NACCO Industries (NC) – Buying Business Units for Free

(via www.valueuncovered.com)

This odd conglomerate – with very different business models, growth stories, and margins – makes the stock’s financial performance much more difficult to analyze, a fact that is compounded by the lack of significant analyst coverage.

Yet at current price levels, investors are getting a company with a long-history of cash flow generation, at a price which basically throws in a business unit or two for free.

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