Yesterday, NPO announced two agreements, totaling $280 million, to add high margin, secular growth driven AlpHa Measurement Solutions and Overlook Industries to its Sealing Technologies Segment. The Overlook transaction closed earlier this month. Management expects the AlpHa deal to be completed in November, pending closing conditions. We expect the transactions to be both margin and modestly EPS accretive while also driving stronger Sealing growth. We will model the deals after the company provides additional details during its 3Q:25 earnings call (early November). In our view, the acquisitions are progress in NPO's evolution to a provider of high margin, specialized niche products serving faster growth end markets with secular growth tailwinds, warranting the expanding earnings multiple. AlpHa provides liquid sensing and analytics tools to end markets including industrial process control and water & wastewater. Overlook offers single-use components for biopharmaceuticals production. The balance sheet easily supports the transactions, in our view, as NPO ended 2Q:25 with net leverage of only 1.4x and had almost full availability of its $800 million revolving facility. We model 3Q:25 EPS of $1.92 compared to the year-ago EPS of $1.74, supported by the recovering semiconductor capital equipment market and growing commercial space and nuclear demand. Our $243 price target is based on 27x our 2026 EPS estimate of $9.00. The moderate risk rating is supported by net leverage of only around 1.4x and strong cash generation.