Ingram Micro's Low Valuation Does Not Compute

Ingram Micro (IM), which does more than $36 billion in annual sales, is a good proxy for the condition of the worldwide computer industry. It is the leader in wholesale distribution of computer products and services, with more than 170,000 reseller clients spread over more than 100 countries.

Trailing 12-month earnings per share are $1.80 through June 2012, putting Ingram's shares, which closed Wednesday at $15.25, at a price-to-earnings ratio of just 8.5x this year's consensus estimate of $1.80 per share. Ingram Micro is not typically a high-multiple stock, but its 10-year median P/E has been 12x....255 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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