IKN: I Think IKON

My latest column is up at RealMoney.

Ikon Office Solutions (IKN) was recently upgraded to buy by TheStreet.com Ratings, and as I look at the fundamentals, it isn’t hard to see why.

As the world’s largest independent channel for document management systems and services, Ikon enables customers worldwide to improve document workflow and increase efficiency. Ikon integrates best-in-class copiers, printers and multifunction product technologies from manufacturers such as Canon (CAJ) , Ricoh, Konica Minolta and Hewlett-Packard (HPQ - Annual Report) with document management software from companies such as Captaris (CAPA) , Kofax, eCopy, Electronics for Imaging (EFII) , EMC Documentum (EMC - Annual Report) and others.

Ikon is trading at just 0.78 times book value, well below the industry average of 1.39 times. Although much of that book