Shaw Is Actually Cheap

Cheap isn't always relative. Consider the case of Shaw Group (SGR - commentary - Cramer's Take), the infrastructure play with the nuclear bent that has tons of business around the world building nuke plants that are competitive with oil and nat gas even at these prices, but obviously are much better for the environment.

Shaw's doing great -- big order book, no cancellations or stretch-outs (unlike ABB (ABB - commentary - Cramer's Take) or McDermott (MDR - commentary - Cramer's Take)), and most important, its stock is trading a mere dollar and a half above its cash.

It's absurd, as the CEO told me last night on a pre-empted edition of the 6 p.m. "Mad Money." The valuation makes no sense.

But it does, in one way: There is not a dime of money to be able to take Shaw private or for an acquirer to buy Shaw. This, even though anyone who thinks the future is not brighter than the past for nuke power is just kidding himself.

Shaw's like KBR (KBR - commentary - Cramer's Take), driven to ridiculous levels by endless hedge-fund selling.

It is a stock I would buy today. And buy more if it goes down. One day the credit markets won't be this frozen.

And unlike so many other "cheap" stocks, a profitable company trading through its cash is what the Warren Buffetts used to look for before they started buying so-called cheap stocks that were actually expensive.

At the time of publication, Cramer had no positions in the stocks mentioned.

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Know what you own: Cramer mentions infrastructure. Other companies in the industry include Foster Wheeler (FWLT - commentary - Cramer's Take), Jacobs Engineering (JEC - commentary - Cramer's Take) and SAIC (SAI - commentary - Cramer's Take).

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