Key Takeaways CMTL trades near 0.2x sales as investors await proof of margin and cash gains from its portfolio reset.CMTL catalysts include FY2026 modem ramps, $731.6M backlog, and $1.1B revenue visibility supporting growth.CMTL faces risks from weak bookings, no FY2026 guidance, government delays, and leverage pressure.Comtech Telecommunications Corp. (CMTL) trades at roughly 0.2x sales, a level that looks inexpensive on the surface. The real question is whether the company can translate its portfolio rese ...