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Do you consider yourself a value investor? For ideas on how to start your own value search, we ran a screen.

We began by screening for stocks that appear undervalued to both earnings growth and free cash flow, with PEG below 1 and P/FCF below 15. These are both considered fair value ratios for most stocks, so ratios below these numbers indicate that the stock may be undervalued.

We then screened for those also seeing bullish trends in shares shorted month-over-month, with significant decreases in shares shorted representing at least 2% of share float.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

List sorted by decrease in shares shorted as a percent of share float.

1. Meredith Corp. (NYSE:MDP): Engages in magazine publishing and related brand licensing, television broadcasting, integrated marketing, interactive media, and video production businesses in the United States. Market cap at $1.38B, most recent closing price at $31.11. Shares shorted have decreased from 7.57M to 6.94M over the last month, a decrease that represents about 2.07% of the company's float of 30.42M shares. Days to cover ratio at 23.95 days. PEG at 0.87, and Price/Free Cash flow at 14.88.

2. InterDigital, Inc. (NASDAQ:IDCC): Engages in the design and development of digital wireless technology solutions. Market cap at $1.76B, most recent closing price at $42.95. Shares shorted have decreased from 6.99M to 6.24M over the last month, a decrease that represents about 2.01% of the company's float of 37.40M shares. Days to cover ratio at 9.42 days. PEG at 0.38, and Price/Free Cash Flow at 7.04.

3. Apollo Group Inc. (NASDAQ:APOL): Provides educational programs and services at the undergraduate, master's, and doctoral levels. Market cap at $2.2B, most recent closing price at $19.58. Shares shorted have decreased from 16.56M to 14.98M over the last month, a decrease that represents about 1.6% of the company's float of 98.90M shares. Days to cover ratio at 6.01 days. PEG at 0.83, and Price/Free Cash flow at 5.05.

4. Logitech International SA (NASDAQ:LOGI): Designs, manufactures, and markets hardware and software products that enable digital navigation, music and video entertainment, gaming, social networking, audio, and video communication over the Internet, video security, and home-entertainment control. Market cap at $1.35B, most recent closing price at $7.03. Shares shorted have decreased from 28.34M to 26.22M over the last month, a decrease that represents about 1.46% of the company's float of 145.24M shares. Days to cover ratio at 39.58 days. PEG at 0.95, and Price/Free Cash Flow at 9.21.

5. CACI International Inc. (NYSE:CACI): Provides information technology ((NYSE:IT)) and professional services to the U.S. Market cap at $1.21B, most recent closing price at $52.95. Shares shorted have decreased from 4.38M to 4.12M over the last month, a decrease that represents about 1.26% of the company's float of 20.59M shares. Days to cover ratio at 13.31 days. PEG at 0.66, and Price/Free Cash Flow at 4.70.

*Short data sourced from Yahoo Finance, all other data sourced from Finviz.

Source: 5 Highly Undervalued Stocks With Bullish Short Trends