Daniel Sermersheim
Long only, deep value, special situations, growth at reasonable price

Headwaters Inc. Is Trading Ahead Of Fundamentals

Headwaters Inc., (NYSE:HW) is a building products company utilizing by-products of coal fired power plants to create innovative building materials. The company has also entered the energy market with an innovative way to utilize bottom of the barrel oil, though this segment is still in the beginning stages, operates at a loss, and accounts for less than 4% of revenue.

In the past, the company generated a lot of hype and promise based on coal cleaning technology. The result of these years of effort was a mountain of debt and little-to-no value created. The company is still connected to this old technology, through the use of fly ash in the building products being produced, but all the assets...

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