There are no safe havens in the stock market. Every stock carries risk. But some less than others. This column features stocks that have shown one or more of the following characteristics: less volatility, better earnings, larger market caps, safe and increasing dividends. In these times of turmoil, our goal is to show readers better opportunities for investing with fewer risks.

Ocotber 4, 2010 - Ball Corp. (BLL-NYSE) together with its subsidiaries, supplies metal packaging to the beverage, food, and household products industries worldwide. It offers aluminum and steel beverage containers for producers of beer, carbonated soft drinks, mineral water, fruit juices, energy drinks, and other beverages.

In addition, the company provides various aerospace systems comprising spacecraft, instruments and sensors, radio frequency and microwave technologies, data exploitation solutions, and other aerospace technologies and products, as well as offers technical services and products to government agencies, contractors, and commercial organizations for a range of information warfare, electronic warfare, avionics, intelligence, training, and space systems needs. Ball Corporation was founded in 1880 and is headquartered in Broomfield, Colorado.

Someone forgot to tell Ball Corp. there's a global recession. Earnings continue to grow, as they have since 2005 when they were $2.62 a share. They went to $2.90, then $3.50, followed by $3.61 and then $4.05 last year. This year, consensus estimate from 13 analysts is for $4.58. In 2011, they see $5.17. Look for third quarter results on October 28, showing $1.42 for the period, up from $1.24 last year in the third. For the final quarter, expect 92 cents compared to 84 cents last year in the fourth.

Ball sees good demand from all corners of the globe while U.S. orders may decrease slightly for the remainder of the year as retailers cut back on promotions. Even with reduced orders domestically, the company should show good results from its cost cutting and better efficiencies. In Europe, orders are flowing in for more cans for beverages, especially in Germany. In places like China and Brazil, volumes are increasing at much higher rates than in most other parts of the world. Current estimate for sales this year from 9 analysts is for $7.55 billion, up from $7.35 billion last year. Next year, they see $7.76 billion.

Over the last 5 years, sales were averaging an annual gain of 12.5% while earnings were up 10.4%. Over the next 5 years, look for average gains of 5.5% a year in revenues and 9.33% in earnings.

One important factor for Ball is its ability to pass through to most of its contracts the increase in any raw materials costs. If the global economy does improve next year, expect higher prices for raw materials. But that won't hurt margins at Ball because of the pass through clause. And if it can hike prices for its products, margins will improve. Helping margins will be the company's continued efficiencies and lowered cost structure.

More numbers: Trailing P/E is 16.72 while Forward P/E is 11.41. Price to sales ratio is .70. Price to book is 3.76. Book value is $15.78. Operating margin for the last 12 months was 9.17% and Profit margin was 4.29%. Return on equity was a remarkable 30.04%. Return on assets was 6.89%. There's $75 million in cash for 82 cents a share. Total debt is $2.71 billion. Debt to equity is 1.87. Current ratio is 1.36. Beta is .55. In the last year, the stock is up 21.55%. The S&P500 index was up 11.81%. There are 91.57 million shares outstanding with a Float of 90.09 million. Insiders own .90% of the stock; institutions have 75.20% of it. The annual dividend is 40 cents a share, as it has been since 2005.

Ball isn't an exciting stock, but it sure is solid. Since late 2008 when it traded for $27.40 a share, the price has gone steadily higher. Now some valuations are being stretched. But if management can capitalize on the growth opportunities in emerging markets, expect all numbers to improve. Most likely, they will. Any company that delivers a 30% return on equity knows how to take advantage of good opportunities.

- Company Web site: www.ball.com

- Ted Allrich