In recent meetings with the company's management team, ODP remained confident in the trajectory of the turnaround occurring at ODP Business Solutions. Management is seeing continued momentum onboarding new office products customers and remains bullish on the growth potential in the hospitality supplies market. The trajectory of the business is improving, and we expect ODPBS will exit the year with strong momentum, and on a path to revenue growth and stronger profitability in 2026. As management has taken the necessary restructuring actions to stabilize the profitability of the retail segment. We expect the turnaround in ODPBS will drive stronger operating leverage and earnings growth than is implied in the stock's discounted high-single digit earnings multiple. Cash conversion is improving. After declining sharply in 2024, free cash flow (FCF) has rebounded in the first half of 2025 and management is projecting at least $115 of FCF (excluding restructuring charges) for the year. The company ended 2Q:25 with net debt of just $68 million. Given the company's improved cash conversion, ODP is on track to exit the year with approximately zero net debt. We maintain a Moderate risk rating and $41 price target, based on 12x our 2026 EPS estimate of $3.38.