We view SCHL's strong brand, content IP, and differentiated school distribution channels as key strengths. Current realignment initiatives in SCHL's Education Solutions businesses will require patience, in our view. We expect growth to resume in F2027. We lower our F2026 EPS estimate to reflect ongoing uncertainty around lower school spending hurting the Education Solutions business. We now forecast 2% revenue growth in F2026 (from 5%), incorporating strong results in Children's Book Publishing, while Education Solutions remains challenged. Modest revenue growth and expense discipline back our adjusted EBITDA forecast of $162 million for F2026 (guidance calls for $160-$170 million). Our F2027 estimates incorporate modest 4% revenue growth from F2026, including a benefit from the Entertainment segment. We see a right-sized cost structure backing 10% growth in adjusted EBITDA in F2027 to $178 million. SCHL generated EPS of $0.87 in 4Q:F25, roughly in line with our expectation, with relatively higher taxes and interest expense outpacing strong frontlist title sales of the new Hunger Games book and cost reductions. SCHL's valuable real estate assets could free up a substantial amount of excess capital. Assuming proceeds go toward paying down about $137 million of net debt, we forecast the EV/EBITDA ratio could fall under 2.0x, well below the 8.6x average. SCHL maintains a healthy balance sheet, supported by strong free cash flow generation. We maintain our $35 price target, based on 16x our new F2027 EPS forecast of $2.10. Previously, our price target was based on 16x our prior F2026 estimate of $2.13. Our moderate risk rating balances SCHL's strong market position in children's book publishing and current restructuring initiatives.