Q: Do they supply parts for corporate jets?

Witmer: They do, although this business is small. There are a lot of orders outstanding from airlines, and a lot of planes getting built are using a lot more product from Kaiser. The company will be in the sweet spot for years to come. Let's say they make $5 a share and trade for 10 times earnings. Add back the value of the tax assets and you get a target price of more than $60. Kaiser has a market capitalization of $500 million. Their rolling mill alone, not including other assets, would cost $1.5 billion to replace. The company is selling at a huge discount to replacement value.

Kaiser Aluminum Corp. said recently its board authorized a share repurchase of as much as $75 million.

Repurchases, which may be made in the open market or handled privately, will not begin until after July 6 and will continue for an estimated 18 months, subject to market conditions.

"Our $244 million organic growth program provides additional capacity to address growing demand for aerospace and high strength plate products and will leverage new efficiencies in several of our value streams," Chief Executive Jack A. Hockema.

The stock trades for 6x cash flow.

Kaiser Aluminum Corp. said recently its board authorized a share repurchase of as much as $75 million.

Repurchases, which may be made in the open market or handled privately, will not begin until after July 6 and will continue for an estimated 18 months, subject to market conditions.

"Our $244 million organic growth program provides additional capacity to address growing demand for aerospace and high strength plate products and will leverage new efficiencies in several of our value streams," Chief Executive Jack A. Hockema.

The stock trades for 6x cash flow.

Kaiser Aluminum Corp. said recently its board authorized a share repurchase of as much as $75 million.

Repurchases, which may be made in the open market or handled privately, will not begin until after July 6 and will continue for an estimated 18 months, subject to market conditions.

"Our $244 million organic growth program provides additional capacity to address growing demand for aerospace and high strength plate products and will leverage new efficiencies in several of our value streams," Chief Executive Jack A. Hockema.

The stock trades for 6x cash flow.

Kaiser Aluminum Corp. said recently its board authorized a share repurchase of as much as $75 million.

Repurchases, which may be made in the open market or handled privately, will not begin until after July 6 and will continue for an estimated 18 months, subject to market conditions.

"Our $244 million organic growth program provides additional capacity to address growing demand for aerospace and high strength plate products and will leverage new efficiencies in several of our value streams," Chief Executive Jack A. Hockema.

The stock trades for 6x cash flow.

33%

Kaiser Aluminum reinstated its quarterly common dividend last June at the rate of 18 cents a share. The move followed its exit in July 2006 from four years under Chapter 11 bankruptcy protection. Now Kaiser (KALU), which was founded in 1946, is enhancing its dividend by a hefty 33%, to 24 cents a share from 18 cents. Investors of record July 25 will receive the new payout Aug. 15; the stock goes ex-dividend July 23. Yield: 1.54%. Directors also authorized the repurchase of $75 million worth of Kaiser's common. The stock, a component of the Russell 2000 index, trades on Nasdaq around 63, versus its 52-week high of 81.28.

Finerman likes Kaiser (KALU), TransDigm (TDG) and Boeing (BA).

Defensive play

Defensive play