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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (23144)	8/1/2006 10:31:15 PM
From: Spekulatius	Read Replies (3) of 78751

IR and LLL - Bought some IR as well. Stock is near it's 52 weeks low, low valuation (PE around 10) and boosting guidance. While it may be true that housing may be going down, only a part of IR products(the highly profitable Bobcat's) are related to residential housing. Many of IR products are used for commercial and infrastructure ,which has not much to do with housing, or is completely unrelated (Thermo King). I think IR's earnings quality is pretty decent, with a good chunk of earnings being converted to FCF (Capex is lower than deprecation). LLL - the electronics/defense company is also trading near it's 52 weeks low. Valuation metrics are on par of lower than most other defense peers but i think that LLL is better positioned(and has been faster growing) than most. The death of the founder is considered a setback but also may make LLL a takeover play.

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