"t is misperceived as a logistics/materials-handling company that also has a lot of exposure to the U.S. housing market, but housing-related products are made by only one division. Really 40% of earnings comes from lifting products and services, about as good a business as you can find. " Witmer thinks the company will earn 10.8p to 12.5p a share and deserves a multiple of 13.5x as well as give a dividend of 4.5p. This values the stock at 152p to 173p versus the current 105p.

The company has been kicked out of the S&P 500 and might get kicked out the NYSE but she thinks this creates opportunity. "When everyone starts downgrading a stock, it's usually time to buy." The company is ni many steady businesses she says. "ts 60% share of the school-bus market generates annual revenue of about $1.3 billion. It has a replacement-parts business growing at 10% a year, with revenue of $1.7 billion. Its financial-services business earns more than $100 million a year. It also has a military and other severe-services business that generate $1 billion." She thinks it could get as high as $69 and that the company can potentially earn $5.25 by 2008.

The company specializes in rolling alumnimum which is used for plane skin. Witmer thinks that the US and Europe will have to replace aging plane fleets through 2010 and this will be a boost to earnings. She thinks free cash flow can get to $6 a share. "We estimate Kaiser can trade at an 11 P/E. It has NOLs worth about $12 a share and should build up about $8 a share in cash in the next two years. Our price target is 86 by the end of '08."

Makes cement and concrete. Witmer thinks Texas is the new Florida with reasonable housing prices and continued growth. And also the cement industry has high barriers to entry and strong cash flows. She notes that the company is "under-earning" compared with its competitors and that if they cut costs they can earn over $7 a share. Also interesting is that the CEO of Orascom, an Egyptian cement producer is going activist on TXI and that ORascom might try to take over TXI. She thinks TXI can hit 78 to 100, up from its 67 now.