Conrad Industries (OTC:CNRD), a barge/ferry boat builder with 4 shipyards in Southern Louisiana and Texas, is a small cap stock that is simply ridiculously cheap. Because it is 47% owned by the Conrad family, CNRD has limited float and no sellside research coverage, but piles of cash and hard assets on the balance sheet as well as a business model that throws off scads of free cash flow.
Conrad has not lost money since 2004, and given its high FCF characteristics, has accumulated a hefty $11 in cash per share on the balance sheet (including a soon to be paid BP settlement of a couple bucks a share). All in, almost half of Conrad's market cap is in...
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