Cramer's European Vacation

Continuing on his European vacation, Cramer is heading to Switzerland – home of ABB , a titan of the global engineering and construction complex. ABB is tapped right into the global infrastructure boom and as far as Cramer is concerned, could be the single best play on infrastructure on the planet.

The first element of ABB’s success is simple: it’s based in Europe. As Home Gamers know, the economy in the U.S. might not be on fire but it sure is in ROW – the rest of the world. The best way to stop worrying about America and rising rates at home is to put your money overseas in some markets that are wiping the floor with ours. Investing in ABB is a great way to do this, Cramer said.

ABB primarily focuses on power and automation technologies. It offers huge scale for mega-projects that smaller engineering and construction shops just can’t handle. It’s a gigantic stock that most Americans have never heard of, even though it has a market cap of $53.7 billion. Even if you’ve never heard of ABB, Cramer is emphasizing how important it is as a global infrastructure company. It’s a blistering hot business that cannot be denied, Cramer said, and ABB is right at the top of the food chain.

Cramer thinks ABB’s most recent quarter defined “better than expected.” Its net income came in 23% above expectations. The order growth was up huge – 38% in India, 15% in Western Europe, 65% in Central and Eastern Europe, 24% in the U.S. and 11% in China compared to the same quarter last year.

In the bad old days, ABB was almost wiped off the map from asbestos lawsuits. But now the company is swimming in cash. So much cash it doesn’t even know what to do with it. Management has said publicly that if it can’t find a good acquisition within the next year it will return the cash to shareholders. So it will either buy a great company or pay you instead. Not a bad dilemma to be in.

But ABB is by no means cheap. In fact, it has nearly doubled over the last year. Fortunately for investors, the infrastructure boom doesn’t look like it’s ending any time soon so ABB’s price is only relative. Cramer believes the current cycle will be longer and stronger than Wall Street’s consensus, which has consistently underestimated this bull market. If that’s the case, ABB still has a ways to go.

Bottom Line: Anyone who wants some truly global infrastructure exposure is going to want in on ABB.

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