Here’s an interesting company: It’s the second-largest manufacturer of “flex circuitry assemblies” in the world, which go into many consumer devices and mobile phones. It’s grown earnings 16% in the last year, and the company has nearly doubled in size since 2006. Think you’ve heard of it? The company is called MFLEX (Nasdaq: MFLX). I’d be impressed if you named it. The Anaheim, Calif.-based company, whose full corporate name is Multi-Fineline Electronix Inc, keeps a low profile – and its Website lacks some flash. But it’s a profitable company that’s been growing for decades and it’s now positioned well in the growing smartphone market. The flexible assemblies, which it manufactures to put into electronic components that can bend and fold,  are in high demand for products such as smartphones. The company is looking to expand the division it acquired by buying Pelikon, a Cambridge, U.K.-based company that makes flexible display technology. Pelikon, which was acquired by MFLEX in 2008, makes a “morphing keyboard” technology which can change keyboard functions depending on which mode you are in. The best way to understand it is to take a look at this demo. MFLEX director of marketing Jay Desai told me a few weeks back that Pelikon’s technology, as well as MFLEX’s traditional role as a manufacturer of display and flex assemblies for phone companies, gives MFLEX the opportunity to grow with the smartphone market. IDC data from Q3 2009 indicates that MFLEX technology was in 7 of the top 10 smartphone manufacturers. It's currently looking for some new design wins based on the Pelikon technology. So what about the stock? It’s cheap, given that the company is profitable and has a solid balance sheet. In 2009 it earned $50 million in profits on $764 million in revenue. It’ has 141 million in cash and only $11 million in debt on its balance sheet. It’s market cap is $650 million, meaning it trades at only about 13 times last year’s earnings. The forward P/E is about 12. With a return on equity of 14% and a PEG under 1, this meets my definition of a bargain stock.