Last Friday after the market closed, Conduent announced the appointment of a new CEO and Board chair. Harsha V. Agadi was appointed chief executive officer and succeeds Cliff Skelton, who will step down from the president and CEO roles, effective immediately. Margarita Palãu-Hernãndez has been appointed independent chair of the Board. Last November, management updated its 2025 adjusted revenue guidance to $3.05-$3.10 billion (from $3.1-$3.2 billion). We maintain our estimates of an adjusted (for divestitures and restructuring) loss per share of $0.40 (from a loss of $0.29) in 2025, breakeven EPS in 2026 and EPS of $0.16 in 2027. We maintain our estimates (excluding the add back of stock-based compensation expense), which call for a cash outflow of $0.21 per share in 2025, followed by free cash flow of $0.21 in 2026 and $0.33 in 2027. Our 2026 and 2027 estimates imply respective FCF yields of 10.6% and 16.2%. The valuation of Conduent is best connected to book value per share, in our view. Our $7 price target is based on the year-end 2027 book value per share of $6.87. A solid customer base and improved balance sheet support the valuation and our moderate risk rating, in our view.