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When economic times are tough, many believe that alcohol consumption goes way up.
On Monday's "Stop Trading" segment, Cramer makes the call on Russian stocks.
He doesn't see much that appeals to him, but believes that Central European Distribution Corp. [CEDC
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] is one undervalued play to take a look at.
CEDC sells alcoholic beverages directly to off-trade establishments, with a product line including the Skyy Vodka brand.
Cramer believes that the shares of this U.S. based company (with a Russian division) have fallen off the cliff as if they were a pure Russian story, even though they've been "hitting the ball out of the park".
Meanwhile, CEDC made their quarter, is increasing market share and is selling at the lowest P/E multiple Cramer has ever seen on this stock.
Jim concedes that there are a lot of smaller to middle sized liquor companies in Russia that are getting killed right now. Many of them have debt issues, but Cramer is confident that CEDC will be able to repay their debt that comes due next year.
So, whether or not drinking is on the rise in Russia due to hard times or if it's just the right product from CEDC, Jim says things are looking bright for Central European Distribution Corp.
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