Chicago Bridge & Iron Co fka CBI

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ALSO DECEPTIVE IS THE name Chicago Bridge & Iron (CBI). The company is based in Hoofddorp in the Netherlands. Its business also extends well beyond bridge-building to all manner of engineering and construction for the oil and gas, chemical, power, water and mining industries, and it is a global infrastructure play

After a spirited 121% rally last year, the company's American depositary receipts pulled back more than 20% this year amid worries about slowing global growth. Last week, it reported rising fourth-quarter profits that nonetheless fell short of forecast, owing partly to charges tied to the South Hook liquefied-natural-gas terminal in the U.K.

"The good news is that the project is over 85% done, and we think it is significantly masking CBI's true earnings power," notes Lehman Brothers analyst Andy Kaplowitz. The company offered a glimpse of that earnings power when it nudged its profit forecast higher. Among other things, nearly $7 billion in new contract awards in 2008 could swell its backlog by 10%, adding to its continued long-term growth potential.

At about 46.50, the 119-year-old company's ADRs trade at 18.6 times projected 2008 profits -- not obviously cheap, but more approachable compared with the 26.4 multiple for the red-hot construction and engineer group. While Street analysts are largely bullish on the stock, it still trades 30% shy of their consensus target. A debt-free balance sheet further enhance its appeal as a safe, solid bet in an increasingly wobbly world.