At the end of 3Q:25, MG had net debt of $180.5 million, or $5.66 per share, putting its bank leverage ratio at just below 2.7x. We forecast net debt of $167.0 million ($5.24 per share) by the end of 2025. Our $18 price target is 15x our 2027 EPS estimate of $1.21. Our moderate risk rating recognizes the company's moderately leveraged balance sheet, the cyclicality of its core end market, and modest customer concentration, offset by diversification efforts and cost-saving initiatives.