NEW YORK (TheStreet) -- There's a good chance that you have not heard of either of the companies that I'll mention in this column, but that's what we value investors do best; identify compelling under the radar companies. (At least that's what we tell ourselves.)The truth is it's getting more difficult by the day to find much of interest in value land, so you've got to dig deep, and get creative. (And I still don't consider JC Penney ( JCP) creative, just yet anyway, and there's more dust to settle there.) Getty Realty ( GTY), the nation's largest publicly traded gas station/convenience store REIT, has seen its share of trouble in recent years. The asset-rich company, which owns more than 900 properties, suffered when its largest tenant filed for bankruptcy. This forced Getty to cut then eliminate its 48-cent quarterly dividend, while shares were more than cut in half between late 2010 and late 2011. This, of course, was a classic over-reaction, and once Getty repossessed the properties, the situation brightened. Getty re-started the dividend, at a much lower 12.5 cents a quarter, and after three quarters, raised it to 20 cents a share. That equates to solid 4% yield, and there should be room for further increases as the company continues to recover.
GTY Dividend data by YCharts
NL Industries ( NL) is a little known holding company that has operations in the chemical and component products industries, through its ownership has interests in three publicly traded companies. From a sum of the parts perspective, that's where the story gets interesting. NL owns 87% of engineered components CompX International ( CIX) worth $127 million; 30% of titanium dioxide pigment manufacturer Kronos ( KRO) worth $531 million; and just over 4% of Valhi ( VHI) worth about $227 million. (Valhi, in turn owns 83% of NL.) The total value of those three holdings is $885 million, while NL's current market cap is just $550 million, and its enterprise value is $489 million. Theoretically, each dollar spent on NL gets you $1.61 worth of the stock held by NL in CompX, Kronos, and Valhi.
At the time of publication, Heller was long GTY and NL. Follow @jonmhellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.