Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Advanced Emissions Solutions Still Convoluted And Still Looks Undervalued

Shares of Advanced Emissions Solutions (NASDAQ:ADES) have basically matched the market since I last wrote about the company ("Are Investors Getting Free Call Options On Advanced Emissions' Long-Tail Technologies?"), though they had been up more than 30% from last September prior to concerns about weather and an accounting restatement that has delayed fourth quarter earnings. While this is far from the simplest company that an investor could consider, it's still an interesting collection of assets that look undervalued today.

A Big Year For The Refined Coal Operations

This is going to be an important year for Clean Coal Solutions, the refined coal joint venture in which ADES holds a 42.5% stake. CCS has 28 facilities qualified...

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