The author argues Applied Aerospace is undervalued after today's drop, citing a major debt paydown, growing margins and increased sales against the current multiple on sales and profit, implying a conservative fair value of at least $14/share enterprise value. He notes the stock IPO'd at $20 and now trades at $11.75, and he has bought 35,000 shares. The bull case rests on continued demand for space parts as telecom lines and networks move into the sky.