PWR Holdings is poised for continued growth in advanced cooling. We expect the company's strong earnings growth to continue, principally driven by its competitively privileged position in high-performance automotive cooling. PWR's narrow economic moat is underpinned by the significant brand equity, intellectual property, and entrenched customer relationships it enjoys in this niche market. The company has a presence across practically all major motorsport competitions -- notably Formula One, where PWR supplies every car on the grid. These competitive advantages also allow PWR to command top-tier aftermarket pricing and position itself as a trusted supplier for high-performance, low volume production of supercars and hypercars with vehicle manufacturers.