奧伯尼國際

布萊德·伊文斯Heartland Value Plus

股票代碼：(AIN)

股票類型：小盤股

????布萊德·伊文斯喜歡別人痛恨的股票。這個策略推動Heartland Value Plus過去五年取得了5.8%的年化回報率，擊敗了95%的競爭對手。Albany International就屬于典型的伊文斯選的股票。這家公司過去是一家微型集團企業，出售的商品從工業門到盤繩無所不包。如今，它有兩大塊業務。一塊是盈利（微薄）的造紙機織物和輥軸業務，另一塊是生產輕質節能的工程復合材料，主要用于航天和國防。這塊業務早就在為波音（Boeing）、空中客車（Airbus）等新機型配置的LEAP發動機提供風扇葉片，伊文斯非常看好其前景。這塊業務目前的銷售額只有6,000萬美元（造紙業務近7億美元），但伊文斯相信，到2020年，復合材料業務的銷售額將達到3-5億美元（經營利潤率20%）。該股的動態市盈率為13.5倍，股息收益率2.6%。“市場估值將這家公司視為一家零增長的造紙機織物公司，以這樣的水平，它的估值非常有吸引力，”伊文斯表示。除了復合材料業務，他說，Albany“沒有得到應有的理解、青睞和關注。”

????——A.F.

Albany International

Brad Evans?Heartland Value Plus

Ticker:?(AIN)

Small and large pick:?Small-caps

????Brad Evans loves stocks that others hate. That approach has propelled?Heartland Value Plus?(HRVIX)?to annualized 5.8% returns over the past five years, beating 95% of its competitors. Albany International is a classic Evans choice. The company used to be a mini-conglomerate, selling everything from industrial doors to fake down. Now it's got two key units: a lucrative (but flat) business in fabrics and belts used to make paper, and a line that produces engineered composites, which are lightweight and save fuel, mostly for aerospace and defense. Already providing fan blades for the LEAP engine, used on new planes from Boeing and Airbus, this unit could take off, in Evans's view. It represents only $60 million in sales, vs. nearly $700 million for the paper operations, but Evans argues that composites could be a $300 million to $500 million operation (with 20% operating margins) by 2020. The stock has a forward P/E of 13.5 and a yield of 2.6%. "The market is valuing the company as a no-growth paper machine clothing company, and it is very attractively valued on just that metric," Evans says. Add in the composites business, he argues, and Albany is "misunderstood, underloved, and underfollowed."

????--A.F.