If a private equity group wanted to take LECO private and conservatively paid 5x debt free cash flow (defined as EBITDA minus CAPEX), they would pay the following:

2008 EBITDA $367,931m
less CAPEX ($72,426m)
DFCF $295,505m

5x multiple = $1,477m

LECO currently is net debt free, with a market cap of $1,127m (or 76.3% of a very conservative takeout valuation).

Very compelling investment at current prices. I know we're in a severe recesssion, but this stock pays you 3.5% to wait around for a rebound or takeout.

Tell me if I missed anything in my due diligence, otherwise someone should place a call to KKR to take this baby private.