MLR - Miller Industries: Remains Underfollowed And Undervalued
2024-01-23 23:38:37 ET
Summary
- When I initiated coverage of Miller Industries, I wrote that the market is ignoring the operating leverage story that will unfold due to the company's recent investments in manufacturing.
- These investments led to improved fulfillment of the company's backlog at high margins. Earnings have surpassed my expectations, but the stock has not moved.
- This lack of interest from the market is leaving investors with an opportunity to buy shares at a great price.
- I maintain a buy rating on MLR and assign the stock a $60 price target based on my estimate of 2024 cash earnings per share of $4.07 and a 15x multiple.
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Miller Industries: Remains Underfollowed And Undervalued