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"Fluor (NYSE: FLR), my top pick for 2009,  is a global heavyweight in the engineering, procurement, construction and maintenance field," says noted value investor Nathan Slaughter.

The editor of Half-Priced Stocks explains, "2008 won't go down as one of the most memorable for Fluor shareholders -- but 2009 is likely to tell a different story." Here's his review of the infrastructure play and beneficiary of Obama's economic stimulus package.

"Texas-based Fluor began by building oil refineries over a century ago and has since expanded its repertoire to encompass other specialties including power, telecommunications, and transportation. Annual revenues are now $20 billion.

"In early December, President-elect Obama unveiled ambitious plans for a hefty economic stimulus package, spearheaded by a pledge to rebuild highways and complete other public works projects that will revitalize our aging infrastructure.

"These bold initiatives are aimed at putting workers back on the payrolls and reinvigorating the nation's economy -- but they will also funnel billions into the coffers of construction firms like Fluor.

"Not surprisingly, shares of FLR vaulted higher on the news, but this initial knee-jerk reaction is only the precursor to even larger earnings-driven gains over the next couple of years as plans are put into motion.

"And even before this catalyst, Fluor was already weathering this economic slump in style. Through the first nine months of 2008, customers around the world showered the firm with $21 billion in new work orders. Fluor's oil/gas unit, for example, was just given the green light to upgrade a natural gas processing facility in Russia.

"Meanwhile, the infrastructure division took home major contracts for a copper processing project in Latin America and a new solar panel manufacturing plant in Singapore.

"Last quarter alone, the company performed $5.5 billion worth of work orders, but received a record $8.8 billion worth of brand new project awards. The infrastructure segment accounted for about one-quarter of those new orders and reported a whopping +492% increase over last year.

"When added to the firm's existing workload, these new contracts have helped Fluor's order backlog balloon to a staggering $36 billion.

"In other words, the company looks to have its hands full for quite a while. Looking ahead, management has confidently raised its outlook for the year and is now forecasting earnings of up to $3.54 per share -- with that total rising to between $3.90 and $4.20 per share in 2009.

"Of course, an economic stimulus package won't erase all the concerns (decelerating global growth and reduced capital expenditure budgets) that led to this sector's downfall in the first place.

"But Fluor has more work than it can handle, a pristine balance sheet (with over $2 billion in cash on the books), and good earnings visibility in this murky environment. With an influx of massive new awards likely headed its way, this sharply undervalued company looks to be a winner in 2009."