When there are no new bull markets to be found, Cramer looks for new plays in the sectors that are already raging. Woodward Governor is in the sweet spot of two cycles right now – energy and aerospace. The company has doubled over the past two years, and Cramer doesn’t think it’s done.

Woodward Governor makes everything that is hot right now, Cramer said. It designs, manufactures and services energy control systems – great now that oil is so expensive – and it makes components for aircraft, industrial engines and turbines, which is still more exposure to more than one of Cramer’s wild bull markets.

WGOV absolutely blew away the numbers last quarter. Earnings estimates were for 51 cents a share. Woodward reported 63 cents a share. It beat consensus revenue estimates by 7.5%. The gross margin was 230 basis points higher than expected. The operating margin was 150 basis points higher than consensus. You get the picture.

Even though WGOV beat the numbers last quarter, Cramer still thinks the new estimates are too low. The stock is trading at a mere 20.7 times earnings even though it’s expected to grow 30%. Cramer calls that “criminally undervalued.”

Bottom Line: Do you want to ride the global bull in aerospace? Woodward Governor is a fresh way to play it.

Questions for Cramer?

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