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An ethanol play, high valuation for the industry, but perhaps that is expanding. Earnings are expected to grow at a healthy clip. Rail transport is important to transport ethanol and their stores are kinda interesting too. Fertilizer is very important business segment and will grow in importance if more corn is raised for ethanol purposes. They have a lot of debt, so be warned.
Although, it takes a lot of energy to product Ethanol, the process is likely to improve. Regardless, it is likely to grow into a vital source of our energy needs if for no other reason than it will replace the additive MTBE. The toxic MTBE was found in ground water and Callifornia became the first state to ban its use in gasoline. I expect others, even in the east will follow. Ethanol, a non-petroleum product usually made from corn, is being used in place of MTBE. Gasoline without MTBE is more expensive to produce and requires refineries to change the way they produce and distribute gasoline. Some supply dislocations and price surges occurred in the summer of 2003 as the State moved away from MTBE. Similar problems have also occurred in past fuel transitions.
The Andersons sell debt w/o an underwriter by posters and postcards in their stores. Local folks buy the bonds any time the cards go up. It takes longer than wall street, but it's cheaper.
I changed the time frame again adding another five years. The first five years it didn't quite beat the S&P500, but the recession set them back some. I think, barring another recession, it will beat the S&P500 this five years. They pay a small dividend. Their fourth quarter report was very strong and I think an indication of how the next five years go.