Now the wait begins to see what kind of results each entity can deliver. There's also the matter of the dividend -- the combined company paid a $.315 quarterly dividend that provided a fairly solid yield to investors.

At least initially, ALEX will not be paying a dividend; while MATX has initiated a $.15 quarterly dividend. That equates to an indicated yield of 2.3%, which should help put some level of stability into the stock price.

While I initially purchased shares in the combined entity primarily due to the perceived value of real estate, I will not be dumping my Matson Navigation shares. This is a solid niche business that pays a decent dividend, and I'm along for the ride.

Welcome to the sometimes wonderful, sometimes frustrating world of value investing. A world where it sometimes takes a transaction, such as the Alexander & Baldwin/Matson Navigation separation, to realize value.

At the time of publication, Heller was long shares of Alexander & Baldwin and Matson.

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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