In terms of the balance sheet, the company's debt is minimal, and ended 2012 at just $18.5 million.

There's also $83 million, or $1.60 a share in cash, and the company trades at 1.47 times book value per share.

NL pays a 12.5 cents quarterly dividend, which equates to a solid 4.4% yield. Shares currently trade at just over 7 times trailing earnings, but you won't find any consensus earnings estimates for the company, as there is no analyst coverage.

The stock has been fairly volatile over the years, and there's heavy dependence on the titanium dioxide markets. With such a relatively large in interest in Kronos the stock tends to move in tandem with that company. But it's hard to argue with a 4.4% dividend yield, or in buying $1.61 worth of CompX, Kronos, and Valhi, for each dollar spent on NL.

Of course, things are never quite that easy in value land... NL Chart NL data by YCharts

At the time of publication, Heller was long GTY and NL.

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

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