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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 eight stocks mentioned below. Analysts seem moderately optimistic. 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. Atlas Air Worldwide Holdings Inc. (NASDAQ:AAWW): Provides air cargo and outsourced aircraft operating solutions worldwide. Market cap at $1.13B, most recent closing price at $42.85. Shares shorted have decreased from 1.93M to 1.07M over the last month, a decrease which represents about 3.31% of the company's float of 25.99M shares. Days to cover ratio at 4.45 days. PEG at 0.88 and P/FCF at 6.36.

2. Focus Media Holding Ltd. (NASDAQ:FMCN): Operates out-of-home advertising network using audiovisual digital displays in China. Market cap at $3.16B, most recent closing price at $24.41. Shares shorted have decreased from 12.70M to 10.87M over the last month, a decrease which represents about 2.22% of the company's float of 82.49M shares. Days to cover ratio at 6.98 days. PEG at 0.17 and P/FCF at 10.63.

3. Peabody Energy Corp. (NYSE:BTU): Engages in the exploration, mining, and production of coal. Market cap at $6.66B, most recent closing price at $24.80. Shares shorted have decreased from 24.67M to 19.76M over the last month, a decrease which represents about 1.84% of the company's float of 267.26M shares. Days to cover ratio at 2.24 days. PEG at 0.56 and P/FCF at 10.80.

4. Ameristar Casinos Inc. (NASDAQ:ASCA): Operates as a gaming and entertainment company in the United States. Market cap at $670.64M, most recent closing price at $20.44. Shares shorted have decreased from 2.02M to 1.67M over the last month, a decrease which represents about 1.36% of the company's float of 25.83M shares. Days to cover ratio at 5.94 days. PEG at 0.58 and P/FCF at 6.

5. SYNNEX Corp. (NYSE:SNX): Provides distribution and business process outsourcing services to resellers, retailers, and original equipment manufacturers (OEMs). Market cap at $1.22B, most recent closing price at $32.75. Shares shorted have decreased from 3.33M to 3.00M over the last month, a decrease which represents about 1.27% of the company's float of 25.98M shares. Days to cover ratio at 16.57 days. PEG at 0.78 and P/FCF at 4.20.

6. Silicon Motion Technology Corp. (NASDAQ:SIMO): Operates as a fabless semiconductor company. Market cap at $425.93M, most recent closing price at $13.15. Shares shorted have decreased from 1.80M to 1.48M over the last month, a decrease which represents about 1.22% of the company's float of 26.22M shares. Days to cover ratio at 3.76 days. PEG at 0.56 and P/FCF 4.90.

7. Amedisys Inc. (NASDAQ:AMED): Provides home health and hospice services including practical nursing services and physical and occupational therapy. Market cap at $325.49M, most recent closing price at $10.52. Shares shorted have decreased from 3.78M to 3.46M over the last month, a decrease which represents about 1.09% of the company's float of 29.35M shares. Days to cover ratio at 12.19 days. PEG at 0.74 and P/FCF at 5.79.

8. Cooper Tire & Rubber Co. (NYSE:CTB): Together with its subsidiaries, manufactures and markets replacement tires in North America and internationally. Market cap at $1.57B, most recent closing price at $24.96. Shares shorted have decreased from 5.45M to 4.83M over the last month, a decrease which represents about 1.06% of the company's float of 58.52M shares. Days to cover ratio at 4.04 days. PEG at 0.68 and P/FCF at 5.45.

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

Source: 8 Highly Undervalued Stocks With Bullish Short Trends