Intrinsic value of Comtech Telecommunications - CMTL

Previous Close

$34.75

  Intrinsic Value

$121.51

stock screener

  Rating & Target

str. buy

+250%

Previous close

$34.75

 
Intrinsic value

$121.51

 
Up/down potential

+250%

 
Rating

str. buy

We calculate the intrinsic value of CMTL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  33.90
  31.01
  28.41
  26.07
  23.96
  22.07
  20.36
  18.82
  17.44
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.90
  8.51
  8.16
  7.85
  7.56
  7.31
  7.07
  6.87
  6.68
  6.51
  6.36
Revenue, $m
  736
  965
  1,239
  1,562
  1,936
  2,363
  2,844
  3,380
  3,969
  4,612
  5,308
  6,054
  6,851
  7,697
  8,591
  9,532
  10,519
  11,552
  12,630
  13,755
  14,926
  16,144
  17,411
  18,727
  20,095
  21,517
  22,995
  24,531
  26,128
  27,790
Variable operating expenses, $m
  519
  663
  835
  1,038
  1,274
  1,543
  1,846
  2,183
  2,554
  2,959
  3,341
  3,811
  4,313
  4,845
  5,408
  6,000
  6,621
  7,271
  7,950
  8,658
  9,395
  10,162
  10,959
  11,788
  12,649
  13,544
  14,474
  15,441
  16,447
  17,493
Fixed operating expenses, $m
  117
  119
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  155
  158
  161
  165
  169
  172
  176
  180
  184
  188
  192
  196
  201
  205
  210
  214
  219
Total operating expenses, $m
  636
  782
  957
  1,162
  1,401
  1,673
  1,979
  2,319
  2,693
  3,101
  3,486
  3,959
  4,464
  5,000
  5,566
  6,161
  6,786
  7,440
  8,122
  8,834
  9,575
  10,346
  11,147
  11,980
  12,845
  13,745
  14,679
  15,651
  16,661
  17,712
Operating income, $m
  101
  183
  282
  399
  535
  691
  866
  1,061
  1,277
  1,512
  1,822
  2,095
  2,387
  2,698
  3,025
  3,370
  3,733
  4,112
  4,508
  4,921
  5,351
  5,798
  6,263
  6,747
  7,250
  7,772
  8,315
  8,880
  9,467
  10,079
EBITDA, $m
  236
  343
  472
  624
  801
  1,003
  1,230
  1,484
  1,764
  2,069
  2,399
  2,754
  3,132
  3,534
  3,959
  4,406
  4,876
  5,367
  5,881
  6,416
  6,973
  7,553
  8,156
  8,783
  9,434
  10,111
  10,815
  11,547
  12,308
  13,099
Interest expense (income), $m
  10
  11
  17
  25
  34
  46
  58
  73
  90
  108
  129
  151
  175
  201
  228
  258
  288
  321
  355
  391
  428
  467
  507
  549
  593
  639
  686
  735
  786
  839
  894
Earnings before tax, $m
  91
  166
  257
  365
  489
  632
  793
  972
  1,169
  1,383
  1,671
  1,920
  2,187
  2,469
  2,768
  3,082
  3,412
  3,757
  4,117
  4,493
  4,884
  5,291
  5,714
  6,154
  6,611
  7,086
  7,580
  8,094
  8,628
  9,184
Tax expense, $m
  24
  45
  69
  98
  132
  171
  214
  262
  315
  373
  451
  519
  590
  667
  747
  832
  921
  1,014
  1,112
  1,213
  1,319
  1,429
  1,543
  1,662
  1,785
  1,913
  2,047
  2,185
  2,330
  2,480
Net income, $m
  66
  121
  188
  266
  357
  461
  579
  709
  853
  1,010
  1,220
  1,402
  1,596
  1,803
  2,020
  2,250
  2,491
  2,742
  3,005
  3,280
  3,565
  3,862
  4,171
  4,492
  4,826
  5,173
  5,534
  5,909
  6,299
  6,704

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,114
  1,460
  1,874
  2,363
  2,929
  3,575
  4,303
  5,113
  6,005
  6,978
  8,030
  9,159
  10,365
  11,645
  12,997
  14,420
  15,913
  17,476
  19,108
  20,809
  22,581
  24,424
  26,340
  28,332
  30,401
  32,552
  34,788
  37,112
  39,528
  42,043
Adjusted assets (=assets-cash), $m
  1,114
  1,460
  1,874
  2,363
  2,929
  3,575
  4,303
  5,113
  6,005
  6,978
  8,030
  9,159
  10,365
  11,645
  12,997
  14,420
  15,913
  17,476
  19,108
  20,809
  22,581
  24,424
  26,340
  28,332
  30,401
  32,552
  34,788
  37,112
  39,528
  42,043
Revenue / Adjusted assets
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
Average production assets, $m
  801
  1,049
  1,347
  1,698
  2,105
  2,569
  3,092
  3,674
  4,315
  5,014
  5,769
  6,581
  7,447
  8,367
  9,338
  10,361
  11,434
  12,556
  13,729
  14,951
  16,224
  17,549
  18,925
  20,356
  21,844
  23,389
  24,995
  26,665
  28,401
  30,208
Working capital, $m
  42
  55
  71
  89
  110
  135
  162
  193
  226
  263
  303
  345
  391
  439
  490
  543
  600
  658
  720
  784
  851
  920
  992
  1,067
  1,145
  1,226
  1,311
  1,398
  1,489
  1,584
Total debt, $m
  315
  461
  637
  843
  1,083
  1,356
  1,664
  2,007
  2,384
  2,795
  3,240
  3,718
  4,228
  4,769
  5,341
  5,943
  6,575
  7,236
  7,926
  8,646
  9,395
  10,175
  10,986
  11,828
  12,703
  13,613
  14,559
  15,542
  16,564
  17,628
Total liabilities, $m
  471
  617
  793
  1,000
  1,239
  1,512
  1,820
  2,163
  2,540
  2,952
  3,397
  3,874
  4,384
  4,926
  5,498
  6,100
  6,731
  7,392
  8,083
  8,802
  9,552
  10,331
  11,142
  11,984
  12,860
  13,770
  14,715
  15,698
  16,721
  17,784
Total equity, $m
  643
  842
  1,081
  1,363
  1,690
  2,063
  2,483
  2,950
  3,465
  4,026
  4,633
  5,285
  5,981
  6,719
  7,499
  8,320
  9,182
  10,084
  11,025
  12,007
  13,029
  14,092
  15,198
  16,347
  17,542
  18,783
  20,072
  21,413
  22,808
  24,259
Total liabilities and equity, $m
  1,114
  1,459
  1,874
  2,363
  2,929
  3,575
  4,303
  5,113
  6,005
  6,978
  8,030
  9,159
  10,365
  11,645
  12,997
  14,420
  15,913
  17,476
  19,108
  20,809
  22,581
  24,423
  26,340
  28,331
  30,402
  32,553
  34,787
  37,111
  39,529
  42,043
Debt-to-equity ratio
  0.490
  0.550
  0.590
  0.620
  0.640
  0.660
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
Adjusted equity ratio
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  66
  121
  188
  266
  357
  461
  579
  709
  853
  1,010
  1,220
  1,402
  1,596
  1,803
  2,020
  2,250
  2,491
  2,742
  3,005
  3,280
  3,565
  3,862
  4,171
  4,492
  4,826
  5,173
  5,534
  5,909
  6,299
  6,704
Depreciation, amort., depletion, $m
  135
  160
  190
  225
  266
  312
  364
  423
  487
  557
  577
  658
  745
  837
  934
  1,036
  1,143
  1,256
  1,373
  1,495
  1,622
  1,755
  1,893
  2,036
  2,184
  2,339
  2,500
  2,666
  2,840
  3,021
Funds from operations, $m
  201
  281
  378
  491
  623
  774
  943
  1,132
  1,340
  1,566
  1,797
  2,060
  2,341
  2,639
  2,954
  3,286
  3,634
  3,998
  4,378
  4,775
  5,188
  5,617
  6,064
  6,528
  7,010
  7,512
  8,033
  8,575
  9,139
  9,725
Change in working capital, $m
  11
  13
  16
  18
  21
  24
  27
  31
  34
  37
  40
  43
  45
  48
  51
  54
  56
  59
  61
  64
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
Cash from operations, $m
  191
  268
  362
  473
  602
  749
  916
  1,101
  1,306
  1,530
  1,757
  2,017
  2,296
  2,591
  2,903
  3,232
  3,578
  3,939
  4,317
  4,711
  5,121
  5,548
  5,992
  6,453
  6,932
  7,431
  7,949
  8,487
  9,048
  9,630
Maintenance CAPEX, $m
  -60
  -80
  -105
  -135
  -170
  -210
  -257
  -309
  -367
  -431
  -501
  -577
  -658
  -745
  -837
  -934
  -1,036
  -1,143
  -1,256
  -1,373
  -1,495
  -1,622
  -1,755
  -1,893
  -2,036
  -2,184
  -2,339
  -2,500
  -2,666
  -2,840
New CAPEX, $m
  -202
  -248
  -298
  -351
  -407
  -464
  -523
  -582
  -641
  -699
  -756
  -812
  -866
  -919
  -971
  -1,023
  -1,073
  -1,123
  -1,172
  -1,222
  -1,273
  -1,324
  -1,377
  -1,431
  -1,487
  -1,545
  -1,606
  -1,670
  -1,737
  -1,807
Cash from investing activities, $m
  -262
  -328
  -403
  -486
  -577
  -674
  -780
  -891
  -1,008
  -1,130
  -1,257
  -1,389
  -1,524
  -1,664
  -1,808
  -1,957
  -2,109
  -2,266
  -2,428
  -2,595
  -2,768
  -2,946
  -3,132
  -3,324
  -3,523
  -3,729
  -3,945
  -4,170
  -4,403
  -4,647
Free cash flow, $m
  -71
  -60
  -41
  -13
  25
  74
  136
  210
  298
  400
  500
  629
  771
  927
  1,095
  1,276
  1,469
  1,673
  1,889
  2,115
  2,353
  2,601
  2,860
  3,129
  3,410
  3,701
  4,004
  4,318
  4,645
  4,984
Issuance/(repayment) of debt, $m
  119
  146
  175
  207
  239
  273
  308
  343
  377
  411
  445
  478
  510
  541
  572
  602
  632
  661
  690
  720
  749
  780
  811
  842
  875
  910
  946
  983
  1,022
  1,064
Issuance/(repurchase) of shares, $m
  97
  78
  52
  16
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  216
  224
  227
  223
  239
  273
  308
  343
  377
  411
  445
  478
  510
  541
  572
  602
  632
  661
  690
  720
  749
  780
  811
  842
  875
  910
  946
  983
  1,022
  1,064
Total cash flow (excl. dividends), $m
  145
  164
  186
  210
  265
  348
  444
  553
  675
  811
  945
  1,107
  1,281
  1,468
  1,667
  1,878
  2,100
  2,334
  2,579
  2,835
  3,102
  3,381
  3,670
  3,972
  4,285
  4,611
  4,949
  5,301
  5,667
  6,047
Retained Cash Flow (-), $m
  -163
  -199
  -239
  -282
  -327
  -373
  -420
  -467
  -515
  -561
  -607
  -652
  -696
  -738
  -780
  -821
  -862
  -902
  -942
  -982
  -1,022
  -1,063
  -1,106
  -1,149
  -1,194
  -1,241
  -1,290
  -1,341
  -1,395
  -1,451
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  8
  11
  14
  19
  23
  29
  35
  43
  51
  60
  69
  80
  91
  103
  115
  129
  143
  158
  173
  189
  206
  224
  242
  261
  281
  301
  323
  345
  368
  392
Cash available for distribution, $m
  -18
  -35
  -53
  -72
  -62
  -25
  24
  85
  161
  250
  338
  455
  586
  730
  887
  1,057
  1,239
  1,432
  1,637
  1,853
  2,080
  2,317
  2,565
  2,823
  3,091
  3,370
  3,660
  3,960
  4,272
  4,596
Discount rate, %
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
  -17
  -32
  -46
  -59
  -48
  -18
  16
  53
  91
  129
  158
  190
  218
  239
  253
  260
  261
  254
  242
  225
  205
  182
  158
  135
  112
  91
  72
  56
  42
  31
Current shareholders' claim on cash, %
  89.2
  83.1
  80.2
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5

Comtech Telecommunications Corp. designs, develops, produces and markets products, systems and services for communications solutions. The Company operates through two segments: Commercial Solutions and Government Solutions. It offers communications solutions, including command and control technologies, safety and security technologies and enterprise technologies. Its Commercial Solutions segment provides satellite communications (such as satellite earth station modems and traveling wave tube amplifiers), public safety systems (such as next generation 911 technologies) and enterprise application technologies (such as messaging and trusted location-based technologies). The Government Solutions segment includes command and control technologies, troposcatter technologies, and radio frequency power and switching technologies. It serves system and network suppliers in the global satellite, defense, broadcast and aerospace industries, and the United States federal government, among others.

FINANCIAL RATIOS  of  Comtech Telecommunications (CMTL)

Valuation Ratios
P/E Ratio 51.2
Price to Sales 1.5
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 13.9
Growth Rates
Sales Growth Rate 33.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 37.1%
Total Debt to Equity 40.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 2.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity 3.4%
Return On Equity - 3 Yr. Avg. 2.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 39.6%
Gross Margin - 3 Yr. Avg. 42.2%
EBITDA Margin 13.1%
EBITDA Margin - 3 Yr. Avg. 11.1%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 4.5%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 36%
Eff/ Tax Rate - 3 Yr. Avg. 22.8%
Payout Ratio 118.8%

CMTL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMTL stock intrinsic value calculation we used $550 million for the last fiscal year's total revenue generated by Comtech Telecommunications. The default revenue input number comes from 2017 income statement of Comtech Telecommunications. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CMTL stock valuation model: a) initial revenue growth rate of 33.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.4%, whose default value for CMTL is calculated based on our internal credit rating of Comtech Telecommunications, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Comtech Telecommunications.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CMTL stock the variable cost ratio is equal to 73%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $114 million in the base year in the intrinsic value calculation for CMTL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Comtech Telecommunications.

Corporate tax rate of 27% is the nominal tax rate for Comtech Telecommunications. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CMTL stock is equal to 1.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CMTL are equal to 108.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Comtech Telecommunications operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CMTL is equal to 5.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $480 million for Comtech Telecommunications - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 23 million for Comtech Telecommunications is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Comtech Telecommunications at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Comtech Receives $32.5 Million Order from the U.S. Army   [Aug-13-18 09:00AM  Business Wire]
▶ QUALCOMM (QCOM) Catches Eye: Stock Jumps 7%   [Jul-27-18 09:56AM  Zacks]
▶ 5 Hot Tech ETFs and Stocks Leading the Market Rally   [Jul-26-18 02:06PM  InvestorPlace]
▶ Comtech Receives $10.6 Million in Orders From The U.S. Army   [Jul-24-18 09:00AM  Business Wire]
▶ 5 Top-Ranked Small Caps to Buy as Trade Tensions Escalate   [Jun-11-18 12:45PM  InvestorPlace]
▶ Comtech: Fiscal 3Q Earnings Snapshot   [Jun-06-18 04:36PM  Associated Press]
▶ Comtech Telecomms Earnings Preview   [07:39AM  Benzinga]
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