q1 FY2026 and revenue visibility of approximately $1.1 billion. Below-one intake means backlog is being consumed faster than replaced. NEAR TERM Convert the low-30% Gross Margin Commitment into Reported EBITDA Margin Management has committed, in the fiscal 2025 10-K, to a low-30% gross margin range in fiscal 2026 and to about $3.0 million of annual savings from the Arizona production migration. Q3 FY2026 showed net sales of $106.0 million with a modest gross margin improvement but a $14.3 million net loss. MEDIUM TERM Put the Divestiture Proceeds Behind the Segment That Carries the Multiple The agreed satellite and space sale brings $157.5 million of cash, $10 million of it at signing, alongside amended credit facilities. Capital allocation is the live board choice: reducing leverage against funding recurring software and maintenance content in the public-safety business.

10. 10
    WHAT IT MEANS

    CMTL's Next Re-Rating Is Earned in the Operating Numbers, Not in the Methods

    Translates the evidence into implications for the board, potential counterparties and advisors.

    This page takes everything we've shown — the valuation gap, the operating benchmarks, the precedent multiples — and translates it for the people who act on it. For the board, two quarters of intake and margin data will likely move the price more than any valuation page. For counterparties, the assets that price well here are qualified positions with funded backlog behind them. For advisors, the read is to underwrite the backlog quality and the margin bridge, not the top-line trajectory. So the re-rating conversation is really an operating conversation now, not a valuation one.

    Everything on this page

    WHAT IT MEANS CMTL's Next Re-Rating Is Earned in the Operating Numbers, Not in the Methods The evidence translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. This page is analytical interpretation drawn from the recorded evidence. It is not investment advice. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 10 FOR THE BOARD & OWNERS Two Quarters of Intake and Margin Will Move the Price More than Any Valuation Page Shares fell -46% to $1.39 while the methods' median implied share price stands at $39.73. Coverage is constructive — 10 ratings, 7 buy, 3 hold, none sell, with the sell-side range spanning $4.00 – $14.00. FOR POTENTIAL COUNTERPARTIES The Assets That Price Well Here Are Qualified Positions with Funded Backlog Behind Them Precedent buyers paid a 15.0x median EV / LTM EBITDA across 5 transactions for program-anchored content, in carve-out formats like the Link 16 and Telephonics deals. CMTL has just demonstrated it can structure that kind of separation at $157.5 million. FOR ADVISORS Underwrite Backlog Quality and the Gross Margin Bridge, Not the Top-Line Trajectory Recent quarters read cleanly only with the divestiture in view: Q3 2025 revenue of $127M came against a recorded estimate of $124M, and Q3 2024 revenue of $128M against a recorded estimate of $136M — single quarters, not a pattern.

11. 11
    SOURCES & METHODOLOGY

    Sources, Methodology and Important Notice

    Documents the sources, methodology and important notices behind every figure in the deck.

    Every figure on these pages links back to the record it was taken from, and where no link exists, this page names the source and the basis on which it was read. This is the reference page for how the company deck was built — the methodology behind the multiples, the benchmarks and the transaction record. So if a number here raises a question, this is where the answer lives.

    Everything on this page

    SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this company deck is built and what each kind of statement rests on · Sep 25, 2026 Every figure on these pages links to the record it was taken from; where a figure has no link, this page names its source and the basis on which it was read. CMTL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice 11 OBSERVED DATA Prices, financials, estimates, comparables and the transaction record come from the NeuraCap analytics platform exactly as recorded; filings link to their source. Nothing on any page is re-derived from outside data. PEER SET & PRECEDENTS The platform's refined peer set for Comtech Telecommunications held 5 name(s). Peer set extended with industry members: 3 public member(s) of the company's own industry tier (Communications Equipment: ADTN, CIEN, AVNW) were appended in the platform's priority order, so the comparables, benchmarks and precedent record rest on 8 peers. Tier-added peers are marked ‡ on the comparables page. The precedent transactions are the platform's own record for Comtech Telecommunications; summary rows carry… VALUATION METHODS Each football-field bar applies a method’s median multiple, ±10% (peer multiples, or precedent-transaction multiples), to the company’s own financials; per-share values bridge enterprise value through recorded net debt and diluted shares. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. MULTIPLE QUALITY All recorded multiples passed the sanity bounds; none were excluded. INHERITED CONTEXT No sector study or weekly update was linked to this run; positioning statements are limited accordingly. DRIVER ATTRIBUTION A share-price move is linked to a filing only in calibrated language ("the move appears to reflect…"). Where no filing explains a move, the page says so. ANALYTICAL INTERPRETATION The roadmap and what-it-means pages are NeuraCap analytical views drawn from the recorded evidence, labeled as such, framed for evaluation. IMPORTANT NOTICE This report is informational only. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources: sec.gov

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