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FleetCor, the Georgia-based workforce payment provider, is more than $25 per share off its May high and trades at 19-times 2020 earnings estimates. At about $251 per share, Cramer said it's cheap given its growth rate.
"FleetCor has a superb long-term story, and the fintech stocks are very hot," the "Mad Money" host said. "The stock could pull back a little more. I think you have to be prepared to buy it on the way down, particularly if the price of oil keeps falling."
Serving business-to-business transactions, FleetCor is one of the more "boring" names in fintech, Cramer said. But the entire fintech space is too hot to ignore. The company went public in 2010 at $23 per share and has rallied more than 35% in 2019, putting it among the top 30 performers in the S&P 500.
Cramer recommended the stock in 2014, but regrets not sounding the alarm since then. FleetCor now handles gasoline pay cards, toll and lodging expenses, and general accounts payable to give companies an efficient way to transfer money among one another, he said.
Since 2002, FleetCor has executed a "terrific takeover strategy," taking in 75 companies and commercial account portfolios to become the largest player in the sector, Cramer noted. That gives it scale, which is important in the payments business, he added.
"The payments industry represents a fabulous long-term growth story, so of course a company that keeps acquiring other payment plays is going to be a huge winner" in a space where many firms still handle business via check, he said. "The idea behind FleetCor is that you can lay off all those people and save yourself a lot of money."
In May, FleetCor reported a top- and bottom-line beat on 11% organic revenue growth, while raising its sales and earnings forecasts. But Cramer said there is reason to steer clear of the stock for now.
Many of FleetCor's clients are trucking companies, a sector that does better in a strong global economy. About 45% of its revenue from its fuel card business, Cramer highlighted. The price of oil has been falling, and that's when the stock tends to get hammered, he added.
"When there's a downturn, you have less shipping and you have less business travel, and FleetCor's payment network is just going to have incrementally less activity," he said.
Goldman Sachs, however, upgraded FleetCor from neutral to buy and raised its price target to $30, he noted.
"FleetCor is a lousy trade, but it could be a terrific investment as long as you approach it patiently. The payments industry is just too good to ignore here, and every time these stocks go down ... it has paid to buy the stock."