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More Stocks Trading Below Tangible Book Value

Also making the cut was photo mask manufacturer Photronics (PLAB), which currently trades at .92 times tangible book value, and about 13.5 times 2014 consensus earnings estimates. The company ended its latest quarter with $197 million, or $3.22 per share in cash. Shares fell 4% last Wednesday after the company pre-announced worse-than-expected fourth quarter results. The company, which is not for the faint of heart, is likely to be volatile with the full fourth quarter earnings release due on December 11th.

Other companies that made the list this year include gold and silver mining company Coeur Mining (CDE), satellite communications company Iridium (IRDM), specialty boating supply retailer West Marine (WMAR), oil well services company Rowan (RDC), a holdover from last year's list, and engineered solutions company Richardson Electronics (RELL).

Without a doubt, the quality of this year's qualifiers are not nearly as high as last year's, which could make for some interesting results. So it goes in the land of deep value, which is becoming sparser with each trading day.

At the time of publication, Heller held no position in any of the stocks mentioned in this article.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

Jonathan Heller, CFA, is president of KEJ Financial Advisors, his fee-only financial planning company. Jon spent 17 years at Bloomberg Financial Markets in various roles, from 1989 until 2005. He ran Bloomberg's Equity Fundamental Research Department from 1994 until 1998, when he assumed responsibility for Bloomberg's Equity Data Research Department. In 2001, he joined Bloomberg's Publishing group as senior markets editor and writer for Bloomberg Personal Finance Magazine, and an associate editor and contributor for Bloomberg Markets Magazine. In 2005, he joined SEI Investments as director of investment communications within SEI's Investment Management Unit.

Jon is also the founder of the Cheap Stocks Web site, a site dedicated to deep-value investing. He has an undergraduate degree from Grove City College and an MBA from Rider University, where he has also served on the adjunct faculty; he is also a CFA charter holder.

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