COMP <GO>

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

Telesat Corporation and Class B Variable Voting Shares (Class A) (NASDAQ) VS. Proto Labs Inc. (NYSE) • 15-METRIC TALLY: TSAT 1 — PRLB 1

■ METRIC PARITY

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

valuation

—

LAST: $77.64 (-14.60%) • MKT CAP: $1.86B

valuation

46.3x

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

INSTITUTIONAL METRIC	TSAT	PRLB	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	44.50%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	3.50%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	46.3x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	3.21%	—	TIE	/fcf-yield <GO>
Operating Margin	—	4.70%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	4.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	13.96	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	7/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	40.1	27.9	+12.25	TSAT	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	81.3x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.54B	$1.86B	-$319.9M	PRLB	/market-cap <GO>

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

FISCAL YEAR	TSAT REV	PRLB REV	TSAT GROSS %	PRLB GROSS %	TSAT FCF	PRLB FCF
FY 2025	—	$533.1M	—	44.5%	—	$59.7M
FY 2024	—	$500.9M	—	44.6%	—	$68.7M
FY 2023	—	$0	—	—	—	$73.3M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

TSAT // BETA —

PRLB // BETA —