Thomas Lewis
Value, growth at reasonable price

Graham Corp. About To Ride A 'Wave Of Work' To Sharply Higher Earnings

The Idea, in the smallest possible nutshell: Graham Corp. (GHM: 10.0MM shares @ $27; no debt, $51.7MM in cash) is on the verge of a cyclical upturn that should run for several years and carry its sales, earnings and share price much higher. The visibility of demand is such that management has described the revenue opportunity as at least twice the size it was at the outset of the prior (2005-07) cycle, exclusive of any acquisitions which might occur along the way. Even more significantly, Graham has over the intervening years shown itself to have a demonstrably improved ability to compete for and execute on this greatly enlarged opportunity. This, in my estimation (informed by four years of...

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