McGrath RentCorp appointed current EVP and Chief Operating Officer Philip B. Hawkins as president and chief executive officer, effective April 2026, succeeding Joseph F. Hanna, who will retire. We are confident in a seamless transition as Mr. Hawkins has been with MGRC since 2004 and worked closely with Mr. Hanna for nearly two decades. Our 4Q:25 EPS estimate of $1.76 (up from $1.58 in 4Q:24) implies 11.3% growth based on revenue gains, margin expansion and lower interest expenses. We forecast rental revenue growth of 5.3%, partially offset by a 4.0% reduction in equipment and other sales. In October, management updated full year guidance for total revenue to $935-$955 million (from $925-$960 million). We maintain our EPS estimates of $6.09 in 2025, $6.62 in 2026 and $7.07 in 2027. Our estimates imply annual EPS growth of 16.5%, 8.8% and 6.7%, respectively. Our free cash flow per share estimates of $6.25 in 2025, $7.06 in 2026 and $7.63 in 2027 imply respective FCF yields of 5.5%, 6.3% and 6.8%. Our $148 price target is based on 21x our 2027 EPS estimate of $7.07. Our multiple nearly matches the historical average forward P/E of 20x. Free cash flow, a solid balance sheet and the long-term dividend growth profile support our multiple and moderate risk rating, in our view.