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‘Buy’ this poster child for dotcom bubble?

AOL is a dot-com era survivor: Cramer

(Click for video linked to a searchable transcript of this Mad Money segment)

Wall Street pros have all but written off this stock. Cramer thinks that's a mistake.

"I want to draw your attention to a stock that was left for dead years ago, a name that's synonymous with the dotcom collapse," said Cramer. "I'm talking about AOL."

The Mad Money host has pored over tons of data and he's come to conclude that AOL is extremely well positioned to again dominate the Internet.

Known in the 1990's for its famous 'you've got mail' slogan, Cramer said that AOL is now much more than a provider of dial-up Internet; it's become a new media powerhouse. .

"The company runs all sorts of popular websites including The Huffington Post, AOL Autos, Daily Finance, TechCrunch, StyleList, MapQuest, and Patch, a network of local new sites, just to name a few."

Siegfried Layda | Getty Images

But Cramer's bullish outlook stems from far more than AOL's string of popular websites.

AOL is also on the cutting edge of what Cramer expects to be 'the next big thing.' That is, television-like programming that's only available on the web.

"AOL already has their own network. It's called AOL On," Cramer explained.

Advertisers have already started to take notice.

"Last quarter, the number of advertisers AOL worked with increased by 20%, and their revenue from ad agencies grew by double digits, both versus the previous year and versus the previous quarter," Cramer said.

It appears advertisers are the only ones noting the renaissance.

"AOL management has been aggressively buying back their own stock," Cramer noted. "Last quarter, AOL bought back 1.4 million shares for $50 million. Remember, this is only a $2.6 billion company, so in a single quarter, AOL retired nearly 2% of the share-count."

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Cramer can't help but conclude that AOL's future may be every bit as bright as its celebrated past.

"I think AOL is a bargain right now trading at 18.3 times next year's earnings estimates, And with management putting their money where their mouth is I think you should be in there buying with them."

Call Cramer: 1-800-743-CNBC

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