Awardmania. Over the past six weeks, Comtech has issued a flurry of press releases detailing a steady drumbeat of new and modified contract awards. The press released awards total some $46.4 million of additional revenue for Comtech. We believe the pace of business is an indicator of markets returning to a more normal operating environment and bodes well for the Company going forward.Military & Federal Government. Comtech was awarded $9.2 million of additional funding from the U.S. Army for system refurbishments, services, and equipment for SIPR and NIPR ground satellite terminals and an additional $6.2 million as part of the BFT-1 sustainment support contract. For the Federal Government, the Company received a $6.5 million award for cyber training solutions.Mobile Network Operators. MNOs continue to see value in Comtech's value proposition. The Company received a $9.8 million contract for virtualized applications and 5G products, a $3.8 million award for additional capabilities related to Comtech's virtual mobility location center platform, and a $1.3 million award to support messaging services.NG-911 and Other. Comtech was awarded a $1.6 million contract for NG 911 services by the Toronto Paramedic Services, the largest municipal paramedic service in Canada. This award compliments the award Comtech received from the Toronto Police Service. Other recent awards include $3 million for traveling wave tube amplifiers, $2 million for high power amplifiers, and $3 million for maintenance of tracking stations.Maintain Outperform and $30 Target Price. We continue to rate CMTL shares Outperform with a $30 twelve-month price target. This target represents an EV/EBITDA multiple of 13.0 times our FY2021 adjusted EBITDA estimate of $73.9 million. Our target EV/EBITDA multiple is at the five-year average 13.0x and solidly in the middle of its peers' range. Read More >>