Joe Altman and Chris Kyriopoulos of Compound Capital made the case for Covanta ( CVA) which is in the waste disposal business. But interestingly, the company converts waste into energy at its 40 state of the art facilities providing electricity to one million homes in North America. Last month, the company signed a 20 year agreement with New York City to dispose of 800,000 tons of municipal waste per year.

Covanta is not exactly cheap at 38 times 2014 consensus earnings estimates, but given the fact that the landfills are filling up quickly, waste to energy may be the future of waste disposal. It is estimated that the replacement cost of the company's tangible assets would be between $6 and $9 billion, and with a current enterprise value of $5 billion, Covanta may also be an asset play. Finally, the company has reduced shares outstanding by more than 15% since 2010, which in my view is another positive. CVA Chart CVA data by YCharts

Day two of the 9th New York Value Investing Congress kicks off this morning.

At the time of publication the author held no positions in any of the stocks mentioned.

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.

If you liked this article you might like

Watch Out: Barbarians At The Gate For URS (URS)

Will This Analyst Downgrade Hurt URS (URS) Stock Today?

Will This Price Target Increase Help URS (URS) Stock Today?

Trade-Ideas: URS (URS) Is Today's "Barbarian At The Gate" Stock

How Will Aecom Technology (ACM) Stock Be Affected By Hunt Construction Purchase?