If you think you can build an accurate cash flow model from which to value Layne Christensen (NASDAQ:LAYN), good luck. Here's what you have to figure out -- future demand for water infrastructure projects, future demand for mineral development projects, and future prices of natural gas (not to mention drilling success). Successfully mastering one of those, let alone all three, would make you a good analyst.

While the reported numbers at Layne were gaudy in its fiscal first quarter, underlying performance was a bit more sedate in some respects. Water revenue was up more than 83%, but a huge chunk of that came from an acquisition. By my math, organic growth in this segment was more on the order of the very high single digits, with income growing a bit slower than that. And though backlogs remain strong, project delays still appear to be an issue.

Elsewhere, things seem a bit more straightforward. Revenue in the minerals business was up 10%, and segment income rose nearly 22%. In the energy business, production more than doubled from last year's level, and revenue came close to tripling.

I am by nature a big fan of pick-and-shovel plays -- that is, let a company like Layne Christensen sell the shovels and let the miners beat each other over the head with them. (Thanks to Fool buddy Seth Jayson for that quote, by the way.) Now, Layne doesn't exactly sell shovels, but I think the basic idea is still in play -- it is a facilitator of those who wish to operate in the water and mineral markets.

If you think companies like Aqua America (NYSE:WTR) and Franklin Electric (NASDAQ:FELE) are good plays on the need to upgrade America's water infrastructure, Layne deserves consideration. If you think companies like Rio Tinto (NYSE:RTP) and Newmont (NYSE:NEM) will continue looking for more gold and mineral prospects, Layne might be worth thinking about. And don't forget that coal-bed-methane kicker as well.

Now, at the risk of pulling an abrupt about-face on you, I'll say there's more to an investment than an attractive hook. Layne Christensen has never really produced strong returns on invested capital, and that shouldn't be ignored. After all, a hook is usually only as valuable as the angler using it.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).