Revenue came in higher than expected, mainly driven by higher Medical sales, with stronger gross margin aided by revenue mix, improved efficiencies and facility consolidation. Auto was hampered by the loss of a large contract that the company expects to mute growth in F2026, and Industrial saw softness in HVAC systems due to the slowing housing market. We tweak our projections for F2026 and F2027 to reflect higher revenue and margins in F2027. Over the next couple of years, KE plans to focus on gaining back the revenue it has lost and then returning to double-digit growth, with a focus on the higher margin medical vertical. In support of this effort, KE is adding a new manufacturing facility in Indianapolis focused on the medical industry. KE ended 1Q:F26 with $76 million in cash and expects to remain cash flow positive. We expect further debt repayments aided by the improved cash flow and the upcoming sale of the now closed Tampa facility. We apply about 16x (up from 15x) to our F2027 free cash flow projection per share of $1.80 to derive our new $30 price target (up from $27). This multiple is in line with the two-year average, which has increased from the 15x we previously applied). We assign a moderate risk rating, supported by its sustained profitability, improving balance sheet and track record of generating free cash flow. Over the past 12 months, KE shares are up 67% compared to the Russell 2000 Index increase of 7%.