Richardson Electronics CEO Edward Richardson and COO Wendy Diddell participated in the Sidoti Virtual Conference this week. We think the company has reached an inflection point where we will see continuous year-over-year revenue growth, aided by continued demand from semiconductors and a pick-up in Green Energy Solutions (GES), driven by orders in the wind turbine market. Management had a positive tone and noted it is starting to see orders materialize at a slow but steady rate. While the sales cycles remains prolonged, management noted the pipeline remains strong and the company has not lost any projects. We think RELL remains favorably positioned to benefit from the semiconductor upcycle and the fruition of GES projects, which would be helped by lower interest rates, as this work is capital intensive. The company is working on expanding its partnership network from delivering components to engineering solutions, which should help deepen its engagement. RELL generated positive operating cash flow in F2025, improved its cash balance to $35.9 million and remains debt free. The $0.24 annualized dividend, which yields 2.4%, is protected, in our opinion. We apply a 24x multiple to our F2027 EPS estimate of $0.55 to derive a $13 price target. The 24x multiple is higher than the 22x two-year historical average, which we think is prudent given the companies improved cash position. Our moderate risk assessment is supported by the company's debt-free balance sheet, blue-chip customer base, profit growth potential, strong backlog and free cash flow.