A Second Helping of Humble Pie

Last night, a caller asked about Spirit Aerospace . Cramer was stumped.

He didn’t know Spirit, even though it’s one of the key suppliers of Boeing’s Dreamliner. The stock came public last year, and Cramer closed his eyes to it because it was a private-equity deal, and like everyone else, he had become convinced that the private-equity guys were just a bunch of rip-off artists. But this doesn’t seem to be the case with Spirit.

After doing some intensive homework, Cramer is ready to recommend Spirit as a buy. It’s the only really pure play on the success of the Dreamliner because the company has almost no military exposure, Cramer said. Spirit was actually a part of Boeing until it was sold off two years ago as an attempt on Boeing’s part to get its costs in line. But the company still supplies nose fuselage, wing parts and propulsion systems to BA. And with the Dreamliner looking like a massive multiyear success story, Spirit has at least a half-dozen years of visibility toward double-digit earnings growth, Cramer said. There aren’t many companies out there that can say that.

Cramer thinks Spirit is just as good as Precision Cast Parts , but it sells much cheaper – at only 16 times next year’s earnings. This is partially because the company is so new and unseasoned that it has gone relatively unnoticed by Wall Street. And now that Spirit is its own entity and isn’t controlled by Boeing, it is poised to get business from an old competitor: Airbus, which is following Boeing’s lead by outsourcing its manufacturing.

Looking ahead, Spirit reports earnings in a couple of weeks. Cramer recommends putting half a position on before the report, and then if there is a sell off because of caution about how the Dreamliner could always be a bust – which is highly unlikely – you can buy the rest lower.

Bottom Line: Cramer doesn’t know everything, and he’ll admit it when he’s ignorant. He’s happy to revisit his shame with Spirit Aerospace and tell you it’s a buy.

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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