We expect a 6% year over year revenue decline in 2Q:F26 with margin improvement offset by a higher tax rate. We still expect F2026 to be a trough year with muted sales growth due to the loss of a large Auto contract. The company has made a strategic move to sharpen its focus on the Medical sector and is looking to drive growth by ramping up partnership efforts and opportunistic M&A. To support this effort, KE is adding a new manufacturing facility in Indianapolis focused on the medical industry, supporting more complex medical device manufacturing such as drug delivery devices, insulin pumps, and surgical devices. We also like the company's global footprint, with facilities in North America, Europe and Asia that support in-region manufacturing. We believe KE stands to benefit from the outsourcing trend and is well positioned to return to revenue growth in F2027 with improved margins. KE ended 1Q:F26 with $76 million in cash and says it expects to remain cash flow positive. We expect further debt repayments aided by improved cash flow and the upcoming sale of its now closed Tampa facility. The company says it is also looking at potential M&A to accelerate growth. We apply about 16x to our F2027 free cash flow projection per share of $1.80 to derive our $30 price target. 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 55% compared to the 9% increase in the Russell 2000 Index.