The early read on the Brightpoint deal is fairly positive. It was accretive to earnings, to the tune of 4 cents per diluted share for the fourth quarter. Ingram expects the buy to add "at least" 18 cents per diluted share in 2013.

Ingram ended the year with $595 million in cash, or just under $4 per share in cash, and $1.05 billion in debt, $943 million of which is long-term. The increase in debt (from $400 million end of last year), and decrease in cash (from $891 million), is primarily due to the Brightpoint acquisition. We'll see if the move pays off for Ingram, but so far, so good.

In terms of expectations, Ingram is currently trading at about 9 times 2013 consensus estimates, and 8 times 2014 estimates.

Frankly, owning Ingram for much of the past couple of years has at times been downright boring; par for the course in value land. We'll see if there's more excitement ahead.

At the time of publication the author is long IM.

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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