We recently hosted investor meetings with MRX. Overall, we came away increasingly confident in the growth story moving forward. The stock has been buffeted on a number of fronts in recent periods, including sales of PE stakes, a short seller report (largely discredited, in our view) and a somewhat slower environment in some markets in recent periods. But given ongoing expansion of the client base and overall capabilities (fueled by both organic and M&A growth) we like the story here. Trading at 8/7x our revised 2026/2027 estimates, we see current levels as an attractive risk/reward for a stock that we believe can deliver mid-teens EPS growth through 2027. Increasing estimates to reflect incremental growth opportunities across MRX’s business segments.