Comtech Telecommunications Corp.

AI-generated fair value estimate for this company.

Method: Sum-of-the-parts / EV-EBITDA on the post-divestiture business: Allerium (public safety/911) segment Q3 FY2026 revenue of $55.7M annualized to ~$223M and adjusted EBITDA of $10.4M annualized to ~$41.6M, valued at a 6x EV/EBITDA multiple (~$249.6M) to reflect public-safety software's recurring government-contract revenue against Comtech's small scale/leverage; less an estimated ~$101M in residual claims (parent-level residual debt of ~$80M after the ~$144M Gilat sale proceeds pay down the current $223.8M debt, plus a ~$20M allowance for outstanding preferred stock and related liquidation-preference claims senior to common equity); 29.96M shares outstanding.

Reasoning: Comtech is mid-transformation: it is selling most of its Satellite & Space segment to Gilat for ~$144M net proceeds (used to pay down debt) and rebranding around its higher-margin Allerium public-safety/911 software business, so a standard DCF on current blended consolidated financials (TTM net loss of $65.8M) would not reflect the pro forma business; an EBITDA-multiple sum-of-the-parts approach on the surviving segment, net of residual leverage and preferred claims, is more appropriate given the pending structural change.