I have run across a stock that is a pure value play.
Headwaters (HW) is a energy management company that uses its waste stream to make building products.
It is a very profitable company and has been going down because of the housing bubble has burst.

Continued

Put a buy in at 21 or better and hold on.
If you scale in buy half now and half at 21.
Book value is at 18.
EPS is at 8 but everyone thinks it is going to 12.
They are the strongest and most undervalued company that I've seen in years.
Buy today and hold for a long time.