Powell reported 4Q:F25 EPS of $4.22, up 11.9% year over year, as modestly better than expected revenue was augmented by a strong gross margin profile. Order intake was a solid $271 million compared to $362 million in 3Q:F25, keeping the backlog near the record high at $1.376 billion. We assume large project work will sustain the revenue outlook through F2027 and that gross margin has been reset at a higher profit level. As such, we raise our F2026 EPS estimate to $15.73 (from $15.08) and our F2027 EPS estimate to $16.65 (from $15.77). Powell has a clean balance sheet, with no long-term debt and $475.5 million in net cash ($39.05 share) in 4Q:F25. We acknowledge that there is potentially a longer duration up-cycle in Powell's key end market and, as such, increase our target multiple to 15x (from 12x). This, coupled with our upwardly revised profit outlook, takes our price target to $293 (from $233), which is 15x our F2027 operating EPS (excluding interest income from the large cash holding) estimate of $15.70 (was $14.84), plus $57.56 in projected net cash per share at the end of F2027 (was $55.16). Our moderate risk rating considers a clean balance sheet, end market cyclicality and uncertainty as to the timing of realizing project-based work.