General Electric Company (NYSE:GE) continues to suffer through its worst year since the financial crisis. GE stock, incredibly enough, has lost slightly more than half its value over the past 12 months. Given the carnage, that leaves investors asking: “Should I buy GE stock?”

Whether you should buy GE stock comes down to a couple key considerations. Are you willing to give management time to turn this thing around? Do you think the revamped board can provide proper governance? And, will management find an effective way to unlock value from its hodgepodge collection of assets?

There are plenty of reasons why the turnaround should work. But pay heed to the risks before making a move here.

GE Stock Cons

Board/Accounting Concerns: GE shareholders recently have been in revolt. They’ve complained that the Board of Directors gave GE’s executives far too much rope. And the results speak for themselves.

These activists have gotten GE to shrink its board down to members who will concentrate more on fixing the company’s glaring problems. We’ll see how that overhaul goes.

Additionally, the SEC is investigating GE for potential accounting irregularities despite GE’s auditor, KMPG, signing off on the books without complaint. GE controversially asked shareholders to approve KMPG’s continued auditing of the firm in the wake of the concerns, raising more questions about the credibility of the Board of Directors.

Recent Southwest Accident: I warned in a recent article that, “Investors Shouldn’t LUV Southwest Airlines Right Now.” And sure enough, Southwest Airlines Co (NYSE:LUV) stock has continued to slump. The reason: a fatal accident. Why does this matter to GE? Simple. GE built the engine involved in the fatal explosion.

This is problematic for GE at a time when people are thinking of splitting the company, selling off assets, or coming up with other ways of reshuffling GE’s component parts. GE Aviation is arguably the company’s crown jewel. In the event that the company needs more funds, GE Aviation is likely the most coveted asset it could put on the block.

But this recent accident puts a tarnish on its flagship asset. As of its May 4 update on the investigation into the flight, the National Transportation Safety Board still hasn’t determined to what extent Southwest, Boeing Co (NYSE:BA) and GE are to blame. If GE Aviation ends up being culpable, it’ll be another headwind for an already-ailing GE stock price.

Warren Buffett Not a Buyer: Back in March, GE stock popped on rumors that Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A, NYSE:BRK.B) would come to the rescue of ailing GE stockholders. In theory, Berkshire would buy all or part of GE, demonstrating confidence in the firm and stopping the panic in the company’s stock.

This will not be the case. CNBC asked Buffett about the takeover rumors in a recent interview, to which he replied: “That’s not the case. If that was the case, I wouldn’t be talking about it anyway.” That’s bad news for GE stock. Buffett has loaned money to or bought stock in many ailing but classic American brands. In theory, GE seemed like a perfect fit for Berkshire.

That said, Buffett did leave one positive note for GE stock, saying:

“I actually admire [CEO] John Flannery and what he’s doing. He’s got a very tough job but he’s doing very logically. I’m very familiar with GE, we do a lot of business with them both on the buying and the selling side. It’s a terrific American company […] I want the company to do well.”

GE Stock Pros

Big Rebound Potential: For the rest of the U.S. industrial sector, it’s been a joyous time since November 2016. Stocks such as Boeing and Caterpillar Inc. (NYSE:CAT) have enjoyed massive runs over the past 18 months. GE stock falling 52% over the past year would be unacceptable in any circumstance. But it’s particularly jarring when its industrial peers are soaring.

However, this sets up a big bounce-back opportunity. In theory, GE stock could double from its current level and still be badly trailing CAT stock, BA stock and other such rivals. Now, to be fair, given GE’s current challenges, it’s unlikely the stock will recover quite that far. But a massive rally off the lows is quite possible once sentiment turns.

GE Aviation Should Be Really Valuable: Don’t forget the dark cloud over aviation thanks to the crash mentioned above. But let’s stop and think for a minute about what GE Aviation would be worth as a standalone entity.

For comparison’s sake, two other companies with major businesses in the space are Boeing and Honeywell International Inc. (NYSE:HON). They trade around 19x and 16x forward earnings. Average that, and GE Aviation is potentially worth 17-18x earnings as a separate company.

Slap that multiplier on GE Aviation’s $6.6 billion of earnings, and we end up around $115 billion in value for GE Aviation. GE’s whole market cap is just $120 billion now. Sure, there’s debt and other pesky liabilities to worry about, too. But when one division of a conglomerate can nearly justify the entire company’s market cap, you have to think there’s serious turnaround potential.

Cheap and Primed to Squeeze: GE is now selling at 13x forward earnings. That’d be good under most circumstances. It’s great here, where sentiment is terrible and analysts aren’t exactly giving embattled management the benefit of the doubt. Even so, analysts still see GE coming up with $1.05 a share in earnings next year. Starting with a $14 GE stock price, that adds up to good things.

Importantly, the GE stock dividend is reasonably generous, currently at 12 cents per quarter. That works out to a healthy 3.4% dividend yield. Combine the yield with all the major institutional shareholders who have already sold, and it’s hard to see things going well for those continuing to bet against GE stock at these low levels.

GE Stock Verdict

So, should you buy GE stock today? Sentiment can’t get much worse from here, right? The company has been hit by all manners of problems, ranging from accounting problems, board concerns, a dividend cut and even an airplane crash. Major stockholders are dumping, and even Warren Buffett doesn’t want to buy in.

But, as the old adage goes, you want to be buying when there is blood in the streets. GE stock has massively underperformed over the past 18 months and is down so far that you can reasonably argue that GE Aviation alone supports most of its whole market cap.

Adding it all up, when asking “Is GE stock a buy or sell?” from such a starting point, it’s easy to forecast that the next move for GE stock will be upward.

At the time of this writing, the author owned BRK.B stock and held no positions in any of the other aforementioned securities. You can reach him on Twitter at @irbezek.