Corning (NYSE: GLW ) hasn't panned out to be the investment many have claimed it could be, at least not yet. But the thesis that the company is a compelling value stock remains. Corning is already recognized as having a very strong balance sheet, yet one big asset remains hidden as an ordinary line item: the company's two joint ventures -- Samsung Corning Precision and Dow Corning.
The profitable ventures are carried at about $4.8 billion on the balance sheet yet earned about $1.5 billion for corning in 2011. Even considering tepid growth from these joint ventures, they are still carried at an enormous discount to their profitability. Corning has a long-term reputation for innovation and success across a history of glass application, yet the market seems to be writing off their ability to leverage these joint ventures for future use.
If Corning has piqued your interest as a value investment, read our brand-new premium research report on Corning. In it, our analyst walks through the business, as well as the key opportunities and risks facing it today. Click here to claim your copy, and receive a full year of updates as key events unfold.