alues. Many have written down their assets significantly over the past year so a lot of the risk to book values is gone. Based on this alone, the following are the lowest priced relative to book values: ANR - 0.30 James River Coal (JRCC) - 0.32 ACI - 0.43 BTU - 1.12 WLT - 1.56 ANR and JRCC appear to be the cheapest. ANR has legacy issues with their purchase of Massey Energy back in 2011, which may continue to be a headwind for them, but that is most likely priced into the stock. JRCC is a very risk company operating at huge operating losses, but their cash flows are still ok and could warrant a look. The safest pick would be BTU, which has managed to increase book value and maintain profitability throughout this downturn. However, a risk taker should look closely at ANR. Most sectors / industries that go through bottoming processes tend to have sharp pullbacks in a series of higher lows. This one appears to be no different. It has recently gone through a pullback and appears poised to make another run. Keep your support levels in mind when taking a position, but right now the risk reward looks excellent. 1,185 people decided to get JRCC articles by email alert Get email alerts on JRCC »