Compass Minerals is in the low-growth business of providing salt, mostly road salt. Some growth prospects exist in its specialty fertilizer and storage businesses. The structure and location of CMP's mines gives the company a competitive advantage. CMP uses its free cash flow to pay down debt and continue paying ever-higher dividends. I think CMP is worth $43 per share.

Stamps.com is one of three firms licensed to sell U.S. Postal Service postage. STMP provides software to small businesses and individuals that allows postage to be printed by the the business or individual. STMP also sells specialty postage, such as stamps with pictures of people, places and animals on them. I think STMP is worth $17 per share and about 32% of the current market value is supported by cash and net working capital.

The secular trend of immigration to developed countries from undeveloped countries remains strong and should benefit Moneygram. The money transfer business is large and highly fragmented, which gives Moneygram an opportunity to grow its market share at the expense of smaller, niche providers. MGI should generate cash returns on capital greater than 15%. I think MGI is worth $34 per share. Recent blunders by management, in the investment portfolio, may cause activists to push for the sale of MGI.

Covidien was spun out of Tyco. The separation from the conglomerate should allow Covidien to operate more efficiently as an independent company, as the Company will not have to compete for capital within its own organization. Covidien's portfolio of healthcare businesses all have strong profitability margins, and demographic trends are on the Company's side. I think COV is worth $59 per share.