I have changed my mind after reading 10K and 10Q. Cash flow is $200M and cash flow with constant currency is $250MM. Organic growth is 20% in south america. The U.S. is flat. Capex is winding down a little. It will be $135MM this year with depreciation of $150MM. If they stopped all capex, they could pay a dividend of $175MM/year or $3.80/year and that is with $75MM retained for growth. foreign exchange is costing them $50MM/year---that will end.
Looks to cheap. little debt and big cash flow with assets that can be written up and re-depreciated. Looks like a good LBO candidate, if not we should see dividend growth or share repurchases. I am buying some stock.