An equipment rental company that offers for rent over 20,000 classes of rental equipment, including heavy machines & hand tools, to customers that include construction & industrial companies, manufacturers, utilities, municipalities, homeowners & others.
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Yes, construction is down and the infrastructure portion of the stimulus bill was pathetic, but this company has good cash flow and no debt due till 2012. They can reduce purchases of new equipment and cut costs. They are closing stores and cutting costs. They bought back some debt at a big discount and may continue to do so. At 3.50 a share, it is trading at less than last years free cash flow. 2008 was not a good year for construction and URI was able to hold up its utilization pretty well. 2009 construction will be weak, but it is not going to zero and if this economy ever turns around, these guys may be the last ones standing. Certainly it should be worth 3-5 times free cash flow in the future.