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The following is a list of undervalued stocks, according to the Price/Cash ratio. In addition, all of these stocks have a large number of open call option positions relative to open put option positions, i.e. bullish options market sentiment.

Yes, this might be a very simplistic way to find undervalued stocks, but the goal here is to give you a starting point for your own analysis.

Options data sourced from Schaeffer's, Price/Cash ratios (most recent quarter values) sourced from Finviz.

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1. ChinaCast Education Corporation (OTCPK:CAST): Education & Training Services Industry. Market cap of $344M. Price/Cash ratio at 2.17. Call open interest at 297 contracts vs. put open interest at 10 (Put/Call ratio at 0.03). The stock has gained 12.72% over the last year.

2. Hilltop Holdings Inc. (NYSE:HTH): Property & Casualty Insurance Industry. Market cap of $538M. Price/Cash ratio at 0.69. Call open interest at 797 contracts vs. put open interest at 32 (Put/Call ratio at 0.04). The stock has lost -23.39% over the last year.

3. Silicon Image, Inc. (NASDAQ:SIMG): Semiconductor Industry. Market cap of $334M. Price/Cash ratio at 1.98. Call open interest at 7,871 contracts vs. put open interest at 531 (Put/Call ratio at 0.07). The stock has gained 40.78% over the last year.

4. RRI Energy, Inc. (RRI): Electric Utilities Industry. Market cap of $1,226B. Price/Cash ratio at 1.46. Call open interest at 48,073 contracts vs. put open interest at 3,748 (Put/Call ratio at 0.08). The stock has lost -49.56% over the last year.

5. YRC Worldwide Inc. (NASDAQ:YRCW): Trucking Industry. Market cap of $320M. Price/Cash ratio at 2.21. Call open interest at 28,330 contracts vs. put open interest at 2,343 (Put/Call ratio at 0.08). The stock has lost -93.79% over the last year.

6. Cloud Peak Energy Inc. (NYSE:CLD): Industrial Metals & Minerals Industry. Market cap of $558M. Price/Cash ratio at 2.24. Call open interest at 715 contracts vs. put open interest at 85 (Put/Call ratio at 0.12).

7. RealNetworks Inc. (NASDAQ:RNWK): Internet Software & Services Industry. Market cap of $407M. Price/Cash ratio at 1.3. Call open interest at 265 contracts vs. put open interest at 32 (Put/Call ratio at 0.12). The stock has lost -25.% over the last year.

8. Alcatel-Lucent (NYSE:ALU): Communication Equipment Industry. Market cap of $6,983B. Price/Cash ratio at 1.11. Call open interest at 137,488 contracts vs. put open interest at 17,300 (Put/Call ratio at 0.13). The stock has lost -31.49% over the last year.

9. Green Plains Renewable Energy, Inc. (NASDAQ:GPRE): Specialty Chemicals Industry. Market cap of $332M. Price/Cash ratio at 1.92. Call open interest at 319 contracts vs. put open interest at 45 (Put/Call ratio at 0.14). The stock has gained 43.61% over the last year.

10. Molina Healthcare Inc. (NYSE:MOH): Health Care Plans Industry. Market cap of $803M. Price/Cash ratio at 1.26. Call open interest at 5,094 contracts vs. put open interest at 754 (Put/Call ratio at 0.15). The stock has gained 29.36% over the last year.

11. Warner Music Group Corp. (NYSE:WMG): Entertainment Industry. Market cap of $716M. Price/Cash ratio at 1.79. Call open interest at 1,336 contracts vs. put open interest at 225 (Put/Call ratio at 0.17). The stock has lost -22.58% over the last year.

12. Alliance One International, Inc. (NYSE:AOI): Tobacco Industry. Market cap of $344M. Price/Cash ratio at 1.39. Call open interest at 1,806 contracts vs. put open interest at 363 (Put/Call ratio at 0.2). The stock has lost -15.75% over the last year.

13. Giant Interactive Group, Inc. (NYSE:GA): Business Services Industry. Market cap of $1,496B. Price/Cash ratio at 2.01. Call open interest at 3,457 contracts vs. put open interest at 722 (Put/Call ratio at 0.21). The stock has lost -11.68% over the last year.

14. Dana Holding Corporation (NYSE:DAN): Auto Parts Industry. Market cap of $1,646B. Price/Cash ratio at 1.55. Call open interest at 20,903 contracts vs. put open interest at 4,399 (Put/Call ratio at 0.21). The stock has gained 64.38% over the last year.

15. EchoStar Corp. (NASDAQ:SATS): Communication Equipment Industry. Market cap of $1,605B. Price/Cash ratio at 1.75. Call open interest at 4,167 contracts vs. put open interest at 955 (Put/Call ratio at 0.23). The stock has lost -1.62% over the last year.

16. Eastman Kodak Co. (EK): Photographic Equipment & Supplies Industry. Market cap of $1,040B. Price/Cash ratio at 0.79. Call open interest at 58,323 contracts vs. put open interest at 13,395 (Put/Call ratio at 0.23). The stock has lost -29.89% over the last year.

17. China Nepstar Chain Drugstore Ltd. (NYSE:NPD): Drug Stores Industry. Market cap of $329M. Price/Cash ratio at 1.94. Call open interest at 690 contracts vs. put open interest at 167 (Put/Call ratio at 0.24). The stock has lost -55.17% over the last year.

18. Celera Corporation (NASDAQ:CRA): Diagnostic Substances Industry. Market cap of $558M. Price/Cash ratio at 1.73. Call open interest at 673 contracts vs. put open interest at 165 (Put/Call ratio at 0.25). The stock has gained 6.08% over the last year.

19. Novell Inc. (NASDAQ:NOVL): Security Software & Services Industry. Market cap of $2,287B. Price/Cash ratio at 2.19. Call open interest at 35,009 contracts vs. put open interest at 8,588 (Put/Call ratio at 0.25). The stock has gained 37.63% over the last year.

20. Dynegy Inc. (NYSE:DYN): Electric Utilities Industry. Market cap of $558M. Price/Cash ratio at 1.11. Call open interest at 168,700 contracts vs. put open interest at 44,298 (Put/Call ratio at 0.26). The stock has lost -58.29% over the last year.

Disclosure: No positions

Source: 20 Undervalued Stocks With Bullish Options Sentiment