A manufacturer of water heating equipment and electric motors, serving a diverse mix of residential, commercial and industrial end markets principally in the United States with a growing international presence.
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Their price today is near their 52-week high (I actually started tracking this a few of years ago when they were just below $40) but I still think it's a good buy. AOS is a solid midwestern company that has consistently raised dividends for almost two decades and did so recently because of all the cash on hand. Like many companies, it had a stellar recent quarter and yet it's P/E is only around 16 which is much lower than its peers. Although the market is low in North America because new housing starts are low, I think replacement water heaters will still be needed in older homes (anecdote: we purchased a water heater recently). They're getting into tankless water heaters and I think there's a lot of potential in that market. Today's tankless heaters might not be optimal for all, but there such an obvious way to save energy that I think improvements in their design will mean that this is the basis for all future water heaters; it just doesn't make sense to keep 80 gallons of water steaming all the time.They're developing a market in China and India and there's obviously tremendous growth opportunities for this industry both in terms of new housing and water purification. The latter products will be selling throughout Asia. Although it remains to see if AOS can establish a "moat" in Asia, their quality products will serve them well.