Even though Aaron's stock price is currently undervalued, long-term shareholders have been richly rewarded thanks to its fast growth. A $1,000 investment in Aaron's on Dec. 31, 2001 would have grown to $4,417 today. That equals a 15.6% compound annual rate of capital appreciation, which closely correlates to their earnings growth, adjusted by today's low valuation. Add in their modest dividend, and the annualized total return is 15.8% since Dec. 31, 2002. Aaron's current PE ratio is at the historical low end of its normal range, their current price to sales ratio is less than one. Both of these traditional valuation metrics indicate that the company is currently undervalued. The consensus of 10 analysts reporting to Standard & Poor's Capital IQ expect continued long-term earnings growth for this consistent Mid-Cap with a market value of just over $2 billion. Therefore, I believe that there is ample room for Aaron's to grow in the future. Summary and Conclusions In a recent press release Aaron's announced that they opened 32 new stores over the last three months. The Great Recession of 2008 caused many consumers to suffer financial stress. Aaron's serves those customers by providing an alternative to purchase. The company rents furniture, computers, appliances and other electronics with a rent-to-own option. As Aaron's likes to say, " Credit is Hard, Aaron's is Easy." Consequently, Aaron's is the industry leader that serves America's moderate customer with affordable payment plans allowing them to participate in the American dream. Therefore, I believe during these uncertain economic times, that there is ample room for Aaron's to grow. For investors seeking above-average capital appreciation, Aaron's looks like an attractive long-term investment at today's levels. At the time of publication, Carnevale had no position in the holdings mentioned.This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.