Last week, we met with PBI CEO Kurt Wolf and Assistant Treasurer and Investor Relations Director Alex Brown. With its ongoing strategic review of the business, we expect management to continue to find ways to optimize its SendTech Solutions (including its wholly owned subsidiary, The Pitney Bowes Bank, or PB Bank) and Presort Services segments. Even with higher transportation costs and previously communicated potential one-time headwinds at SendTech, we think EPS will benefit from continued effective operating expense management, lower interest expenses and ongoing share repurchases. Hence, after EPS of $1.34 in 2025, we estimate gains to $1.60 in 2026 and $1.70 in 2027. Our price target of $20 is based on 12x our 2027 EPS estimate of $1.70. Our moderate risk rating factors in our expectation of further EPS gains and ample free cash flow generation, some of which we think will be used for dividends, debt reduction and share repurchases.