NEURACAP
Sector ReportSep 28, 2026 · 23 pages · Free to read

Wireless Telecommunication Services Sector Outlook — September 2026

NeuraCap's Wireless Telecommunication Services 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

5.6x
Sector median EV/EBITDA
9.6x
Premium end EV/EBITDA vs 3.6x at the discount end
13
Transactions with disclosed terms

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COMMUNICATION SERVICES › TELECOMMUNICATION SERVICES › WIRELESS TELECOMMUNICATION SERVICES

Wireless Telecom: Quality Separates the Market

This report shows how growth, network economics and transaction context sit alongside valuation across wireless telecom.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Wireless telecommunication services is primarily an integrated-operator market, but public pricing varies widely within that structure. Faster growth sits alongside a modest premium, while subscriber quality, pricing discipline, network economics and cash conversion provide the more complete commercial picture. Precedent transactions reinforce the need to read asset mix, strategic fit and regulatory context before applying a benchmark.

Key findings

  • Operator Economics Define the Sector
  • Faster Growth Travels with a Modest Premium
  • Forward EBITDA Keeps the Comparison Grounded
  • Disclosed Pricing Sits Alongside Asset Context

What each page shows

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

  1. 01

    COMMUNICATION SERVICES › TELECOMMUNICATION SERVICES › WIRELESS TELECOMMUNICATION SERVICES

    COMMUNICATION SERVICES › TELECOMMUNICATION SERVICES › WIRELESS TELECOMMUNICATION SERVICES.

    Cover — Wireless Telecommunication Services 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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    COMMUNICATION SERVICES › TELECOMMUNICATION SERVICES › WIRELESS TELECOMMUNICATION SERVICES Wireless Telecom: Quality Separates the Market This report shows how growth, network economics and transaction context sit alongside valuation across wireless telecom. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Wireless Telecommunication Services 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 Wireless Telecom Pricing Splits on More than Growth 02 The Landscape Operators Hold the Economic Center of the Sector 03 Valuation & Situations The Two Ends of the Market Price Durability Differently 04 Precedent Transactions Transaction Benchmarks Depend on the Asset Being Bought 05 Strategic Implications Durable Subscriber Economics Strengthen the Valuation Story 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Wireless Telecommunication Services Is an Operator Market with a Wide Quality Split

    Wireless Telecommunication Services Is an Operator Market with a Wide Quality Split.

    Wireless Telecommunication Services Is an Operator Market with a Wide Quality Split 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 (18 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 Wireless Telecommunication Services Is an Operator Market with a Wide Quality Split 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 (18 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Operator Economics Define the Sector Integrated mobile and fixed operators account for 20 of 21 companies and 95% of the peer set. That concentration keeps subscriber churn, spectrum funding and network capacity at the center of value. 2 Faster Growth Travels with a Modest Premium Among the 18 companies with a forward EV / EBITDA estimate, the nine above the growth split sit at 6.1x versus 5.1x for the nine below it. The difference is observed, not proof that growth causes the premium. 3 Forward EBITDA Keeps the Comparison Grounded EV / EBITDA leads because the peer set reports meaningful forward earnings across differing capital structures. The middle of the range is 5.6x, while a premium that remains after forecast growth is reflected is associated with perceived durability. 4 Disclosed Pricing Sits Alongside Asset Context T-Mobile US, Inc. (TMUS) and Array Digital Infrastructure, Inc. were recorded at $8.1B and 8.1x EV / EBITDA. The transaction provides a deal-specific reference rather than a sector-wide rule. 5.6x Sector median EV/EBITDA CY2027E consensus · 18 rated of 21 companies 9.6x Premium end EV/EBITDA vs 3.6x at the discount end top quartile (n=5) against bottom quartile (n=5) on EV/EBITDA — the spread the report explains 13 Transactions with disclosed terms 48 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Operators Hold the Economic Center of the Sector. The peer set is concentrated in integrated mobile and fixed operators. 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 Operators Hold the Economic Center of the Sector The peer set is concentrated in integrated mobile and fixed operators. 02 of 06 Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Integrated Operators Hold the Sector's Valuation Center

    Integrated Operators Hold the Sector's Valuation Center.

    Integrated Operators Hold the Sector's Valuation Center 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 Integrated Operators Hold the Sector's Valuation Center 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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 INTEGRATED MOBILE AND FIXED OPERATORS 20 cos median 5.6x AT&T (T) AT&T Inc. 5.35% (TBB) T-Mobile US (TMUS) América Móvil, (AMX) Vodafone Group (VOD) Rogers (RCI) BCE Millicom (TIGO) Telefônica (VIV) SK Telecom Co.,Ltd (SKM) PT Telkom (TLK) KT TIM S.A. (TIMB) Liberty Latin (LILAK) PLDT (PHI) VEON Iridium (IRDM) Turkcell (TKC) Telephone and (TDS) Kyivstar Group (KYIV) These businesses combine subscriber economics, spectrum portfolios and network investment in the sector's main operating model. ADJACENT: RADIO ACCESS AND NETWORK EQUIPMENT 1 cos no rated names KVH Industries (KVHI) The adjacent network-equipment name adds exposure to network capacity without the same subscriber model.

  6. 06
    02 · LANDSCAPE

    Scale and Valuation Coverage Sit with Integrated Operators

    Scale and Valuation Coverage Sit with Integrated Operators.

    Scale and Valuation Coverage Sit with Integrated Operators 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 Scale and Valuation Coverage Sit with Integrated Operators 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. Wireless Telecommunication Services 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 Integrated mobile and fixed operators 20 95% 5.6x AT&T Inc. (T) · AT&T Inc. 5.35% GLB NTS 66 (TBB) · +18 more Scale sits with operators. This group represents 95% of the peer set. Service revenue, churn, spectrum utilization and network funding shape the operating comparison. Adjacent: radio access and network equipment 1 5% — KVH Industries, Inc. (KVHI) The adjacency remains distinct. KVH Industries, Inc. (KVHI) links the sector to radio access and network equipment, but its economics are not directly comparable with subscriber-led operators.

  7. 07
    SECTION 03

    03

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    Section 03 of 06 — The Two Ends of the Market Price Durability Differently. Forward pricing leaves a wide gap between the premium and discount ends. 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 Two Ends of the Market Price Durability Differently Forward pricing leaves a wide gap between the premium and discount ends. 03 of 06 Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Premium End Holds a Wide Lead over the Discount End

    The Premium End Holds a Wide Lead over the Discount End.

    The Premium End Holds a Wide Lead over the Discount End EV / EBITDA (CY2027E) · all 18 rated companies, sorted descending · sector median 5.6x · 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 (18 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 Holds a Wide Lead over the Discount End EV / EBITDA (CY2027E) · all 18 rated companies, sorted descending · sector median 5.6x · 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 (18 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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 9.6x CORE · median 5.6x DISCOUNT · median 3.6x Sector median 5.6x WHAT SEPARATES THE TWO ENDS The endpoints remain far apart. Across the five names at either end, the premium end sits at 9.6x and the discount end at 3.6x on forward EV / EBITDA. Forward pricing tests durability. Because the multiple already reflects forecast earnings, the remaining spread is associated with how investors view the durability of those earnings. Operations sharpen the comparison. Churn, pricing discipline, network quality, spectrum funding and free cash flow conversion provide the commercial context behind the ranking.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 43% Margin Line Carry 5.1x Against 6.4x Below It

    Profitability Separates the Two Ends: Names Above the 43% Margin Line Carry 5.1x Against 6.4x Below It.

    Profitability Separates the Two Ends: Names Above the 43% Margin Line Carry 5.1x Against 6.4x Below It 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=9; slower n=9; higher-margin n=9; lower-margin n=9). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 43% Margin Line Carry 5.1x Against 6.4x Below It 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=9; slower n=9; higher-margin n=9; lower-margin n=9). Driver readings are NeuraCap views on the supplied data — association, not causation. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 43% Growth Separates the Two Groups Modestly Using a 4% growth split, the nine faster-growing names sit at 6.1x versus 5.1x for the nine slower-growing names. The observation does not establish causation. Subscriber Quality Tests the Growth Story Postpaid mix, subscriber churn and average revenue per user indicate whether service revenue growth reflects durable customer economics. Network Returns Distinguish Durable Earnings Coverage, capacity and spectrum utilization matter alongside growth because sustained network funding can limit free cash flow conversion.

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    03 · SITUATION MAP

    Market Position Points to Four Different Operating Priorities

    Market Position Points to Four Different Operating Priorities.

    Market Position Points to Four Different Operating Priorities Cut on EV / EBITDA vs the sector median (5.6x) (rows) and revenue growth vs the covered median (4%) (columns) · 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 Market Position Points to Four Different Operating Priorities Cut on EV / EBITDA vs the sector median (5.6x) (rows) and revenue growth vs the covered median (4%) (columns) · 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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth with Premium Pricing Above-median multiple · above-median revenue growth 5 names T-Mobile US, Inc. (TMUS) · Vodafone Group Public Limited Company (VOD) · Millicom International Cellular S.A. (TIGO) · +2 more These five names pair above-benchmark growth with above-benchmark valuation. The central test is whether churn, pricing and network returns can sustain the position. Premium Pricing Without Growth Above-median multiple · below-median revenue growth 4 names AT&T Inc. (T) · Rogers Communications Inc. (RCI) · BCE Inc. (BCE) · +1 more These four names retain above-benchmark valuation despite below-benchmark growth. Cash conversion, subscriber durability and capital discipline carry more of the operating story. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 4 names América Móvil, S.A.B. de C.V. (AMX) · Telefônica Brasil S.A. (VIV) · VEON Ltd. (VEON) · +1 more These four names post above-benchmark growth but remain below the valuation benchmark. Revenue mix, market structure and the funding required to support growth help frame the gap. Execution Under Pressure Below-median multiple · below-median revenue growth 5 names SK Telecom Co.,Ltd (SKM) · PT Telkom Indonesia (Persero) Tbk Sponsored ADR Class B (TLK) · KT Corporation (KT) · +2 more These five names sit below both benchmarks. The operating agenda centers on pricing, retention, network returns and cost structure.

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    03 · GROWTH VS PROFITABILITY

    Growth Without Margin Clears the Higher Valuation Bar More Often

    Growth Without Margin Clears the Higher Valuation Bar More Often.

    Growth Without Margin Clears the Higher Valuation Bar More Often Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 18 companies with both estimates · cuts at the covered medians (4% growth, 43% 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=5; growth-only n=5; neither n=4). 11

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    03 · GROWTH VS PROFITABILITY Growth Without Margin Clears the Higher Valuation Bar More Often Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 18 companies with both estimates · cuts at the covered medians (4% growth, 43% 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=5; growth-only n=5; neither n=4). Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 2% 4% 6% 8% 20% 30% 40% 50% MARGIN ONLY median 5.1x BALANCED median 5.1x NEITHER median 5.6x GROWTH ONLY median 6.4x TDS RCI BCE SKM KT T TLK PHI TIMB TIGO TMUS VOD LILAK IRDM AMX VIV VEON KYIV x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map splits the 18 names with both measures at 4% growth and 43% margin. Four clear both bars, while five clear only the growth bar and five clear only the margin bar. The growth-only group sits at 6.4x, above the other observed groups. This association does not establish that either measure causes valuation. The balanced median rests on 4 names and is lifted by IRDM at 12.9x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 13 of 18 names clear it.

  12. 12
    03 · THE AGENDA

    Market Position Defines the Operating Agenda

    Market Position Defines the Operating Agenda.

    Market Position Defines the Operating Agenda 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 Market Position Defines the Operating Agenda 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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Protect a Premium Position Companies above both benchmarks have room to reinforce retention, pricing discipline and network returns. What changes the answer: A change in subscriber churn, service revenue quality or network funding alters the durability case. Convert Growth into Quality Faster-growing companies below the valuation benchmark face a sharper test of revenue mix, customer value and cash conversion. What changes the answer: Improving postpaid mix, average revenue per user or free cash flow conversion changes the market interpretation. Defend Value Without Growth Premium-priced companies with slower growth rely more heavily on stable churn, pricing and disciplined capital allocation. What changes the answer: Weakening retention or rising network funding needs changes the balance. Reset the Operating Model Companies below both benchmarks have the broadest scope to revisit product mix, pricing, cost structure and build-versus-buy choices. What changes the answer: A sustained improvement in customer economics or network returns changes the strategic path.

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    SECTION 04

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    Section 04 of 06 — Transaction Benchmarks Depend on the Asset Being Bought. Network position, subscribers and strategic fit shape how each precedent is read. 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 Transaction Benchmarks Depend on the Asset Being Bought Network position, subscribers and strategic fit shape how each precedent is read. 04 of 06 Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Precedent Transactions Reward Deal-by-Deal Reading

    Precedent Transactions Reward Deal-by-Deal Reading.

    Precedent Transactions Reward Deal-by-Deal Reading 3 of 13 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. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 35 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 Reward Deal-by-Deal Reading 3 of 13 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. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 35 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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 May-2024 $8.1B T-Mobile US, Inc. T-Mobile US, Inc. (TMUS) added Array Digital Infrastructure, Inc. to its network footprint. EV / LTM revenue 2.1x EV / LTM EBITDA 8.1x WHY THE DEAL HAPPENED The pairing suggests a network-density and capacity logic for a scaled mobile network operator. It also shows how infrastructure assets can sit inside a broader operator strategy. HOW THE TARGET WAS VALUED The disclosed value was $8.1B, with 2.1x EV / Revenue and 8.1x EV / EBITDA. The EBITDA reference sits above the public-market middle and remains specific to the asset and transaction structure. Jul-2020 $500M Liberty Latin America Ltd. Liberty Latin America Ltd. (LILAK) acquired Telefónica de Costa Rica as a regional operator asset. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The operator-to-operator pairing suggests a convergence and market-density rationale. Subscriber mix, network overlap and regulatory conditions frame the strategic fit. HOW THE TARGET WAS VALUED The disclosed value was $500M. Without a disclosed transaction multiple, the value is a scale reference rather than a direct public-market benchmark. Jun-2025 $380M Millicom Spain, S.L. Millicom Spain, S.L. agreed to acquire Otecel S.A. in an incumbent-led wireless transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests a regional subscriber, network and spectrum logic. Regulatory review and market structure remain central to how the transaction is assessed. HOW THE TARGET WAS VALUED The disclosed value was $380M. The value benchmarks transaction scale, while operating fit provides the more useful comparison.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Durable Subscriber Economics Strengthen the Valuation Story. Pricing discipline, churn and network returns distinguish a repeatable model from a forecast. 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 Durable Subscriber Economics Strengthen the Valuation Story Pricing discipline, churn and network returns distinguish a repeatable model from a forecast. 05 of 06 Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Valuation Story Starts with Durable Customer and Network Economics

    The Valuation Story Starts with Durable Customer and Network Economics.

    The Valuation Story Starts with Durable Customer and Network Economics 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 The Valuation Story Starts with Durable Customer and Network Economics 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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Anchor Value in Operating Durability The peer set shows a modest valuation difference by growth alone. Retention, pricing discipline, cash conversion and network returns give the story greater depth. FOR OPERATORS Make Convergence Earn Its Complexity Mobile and fixed convergence is more persuasive when it improves customer lifetime value, lowers churn and supports disciplined pricing. FOR BOARDS Link Capital Allocation to Network Returns Spectrum, densification and capacity investment belong in the same discussion as service revenue growth and free cash flow conversion.

  17. 17
    SECTION 06

    06

    06.

    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 Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 2)

    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 (5.6x); amber marks below · 18 rated companies; 3 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 18 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 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (5.6x); amber marks below · 18 rated companies; 3 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 18 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. Wireless Telecommunication Services 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 — ≥7.2x · median 9.6x · 5 companies Iridium Communications Inc. IRDM Integrated mobile and fixed operators $6.8B 12.9x 5% 54% 59 Liberty Latin America Ltd. LILAK Integrated mobile and fixed operators $10.1B 9.7x 5% 23% 28 Telephone and Data Systems, Inc. TDS Integrated mobile and fixed operators $5.3B 9.6x 1% 44% 45 Rogers Communications Inc. RCI Integrated mobile and fixed operators $52.8B 7.4x 1% 43% 45 T-Mobile US, Inc. TMUS Integrated mobile and fixed operators $295B 7.3x 4% 41% 45 CORE — 3.9x–7.2x · median 5.6x · 8 companies AT&T Inc. T Integrated mobile and fixed operators $336B 6.7x 2% 38% 40 BCE Inc. BCE Integrated mobile and fixed operators $51.7B 6.5x 2% 43% 45 Vodafone Group Public Limited Company VOD Integrated mobile and fixed operators $95.6B 6.4x 5% 28% 33 Millicom International Cellular S.A. TIGO Integrated mobile and fixed operators $25.7B 6.1x 4% 46% 50 PLDT Inc. PHI Integrated mobile and fixed operators $9.3B 5.1x 3% 51% 53 SK Telecom Co.,Ltd SKM Integrated mobile and fixed operators $19.5B 4.7x 2% 29% 31 América Móvil, S.A.B. de C.V. AMX Integrated mobile and fixed operators $106B 4.5x 6% 40% 46 Kyivstar Group Ltd. Common Shares KYIV Integrated mobile and fixed operators $3.1B 4.2x 8% 52% 60 DISCOUNT — <3.9x · median 3.6x · 5 companies PT Telkom Indonesia (Persero) Tbk Sponsored… TLK Integrated mobile and fixed operators $16.1B 3.8x 2% 48% 51

  19. 19
    06 · PUBLIC COMPARABLES (2 OF 2)

    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 (5.6x); amber marks below · 18 rated companies; 3 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 18 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. 19

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (5.6x); amber marks below · 18 rated companies; 3 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 18 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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <3.9x · median 3.6x · 5 companies KT Corporation KT Integrated mobile and fixed operators $15.3B 3.7x 2% 18% 20 Telefônica Brasil S.A. VIV Integrated mobile and fixed operators $20.1B 3.6x 6% 43% 48 TIM S.A. TIMB Integrated mobile and fixed operators $10.5B 3.6x 4% 52% 56 VEON Ltd. VEON Integrated mobile and fixed operators $8.4B 3.5x 7% 44% 51

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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 13 transactions with disclosed terms in this tier (48 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. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 35 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. 20

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (48 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. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 35 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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2025 Millicom Spain, S.L. → Otecel S.A. $380M n/a n/a Millicom Spain, S.L. and Otecel S.A. add a current reference for incumbent-led wireless consolidation. May-2024 T-Mobile US, Inc. → Array Digital Infrastructure, Inc. $8.1B 2.1x 8.1x T-Mobile US, Inc. (TMUS) and Array Digital Infrastructure, Inc. link operator scale with a digital infrastructure asset. Jul-2021 Smith & Wesson Brands, Inc. → Omnium Telecom Algérie SpA n/a n/a 13.7x Smith & Wesson Brands, Inc. and Omnium Telecom Algérie SpA fall outside the operator-led pattern in the transaction set. Jul-2020 Liberty Latin America Ltd. → Telefónica de Costa Rica $500M n/a n/a Liberty Latin America Ltd. (LILAK) and Telefónica de Costa Rica provide an operator-to-operator reference in a regional market. Jul-2018 T-Mobile US Inc. → Sprint Corporation n/a n/a 8.1x T-Mobile US Inc. (TMUS) and Sprint Corporation provide a precedent tied to network scale and subscriber combination. Mar-2017 n/a → Vodafone India n/a n/a 6.4x Vodafone India adds an announced wireless precedent with a disclosed EBITDA benchmark. Jul-2016 ARM Limited → Softbank Group Corp. n/a 41.3x 55.4x ARM Limited and Softbank Group Corp. sit outside the core operator-consolidation pattern. Jul-2015 BSM Technologies Inc. → Webtech Wireless Inc. n/a 1.0x 13.8x BSM Technologies Inc. and Webtech Wireless Inc. provide a technology-oriented precedent rather than a direct mobile network operator comparison. Jul-2013 AT&T Inc. → Leap Wireless International Inc. n/a n/a 7.0x AT&T Inc. (T) and Leap Wireless International Inc. provide an operator precedent tied to network and subscriber reach.

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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 13 transactions with disclosed terms in this tier (48 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. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 35 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. 21

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (48 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. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 35 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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2013 SoftBank Group Corp. → Sprint Corporation n/a n/a 8.0x Jan-2013 AT&T Inc. → Atlantic Tele-Network, Inc's U.S. retail wireless operations (Alltel) n/a n/a 7.9x Oct-2012 T-Mobile US Inc. → MetroPCS Communications, Inc. n/a n/a 5.8x Mar-2011 AT&T Inc. → T-Mobile US Inc. n/a n/a 7.1x

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    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. 22

    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. Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (18 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 Wireless Telecommunication Services and it clears the coverage gate with 18 of 21 companies (86%). EV / Revenue, P / E are carried as a cross-check. The set earns: 18 of the 18 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 9 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 779 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 (778) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Durability That Extends Beyond the Growth Forecast.

    The Premium Sits with Durability That Extends Beyond the Growth Forecast..

    Closing — The Premium Sits with Durability That Extends Beyond the Growth Forecast. 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. 23

    Everything on this page

    The Premium Sits with Durability That Extends Beyond the Growth Forecast. NeuraCap AI — Wireless Telecommunication Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Wireless Telecommunication Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

Sources and methodology

This report covers Wireless Telecommunication Services (Communication Services › Telecommunication Services › Wireless Telecommunication Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 21 listed companies whose core business is Wireless Telecommunication Services 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: América Móvil, S.A.B. de C.V. (AMX), BCE Inc. (BCE), Iridium Communications Inc. (IRDM), KT Corporation (KT), KVH Industries, Inc. (KVHI), Kyivstar Group Ltd. Common Shares (KYIV), Liberty Latin America Ltd. (LILAK), PLDT Inc. (PHI), Rogers Communications Inc. (RCI), SK Telecom Co.,Ltd (SKM), AT&T Inc. (T), AT&T Inc. 5.35% GLB NTS 66 (TBB), Telephone and Data Systems, Inc. (TDS), Millicom International Cellular S.A. (TIGO), TIM S.A. (TIMB), Turkcell Iletisim Hizmetleri A.S. (TKC), PT Telkom Indonesia (Persero) Tbk Sponsored ADR Class B (TLK), T-Mobile US, Inc. (TMUS), VEON Ltd. (VEON), Telefônica Brasil S.A. (VIV), Vodafone Group Public Limited Company (VOD). The market map groups them by business vertical — Integrated mobile and fixed operators: 20 companies (T, TBB, TMUS, AMX, VOD, RCI, BCE, TIGO, VIV, SKM, TLK, KT, TIMB, LILAK, PHI, VEON, IRDM, TKC, TDS, KYIV); Adjacent: radio access and network equipment: 1 company (KVHI). 18 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 Wireless Telecommunication Services (Communication Services › Telecommunication Services › Wireless Telecommunication Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 21 listed companies whose core business is Wireless Telecommunication Services 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: América Móvil, S.A.B. de C.V. (AMX), BCE Inc. (BCE), Iridium Communications Inc. (IRDM), KT Corporation (KT), KVH Industries, Inc. (KVHI), Kyivstar Group Ltd. Common Shares (KYIV), Liberty Latin America Ltd. (LILAK), PLDT Inc. (PHI), Rogers Communications Inc. (RCI), SK Telecom Co.,Ltd (SKM), AT&T Inc. (T), AT&T Inc. 5.35% GLB NTS 66 (TBB), Telephone and Data Systems, Inc. (TDS), Millicom International Cellular S.A. (TIGO), TIM S.A. (TIMB), Turkcell Iletisim Hizmetleri A.S. (TKC), PT Telkom Indonesia (Persero) Tbk Sponsored ADR Class B (TLK), T-Mobile US, Inc. (TMUS), VEON Ltd. (VEON), Telefônica Brasil S.A. (VIV), Vodafone Group Public Limited Company (VOD). The market map groups them by business vertical — Integrated mobile and fixed operators: 20 companies (T, TBB, TMUS, AMX, VOD, RCI, BCE, TIGO, VIV, SKM, TLK, KT, TIMB, LILAK, PHI, VEON, IRDM, TKC, TDS, KYIV); Adjacent: radio access and network equipment: 1 company (KVHI). 18 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

9 records failed a validation gate and never feed a statistic in this report (1 excluded from universe; 8 excluded from aggregate). Each exclusion, with its reason: UZE — The security name identifies an instrument rather than an operating company (d+(?:\.\d+)?\s*%\s+(?:notes?|debentures?|preferred|senior)) (effect: excluded from universe) · KVHI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · KVHI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LILAK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LILAK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LILAK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TDS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TDS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · VOD — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (18 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 Wireless Telecommunication Services and it clears the coverage gate with 18 of 21 companies (86%). EV / Revenue, P / E are carried as a cross-check. The set earns: 18 of the 18 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: 18 of 21 companies; EV / rEVenue: 21 of 21 companies; P/E: 10 of 21 companies.

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 ≥7.2x, Core 3.9x–7.2x, Discount <3.9x — 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: 5.6x = median(ev_ebitda CY2027E) (18 rated companies) · 9.6x = median(ev_ebitda CY2027E) within Premium tier (n=5) · 5.6x = median(ev_ebitda CY2027E) within Core tier (n=8) · 3.6x = median(ev_ebitda CY2027E) within Discount tier (n=5) · 6.1x = median(ev_ebitda CY2027E) | growth ≥ 4% (n=9) · 5.1x = median(ev_ebitda CY2027E) | growth < 4% (n=9) · 5.1x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 43% (n=9) · 6.4x = median(ev_ebitda CY2027E) | EBITDA margin < 43% (n=9) · 45% = median Rule of 40 score (revenue growth + EBITDA margin) (n=18) · 5.1x = median(ev_ebitda CY2027E) within balanced quadrant (n=4) · 5.1x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=5) · 6.4x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=5) · 5.6x = median(ev_ebitda CY2027E) within neither quadrant (n=4) · 12.9x = ev_ebitda CY2027E for IRDM (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Wireless Telecommunication Services 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. 48 transactions were recorded for this industry; 13 are shown. 35 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: 13 × no evidence record; 14 × deal value unit unresolved; 1 × duplicate precedent id; 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. 783 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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