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Telecom Italia SpA (NYSE:TI)
Price/Book: 0.72
Dividend Yield: 3.80%

The Italian fixed-line and mobile phone company also provides Internet services. In addition to its main operations in Italy, the company also generates revenues in Germany, Holland and Latin America. Sales have been generally flat, but the company has been consistently profitable between 2005-09. Based on the most recent SEC 20-F filing, the company generated $2.75 billion in profits from continuing operations and $33.66 billion in sales.

The company could be worth a closer look. In addition to reducing debt, the company aims to accelerate growth in the Brazilian markets, where it grew mobile telephone lines from 36.4 in 2008 to 41.1 million in 2009.

Ameren Corporation (NYSE:AEE)
Price/Book: 0.89
Dividend Yield: 5.40%

The public utility holding company operates in the rate-regulated electric generation business in Illinois and Missouri. While its power generation comes from coal, nuclear, natural gas and hydroelectric, more than 77% of electric generation was fueled by coal at its operations.

Allstate Corporation (NYSE:ALL)
Price/Book: 0.89
Dividend Yield: 2.70%

The insurance company offers a wide range of products, including property and casualty and life insurance. As of December 31, 2009, Allstate had a 9.8% market share in homeowners insurance and a 10.7% market share in private passenger auto insurance.

After trading around $65 per share in 2007, Allstate's stock price dipped to around $15 before rebounding to the current price of $30. Despite the turbulence, the company has shown great discipline and execution as it kept its combined ratio below 100% between 2010 and 2006.

Brookfield Infrastructure Partners (NYSE:BIP)
Price/Book: 0.81
Dividend Yield: 5.50%

A spin-off from Brookfield Asset Management (NYSE:BAM), the company has diverse asset holdings that include utilities (electricity, energy distribution, coal handling), transport and energy (energy transmission, railroad, ports) and timber. Because of the diversity in holdings, the company provides an interesting blend of cash flow stability, industry diversification and global reach.

Brookfield has a residual management agreement with BIP that entitles Brookfield to a management fee of 1.25% of BIP's market value. This provides a significant and well aligned incentive for Brookfield to excel.

Protective Life (NYSE:PL)
Price/Book: 0.70
Dividend Yield: 2.10%

Protective Life traded as high as $50 in early 2008, before trading down to around $3 during the March 2009 lows. Even at the current price of $26.70, it still trades well below book value.

Speedway Motorsport (NYSE:TRK)
Price/Book: 0.76
Dividend Yield: 2.60%

This company has total permanent seating capacity of 870,000 at properties that include Altanta Motor Speedway, Bristol Motor Speedway and Charlotte Motor Speedway. In 2010, the company earned 28% of revenues from admissions, 36% from NASCAR broadcasting, 12% from sponsorships, 16% from other even related businesses, 7% from even and non-even merchandising and 1% from other.

In 2010, revenues totaled $502.24 million. This was a significant drop-off from 2009 revenues of $550.52 million and 2008 revenues of $610.99 million. A large portion of this drop-off can be attributed to sharp declines in admissions revenue.

Source: 6 Deep Value Dividend-Paying Stocks