This $700 Million Infrastructure Stock Looks Far Too Cheap

A stock that doesn't look like much has an attractive value case under the surface

Highlights:

• Shares of this heavy equipment manufacturer are near multi-year lows.

• Soft results and disappointing profit margins have been a key factor.

• Valuation seems reasonable considering mid-cycle performance — but that view misses potential for significant improvement.

• With business normalizing and government spending providing a tailwind, there’s room for solid multi-year growth. Double-digit total returns should follow.