One of the pitfalls of being a global brand name is that investors may think of a company as a one-trick pony that captured lightning in a bottle. They may think a company has leveraged its brand to a point where one can find its product in the most remote corners of the world and believe the market for this one product has been tapped out. Thus, investors pay it no mind.

In that case, investors would be missing out on a great growth opportunity from a premier brand like Tupperware Brands Corporation (NYSE: TUP). Note the plural of the word “brand,” because Tupperware is no longer the company that only makes plastic storage containers for your day-old pasta.

The company has expanded rather broadly, and is now also a purveyor of beauty and personal care products under the Armand Dupree, Avroy Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and Swissgarde brand names. The company hasn’t abandoned the kitchen, though. It’s still making serving dishes, microwaves, knives, cookware and ovenware, as well.

What is it about Tupperware that has made it so ubiquitous? How did it become this global brand name? The key to Tupperware’s success is two-fold. First, it makes quality products. More importantly, however, it has a distribution system that is second to none.

The Tupperware storage line is massive, encompassing some 1,800 distributors, 61,000 managers and 1.3 million dealers. For awhile, Tupperware home parties were all the rage. When a company successfully manages to make a party out of selling its product, right in someone’s own home, it has achieved the kind of dominance that investors cannot ignore. Today, the beauty line is almost as powerful, boasting 1.1 million salespeople. This level of distribution efficiency sends a message to retailers: Tupperware will always have stock. That creates brand loyalty. And if you’ve ever tried to store food in a non-Tupperware container, you know that other knock-offs are inferior.

Tupperware also has its pricing and expenses down to a science. Retail companies are often lucky if they can manage a 5% net profit margin. Tupperware’s is 9%, practically unheard of.

How does this translate into the stock? The company’s expansion into new products has jumpstarted both these new products and traditional storage products. Even though earnings are projected to grow +23% this year — in the middle of a recession — the stock currently trades at only 13.5 times this year’s earnings , giving it a PEG Ratio of 0.58. This suggests the stock is undervalued (A PEG ratio of 1.0 suggests a stock is fairly valued).

The message is clear: the market is unaware that Tupperware has expanded as much as it has, and is doing so as profitably as it has.

Investors checking into a growth story would always be wise to examine how that expansion is funded. If a company takes on expensive debt to grow, then it’s a warning sign. Yet Tupperware has no such concerns surrounding its financials.

For starts, Tupperware sits on $95 million in cash, The current business generates more than $240 million in free cash flow a year. That alone is enough to fund expansion. Still, investors should make certain the debt load is manageable. In this case, Tupperware carries $425 million in debt at an average interest rate of about 7.5%. The rate is higher than cautious investors might like to see, but operational profits exceed debt service by an eight to one margin, so there’s no cause for concern. Toss in the fact that Tupperware is comfortable paying a 2.5% dividend to shareholders, and investors should rest easy knowing the company is on solid financial footing.

Action to Take —–> Investors clearly see Tupperware as a boring stalwart, when in fact it’s more of a growth story trading at about a -40% discount to fair value . Given that other retailers are struggling in this economy, investors should see Tupperware’s stock as a great place to store their money.