We expect sequential profit improvement to $0.17 in EPS in 2Q:25, yet still down from a year ago, due to project pushouts and tough turnaround season comparison versus a year ago. The company has pulled guidance, citing ongoing portfolio review and end market uncertainty. However, management suggested that 2025 adjusted EBITDA would approach or exceed 2024's $82.5 million tally. As such, the business' profit recovery will be driven by beneficial changes in revenue mix such as higher aerospace & defense (A&D) revenue and profit enhancement initiatives, including more efficient pricing. At the end of 1Q:25, MG had net debt of $174.9 million, or $5.63 per share, putting its bank leverage ratio at just below 2.5x. Our $13 our price target is based on 16x our 2026 EPS estimate of $0.81. Our moderate risk rating recognizes the moderately leveraged balance sheet, the cyclicality of the company's core end market and modest customer concentration, offset by diversification efforts and cost-saving initiatives.