 It has been good to recently identify some new double-nets companies trading at between one and two times net current asset value, or NCAV as the ranks that comprise one of my favorite small-value hunting grounds have been quite small in recent years. Graham Corp. , which makes vacuum and heat transfer equipment, currently trades at 1.64x NCAV. Shares have been hammered year to date down 45 due to the economic slowdown, but the company put up better-than-expected fourth-quarter numbers in June; it reported earnings per share of six cents, well ahead of the consensus expectation of a loss of 17 cents. 