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Are you a value investor? Do you also consider sales trends when evaluating a company's stock? One idea is to compare trends in revenue to trends in accounts receivable.

We began by screening for stocks that appear to be undervalued relative to earnings growth, with PEG below 1, and relative to free cash flow, with P/FCF below 15.

We then screened for those with negative trends in revenue relative to accounts receivable, with slower growth in revenue year-over-year than growth in accounts receivable, as well as receivables comprising a larger portion of current assets.

Receivables represent the portion of revenue not yet collected, so the smaller the portion of revenue and current assets, the better.

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 it's time to stay cautious of these stocks? Use the list below as a starting point for your analysis.

1. Boise Inc. (NYSE:BZ): Engages in the manufacture and sale of paper and packaging products. Market cap at $815.9M, most recent closing price at $8.12. Revenue grew by 2.13% during the most recent quarter ($645.18M vs. $631.74M y/y). Accounts receivable grew by 10.1% during the same time period ($267.68M vs. $243.13M y/y). Receivables, as a percentage of current assets, increased from 33.13% to 37.73% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30). PEG at 0.77, and Price/Free Cash flow at 12.50.

The stock currently trades at a 2012 P/E multiple of 11 times versus its peer International Paper (NYSE:IP), which trades at a P/E multiple of 17 times, and yields 2.8%. Boise stock is up 26% in the last year, and now trades close to its 52-week high. Boise stock does not pay a dividend.

Additionally, growth in the paper industry seems weak going into 2013. Since 2004, the average annual revenue growth has been 1.1% with negative growth in the past 2 years. We would recommend that investors take a cautionary look at the fundamentals of the industry before taking a position in Boise.

2. China Unicom (Hong Kong) Limited (NYSE:CHU): Engages in the provision of GSM and WCDMA cellular, and related telecommunications services in the People's Republic of China. Market cap at $39.61B, most recent closing price at $16.81. Revenue grew by 16.44% during the most recent quarter ($63,502M vs. $54,538M y/y). Accounts receivable grew by 33.88% during the same time period ($16,706M vs. $12,478M y/y). Receivables, as a percentage of current assets, increased from 32.85% to 42.03% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30). PEG at 0.92, and Price/Free Cash flow at 3.54.

China Unicom is expected to offer the iPhone 5 to its subscribers, which could potentially add to revenue growth. Given that the company has not provided much detail on the issue, we would watch the progress closely before making an investment in the company.

3. Cresud Sociedad An (NASDAQ:CRESY): Engages in the production of basic agricultural commodities in Brazil and other Latin American countries. Market cap at $457.96M, most recent closing price at $9.13. Revenue grew by 2.68% during the most recent quarter ($753.23M vs. $733.57M y/y). Accounts receivable grew by 55.3% during the same time period ($959.14M vs. $617.6M y/y). Receivables, as a percentage of current assets, increased from 26.84% to 46.56% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30). PEG at 0.73, and Price/Free Cash flow at 3.55.

The bigger question for investors is if they should invest in Argentinean stocks in 2013? Additionally, 2012 was a tough year for farmers that suffered a drop in production due to adverse weather conditions. The macro economy and the industry warrants a deep analysis before investing in Cresud Sociedad.

4. Dice Holdings, Inc. (NYSE:DHX): Provides online recruiting and career development services. Market cap at $560.62M, most recent closing price at $9.40. Revenue grew by 2.65% during the most recent quarter ($48.04M vs. $46.8M y/y). Accounts receivable grew by 30.43% during the same time period ($21.86M vs. $16.76M y/y). Receivables, as a percentage of current assets, increased from 17.52% to 29.% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30). PEG at 0.81, and Price/Free Cash flow at 11.92.

The biggest challenge for Dice Holdings is the deep competition in an industry which has lacked consistent growth since 2007. Given the weak macro environment for employment, we encourage investors to do a detailed analysis on the potential growth of the staffing and outsourcing industry in addition to looking at the fundamentals of the company.

5. Global Partners LP (NYSE:GLP): Engages in the wholesale and commercial distribution of refined petroleum products and natural gas, and provides ancillary services in the United States and internationally. Market cap at $784.77M, most recent closing price at $28.61. Revenue grew by 22.61% during the most recent quarter ($4,617.19M vs. $3,765.76M y/y). Accounts receivable grew by 55.07% during the same time period ($681.72M vs. $439.61M y/y). Receivables, as a percentage of current assets, increased from 37.95% to 48.73% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30). PEG at 0.47, and Price/Free Cash flow at 8.82.

The company recently announced that it has raised its fourth quarter 2012 cash distribution to 57 cents per unit representing an increase of 7% sequentially and 14% year over year. Is this already priced in the fundamentals of the company? We would recommend looking for long-term fundamental growth in the story instead of a short-term catalyst for the stock.

6. HCA Holdings, Inc. (NYSE:HCA): Offers healthcare services in the United States. Market cap at $16.31B, most recent closing price at $36.95. Revenue grew by 11.08% during the most recent quarter ($8,062M vs. $7,258M y/y). Accounts receivable grew by 17.15% during the same time period ($4,598M vs. $3,925M y/y). Receivables, as a percentage of current assets, increased from 58.64% to 63.23% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30). PEG at 0.46, and Price/Free Cash flow at 10.6.

Additionally, we encourage investors to analyze the potential future of HCA Holdings in the midst of Obamacare, which will increase the coverage of the uninsured in 2014. Also, the stock is up 80% in the last year. Is the upside over? HCA Holding's history of poor profit margins might signal a weak stock performance in 2013, and beyond.

7. Navios Maritime Holdings Inc. (NYSE:NM): Operates as a seaborne shipping and logistics company in Greece. Market cap at $378.99M, most recent closing price at $3.70. Revenue grew by -5.68% during the most recent quarter ($163.94M vs. $173.81M y/y). Accounts receivable grew by 3.78% during the same time period ($154.02M vs. $148.41M y/y). Receivables, as a percentage of current assets increased from 36.16% to 40.67% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30). PEG at 0.83, and Price/Free Cash flow at 13.08.

We urge investors to focus on the company's performance in 2013. Navios is expected to report a loss of $0.41 per share in 2013. Additionally, although many of its vessels are on long-term contracts, five of its contracts will expire in 2013, and will need a favorable price negotiation. Six more contracts expire in 2014. We need to be comfortable with the long-term growth story of the company before investing in the company.

8. Tesoro Corporation (NYSE:TSO): Engages in refining and marketing petroleum products in the United States. Market cap at $5.97B, most recent closing price at $42.49. Revenue grew by 8.33% during the most recent quarter ($8,776M vs. $8,101M y/y). Accounts receivable grew by 37.86% during the same time period ($1,584M vs. $1,149M y/y). Receivables, as a percentage of current assets, increased from 27.28% to 32.62% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30). PEG at 0.83, and Price/Free Cash flow at 13.08.

The stock trades at a forward P/E multiple of 6.7 times versus its competitor Valero Energy (NYSE:VLO) which trades at a forward P/E multiple of 8 times. Tesoro stock is trading around $45 versus its 52-week high of $45.44. The stock is up 82% in the past 52-weeks, and yields 1.3%. Valero Energy stock is up 60% in the past 52-weeks and yields 2.1%. Will the troubling sales trends of Tesoro be reflected in 2013 and beyond?

9. Ternium S.A. (NYSE:TX): Engages in manufacturing and processing a range of flat and long steel products for construction, home appliances, capital goods, container, food, energy, and automotive industries. Market cap at $4.74B, most recent closing price at $23.64. Revenue grew by -10.48% during the most recent quarter ($2,197.95M vs. $2,455.18M y/y). Accounts receivable grew by -3.58% during the same time period ($956.21M vs. $991.74M y/y). Receivables, as a percentage of current assets, increased from 17.76% to 26.03% during the most recent quarter (comparing 3 months ending 2012-09-30 to 3 months ending 2011-09-30). PEG at 0.80, and Price/Free Cash flow at 13.22.

Ternium S.A. lies in an industry with intense competition from companies such as Arcelor Mittal (NYSE:MT), and Tenaris S.A. (NYSE:TS). In a cyclical industry such as Steel and Iron, strong fundamentals, and being an industry leader supports long-term growth. Investors should be comfortable with the company's position in the industry before investing in the name.

*Accounting data sourced from Google Finance, all other data sourced from Finviz.

Source: 9 Undervalued Stocks With Troubling Sales Trends