STRATTEC reported adjusted 1Q:F26 EPS of $2.22 compared to our estimate of $1.48 and $1.16 a year earlier. Results continue to demonstrate the benefits of pricing and operational changes at STRATTEC. That said, profitability faces several headwinds, an uneven and potentially lower customer production schedule (including fire disruption and semiconductor constraints), adverse currency effects and higher compensation and labor costs. That said, it's hard to ignore the recent rebound in profitability. As a result, we find it prudent to increase our EPS estimates to $5.40 (from $4.25) in F2026 and $5.79 (from $4.72) in F2027. We acknowledge there may be ample volatility in earnings visibility in coming quarters. STRATTEC is virtually debt free and had net cash of $85.5 million ($20.71 per share) at the end of 1Q:F26. Only about 6% of revenue is exposed to new tariffs, and the company says it anticipates being able to offset its full exposure to an estimated $5-$7 million increase in tariffs. There was a net $200,000 tariff effect in 1Q:F26. We now value STRT at 10x our revised F2027 operating EPS of $5.97, plus projected net cash of $27.67, or $87 per share. Our prior $75 was based on 10x our previous F2027 EPS estimate of $4.89, plus $26.33 in projected cash. Our Moderate risk rating reflects STRATTEC's cyclicality and small float, offset by its well-established operating history and solid balance sheet.