Seeking Alpha: Miller Industries Anything But A Wreck

I have a habit of digging deep into under-followed and obscure corners of the industrial world, and it has turned up a lot of good investment opportunities over the years. Leading tow truck and car carrier company Miller Industries (MLR) would seem to fit the profile, as this company leads an industry worth an estimated $600 million or more per year, and has only scratched the surface of its overseas opportunities.

To be fair, Miller's record with respect to margins and returns on capital isn't spotless, but I attribute much of this to the ups and downs of the towing industry it serves - an industry with few large-scale operators and above-average economic sensitivity. On its own, I believe Miller is worth around $23 per share, but I would expect the sale of the company to be a "when, not if" event, and Miller could be worth even more to the right acquirer than its stand-alone valuation would indicate.

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Miller Industries Anything But A Wreck