The company’s relatively dominant market position has not translated into commensurate success for Pacific Ethanol (NASDAQ: PEIX) investors. Sure, the stock is up 67% in the last year, but the company is valued at just $300 million. That’s well below book value and fails to account for value created from a major debt restructuring agreement announced at the end of 2016. The deal will save $13 million, or $0.31 per share, in annual interest expenses and operating costs. By comparison, the company posted net income of $148,000 last year.