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Do you consider yourself a value investor? If so, we ran a screen looking for potentially undervalued dividend stocks you may be interested in.

We began by screening for dividend stocks: those paying dividend yields above 2% and sustainable payout ratios below 50%. We then screened for those that have outperformed the market over the last quarter, with quarterly performance above 10%.

Finally, we screened that universe for those that appear undervalued relative to the Graham Number. The Graham Number is a measure of maximum fair value created by the "godfather of value investing" Benjamin Graham.

It is based on a stock's EPS and book value per share (BVPS).

Graham Number = SQRT(22.5 x TTM EPS x MRQ BVPS)

The equation assumes that P/E should not be higher than 15 and P/BV should not be higher than 1.5. Stocks trading well below their Graham Number may be undervalued.

For an interactive version of this chart, click on the image 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.

1. SeaCube Container Leasing Ltd. (BOX-OLD): Operates as a container leasing company worldwide. Market cap at $469.51M, most recent closing price at $23.14. Diluted TTM earnings per share at 2.29, and a MRQ book value per share value at 12.14, implies a Graham Number fair value = sqrt(22.5*2.29*12.14) = $25.01. Based on the stock's price at $20.3, this implies a potential upside of 23.2% from current levels. Dividend yield at 5.2%, payout ratio at 46%. Performance over the last quarter at 25%.

2. Fidelity National Financial, Inc. (FNF): Provides title insurance, mortgage services, specialty insurance, and information services in the United States. Market cap at $5.87B, most recent closing price at $26.05. Diluted TTM earnings per share at 2.81, and a MRQ book value per share value at 18.68, implies a Graham Number fair value = sqrt(22.5*2.81*18.68) = $34.37. Based on the stock's price at $25.91, this implies a potential upside of 32.64% from current levels. Dividend yield at 2.5%, payout ratio at 23%. Performance over the last quarter at 13.36%.

3. Huntsman Corporation (HUN): Engages in the manufacture and sale of differentiated organic and inorganic chemical products worldwide. Market cap at $4.26B, most recent closing price at $17.82. Diluted TTM earnings per share at 2.11, and a MRQ book value per share value at 8.79, implies a Graham Number fair value = sqrt(22.5*2.11*8.79) = $20.43. Based on the stock's price at $17.56, this implies a potential upside of 16.33% from current levels. Dividend yield at 2.24%, payout ratio at 18.9%. Performance over the last quarter at 12.15%.

4. Kronos Worldwide Inc. (KRO): Engages in the production and marketing of titanium dioxide pigments in North America and Europe. Market cap at $2.24B, most recent closing price at $19.30. Diluted TTM earnings per share at 2.78, and a MRQ book value per share value at 9.63, implies a Graham Number fair value = sqrt(22.5*2.78*9.63) = $24.54. Based on the stock's price at $19.49, this implies a potential upside of 25.93% from current levels. Dividend yield at 3.11%, payout ratio at 21.59%. Performance over the last quarter at 29%.

5. Lexmark International Inc. (LXK): Develops, manufactures, and supplies printing and imaging solutions for offices. Market cap at $1.83B, most recent closing price at $28.32. Diluted TTM earnings per share at 2.37, and a MRQ book value per share value at 20.01, implies a Graham Number fair value = sqrt(22.5*2.37*20.01) = $32.67. Based on the stock's price at $27.95, this implies a potential upside of 16.87% from current levels. Dividend yield at 4.2%, payout ratio at 45%. Performance over the last quarter at 32%.

6. NL Industries Inc. (NL): Operates in the component products industry in the United States, Canada, and Taiwan. Market cap at $636.6M, most recent closing price at $13.08. Diluted TTM earnings per share at 1.58, and a MRQ book value per share value at 7.81, implies a Graham Number fair value = sqrt(22.5*1.58*7.81) = $16.66. Based on the stock's price at $12.73, this implies a potential upside of 30.89% from current levels. Dividend yield at 3.82%, payout ratio at 31.63%. Performance over the last quarter at 20%.

7. Susquehanna Bancshares, Inc. (SUSQ): Provides retail and commercial banking, and financial services in the mid-Atlantic region. Market cap at $2.12B, most recent closing price at $11.39. Diluted TTM earnings per share at 0.66, and a MRQ book value per share value at 13.86, implies a Graham Number fair value = sqrt(22.5*0.66*13.86) = $14.35. Based on the stock's price at $11.22, this implies a potential upside of 27.87% from current levels. Dividend yield at 2.46%, payout ratio at 25%. Performance over the last quarter at 13%.

8. Safeway Inc. (SWY): Operates as a food and drug retailer in North America. Market cap at $4.51B, most recent closing price at $18.84. Diluted TTM earnings per share at 2.11, and a MRQ book value per share value at 11.6, implies a Graham Number fair value = sqrt(22.5*2.11*11.6) = $23.47. Based on the stock's price at $18.64, this implies a potential upside of 25.9% from current levels. Dividend yield at 3.7%, payout ratio at 31%. Performance over the last quarter at 16.5%.

9. The Washington Post Company (WPO): Operates as a diversified education and media company in the United States and internationally. Market cap at $2.82B, most recent closing price at $382.01. Diluted TTM earnings per share at 31.68, and a MRQ book value per share value at 358.19, implies a Graham Number fair value = sqrt(22.5*31.68*358.19) = $505.29. Based on the stock's price at $380.17, this implies a potential upside of 32.91% from current levels. Dividend yield at 2.6%, payout ratio at 36%. Performance over the last quarter at 11.9%.

*EPS and BVPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 9 Outperforming Dividend Stocks Undervalued By The Graham Number