Hewlett-Packard hasn’t faded away amid the continuous wave of technological innovation.

In fact, shares of HP Inc. (HPQ), which houses the hardware business of former Hewlett-Packard Co,, are up 30% this year and poised to rise further, Barron’s reports.

“HP is up 30% this year and it’s still cheap,” says Larry Pitkowsky, co-manager of GoodHaven Fund, which recently counted the stock as a top 10 holding.

“The company is a free cash flow machine, with a management team that’s executing well…and minimal [capital expenditure] needs,” he told Barron’s.

HP Inc. has been inexpensive since the 2015 spinoff from Hewlett Packard Enterprise Co.(HPE), as investors fretted about its relatively lower-growth businesses, the newspaper reported.

“Yet at $19.31, shares are up more than 50% since the November 2015 split, while its forward price-to-earnings ratio has only crept up from about 8 to 11.3 times today. It also offers a market-beating 2.8% dividend yield, which could grow thanks to its hefty cash hoard,” Barron’s said.

“This is a cheap stock in a very expensive market,” says Pitkowsky. “If it were a bond, what’s the earnings stream? If it were a bond at 11 times earnings, it’s a 9% yield in a near zero interest rate world.”

For its part, HP Inc. reported a 3.6 percent rise in quarterly revenue, largely helped by a stabilizing PC market.

However, the company's net earnings from continuing operations fell to $611 million in the first quarter ended Jan. 31, from $650 million a year earlier, Reuters reported.

The company's earnings per share from continuing operations remained flat at 36 cents.

Revenue rose to $12.68 billion from $12.25 billion.

(Newsmax wires services contributed to this report).

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