After sifting through quarterly results, Jim Cramer can't help but wonder if this old dog of a stock has learned new tricks.
With sales growth of about 13 percent, it seems as if R.R. Donnelley, a 150 year old printing company, is thriving when so many rivals are struggling just to survive.
And despite the 15 percent decline year to date, Cramer thinks there's a lot going right at the company, and by proxy, for the stock.
"First of all, R.R. Donnelley has a fantastic business putting together financial statements and they are the single most trusted firm in the space," Cramer said.
Second, Donnelley has pursued acquisitions in an attempt to better leverage cost controls. "For example, Donnelley bought Consolidated Graphics, another commercial printing firm, for $700 million in October."
Third, R.R. Donnelley benefits from outsourcing. "Because many companies have scattered facilities all over the globe, there's big demand for R.R. Donnelley's packaging and labeling business, not to mention their logistics, distribution and warehousing services."
Finally, and perhaps most important, R.R. Donnelley has taken aggressive steps to move beyond printing. "They've got a digital business where they transform all things publishing into e-book format," Cramer said, and, according to their website, they also do web design, animation, and more.
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Looking at the latest earnings, Cramer thinks results speak volumes.
"The company delivered a 7-cent earnings beat off of a 35-cent basis, with higher than anticipated revenues that climbed 12.9 percent year over year. That's some pretty solid growth."
Given the fundamental tailwinds and the earnings strength, Cramer wouldn't be surprised to see shares march even higher. "As far as I'm concerned this stock deserves to be in the $20s," he said. "If you're looking for something relatively safe with some growth and some yield, look at R.R. Donnelley. It's a terrific story."
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