COMP <GO>

TSAT vs KALU // ALTMAN Z-SCORE & DEBT/EQUITY

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

■ METRIC PARITY

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>

balance-sheet

—

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>

balance-sheet

2.70

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

INSTITUTIONAL METRIC	TSAT	KALU	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	—	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	0.00%	2.62%	-2.62	KALU	/dividend-safety <GO>
Altman Z-Score & Debt/Equity ACTIVE	—	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	40.1	33.6	+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	$1.54B	$1.96B	-$421.8M	KALU	/market-cap <GO>

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

FISCAL YEAR	TSAT REV	KALU REV	TSAT GROSS %	KALU GROSS %	TSAT FCF	KALU 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

TSAT // BETA —

KALU // BETA —