COMP <GO>

KALU vs TSAT // EV/EBITDA & P/E VALUATION

Kaiser Aluminum Corporation (NASDAQ) VS. Telesat Corporation and Class B Variable Voting Shares (Class A) (NASDAQ) • 15-METRIC TALLY: KALU 2 — TSAT 1

■ METRIC PARITY

KALU — Kaiser Aluminum Corporation ROARABLE C • RQD 63/100

LAST: $119.83 (-0.84%) • MKT CAP: $1.96B

DES <GO> FA <GO> 10-K RED <GO>

valuation

16.0x

TSAT — Telesat Corporation and Class B Variable Voting Shares (Class A) ROARABLE D • RQD 48/100

LAST: $42.52 (-6.65%) • MKT CAP: $1.54B

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (KALU VS. TSAT) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	KALU	TSAT	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	13.10%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	7.90%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	16.0x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	5.69%	—	—	TIE	/fcf-yield <GO>
Operating Margin	5.60%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	3.40%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	11.50%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.62%	0.00%	+2.62	KALU	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	2.70	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	33.6	40.1	-6.56	TSAT	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	16.1x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.96B	$1.54B	$421.8M	KALU	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	KALU REV	TSAT REV	KALU GROSS %	TSAT GROSS %	KALU FCF	TSAT FCF
FY 2025	$3.37B	—	13.1%	—	$111.4M	—
FY 2024	$3.02B	—	11.8%	—	$167.1M	—
FY 2023	$3.09B	—	—	—	$211.9M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

KALU // BETA —

TSAT // BETA —