HWKN participated in the Sidoti September Conference and held 1x1 meetings with investors. 1Q:F26 results highlighted 15% year-over-year sales growth to $293.3 million, driven by 28% growth in Water Treatment on contributions from recent acquisitions, higher volumes, and improved pricing. Beginning in 1Q:F26, HWKN realigned its reporting into three segments (Water Treatment, Food & Health Sciences, Industrial Solutions) with historical recasts now available; we updated our model accordingly but made no estimate changes. On August 29, HWKN acquired StillWaters Technology, expanding its Water Treatment footprint into Alabama and reinforcing its southern U.S. growth strategy. While leverage increased following the WaterSurplus acquisition, HWKN ended 1Q:F26 with a 1.61x leverage ratio and retains balance sheet flexibility to fund tuck-ins while sustaining dividends. Water Treatment now represents 51% of the company's sales, solidifying its role as the margin and earnings engine. We maintain our $184 price target on HWKN shares based on an intact 36x our 2027 EPS estimate of $5.10. We justify our higher multiple compared to the company's five-year average (12x-30x) based on HWKN's strategy to continue investing in its higher-margin Water Treatment segment as it now represents 51% of total company sales. Our moderate risk rating reflects HWKN's critical products and services; historical and projected earnings expansion; solid balance sheet; and track record of dividends.