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Everyone loves to find a bargain. Whether it is sale fruit at the grocery or closeout tools at a discount store, no one wants to miss out on a special deal. There are a lot of bargain hunters on Wall Street as well, and deals can be found that offer reasonable prices for investment in good companies. A few of the stocks that can be found in the bargain bin on Wall Street are El Paso Corp (EP), Navistar International Corp (NYSE:NAV), Federal-Mogul Corp (NASDAQ:FDML), WebMD Health Corp (NASDAQ:WBMD) and Applied Materials Inc. (NASDAQ:AMAT), based off of a relative value analysis. Use this analysis as a starting point for your own research.

El Paso Corp

The energy sector is known for affordable stock, and El Paso is a perfect example. This Texas-based company deals in the exploration, production and transportation of natural gas. Founded in 1928, the company has a market cap of $20.75 billion and a forward P/E of 21.52, paying a dividend of $0.04 with a yield of 0.10%.

Although the EP stock price has climbed steadily for the past year, it took a big jump in October when Kinder Morgan Inc (NYSE:KMI) announced that it was launching a $21 billion takeover of El Paso. At $26.90 per share, this may be difficult to sustain in the long term, but with the 50-day and 200-day moving averages trending upward, the interest generated by the KMI takeover may allow investors to post gains during its climb.

Navistar International Corp

One of the top brands in its industry, Navistar makes and sells trucks for both military and commercial applications. In addition, the company deals with buses, recreational vehicles, diesel engines, chassis and other parts and service for heavy machinery. The company has a market cap of $2.85 billion and levered free cash flow of $124.88 million.

While Navistar is currently tight when considering its cash reserves, the future looks very good. With a year-to-year revenue growth of 28.20% and a quarterly earnings growth of an impressive 479.50%, the stock seems to be reacting favorably to news that Navistar received an $880 million contract with U.S. Marine Corp to upgrade 2,717 MaxxPro vehicles with its rolling chassis solution. This contract will likely send NAV stock prices higher, and its one-year target of $56.64 (a 40% increase of its $40.55 current price) suggests that investors should look to move now in order to realize maximum profit potential.

WebMD Health Corp

A company with a dominating web presence stumbles and catches the attention of a corporate raider who decides to start positioning for a takeover bid. While it sounds like the script of a new Hollywood movie, it is really a snapshot of events for WebMD. The company controls the healthcare information world on the Internet. Trading near the bottom of its 52-week range of $25.01 - $58.55, WebMD's fortunes began to sag as the entire medical market has suffered.

The company's stock has slumped, losing over half its May 2011 value. Billionaire investor Carl Icahn started buying WBMD stock, now holding more than 10%. Although the board has attempted to sell the company, it rejected overtures from Icahn. The company still has potential (as evidenced by its forward P/E of 57.89 and its PEG ratio of 1.36. Although it has a long way to go before it recovers, WBMD is trading well below its moving averages and this bargain could turn a handsome profit when the medical industry regains its momentum.

Federal-Mogul Corp

Dipping into the sub-$20 price range, bargain prices become a product of not only the share price, but also its value. While the verdict is still out, some recent moves by Carl Icahn suggest that Federal-Mogul Corp has a chance to be a good deal. FDML, a Michigan-based original equipment manufacturer for the automotive industry, is a compelling company based largely on the presence of Icahn. Now the company's non-executive Board Chairman, Icahn has bought Federal-Mogul stock 20 times since August. Although the company has been extremely bearish, this move and other information suggest that a big change is coming.

Competing with companies like Dana Holding Corp, (NYSE:DAN) Federal-Mogul is holding its own in some key statistics. The forward P/E of FDML is almost identical to the 7.67 of DAN and its Price/Book ratio of 1.18 compares with the 2.11 of its competitor. Its EPS of 1.96 is also higher than the 0.64 of Dana. With slightly improving metrics and a target price as high as $19.00 per share, joining Carl Icahn and taking a position in FDML while the stock is at a bargain price could be a great idea.

Applied Materials Inc

Swinging over into the tech sector, Applied Materials Inc represents the lowest-priced stock in this bargain bin search. Currently trading around $12.00 per share, this California-based provides manufacturing equipment, services, and software to the electronics industry. The $15.28 billion market-cap cutie is showing some solid statistics and recent equipment improvements has it primed to climb.

Applied Materials has a number of enticing stats. Perched on a hefty $1.60 billion in levered free cash flow, the company offers a return on equity of 23.58%. Another positive sign of improvement is that the forward P/E of 10.63 of the company outpacing its trailing P/E of 8.36. With analysts upgrading the rating of AMAT to a buy, it's not surprising to see that 80.50% of its available stock is held by institutions.

Going Bargain Shopping on Wall Street

Getting a deal on the stock market is a lot like shopping in a department store. While there are plenty of low prices to be found, not everything is a great purchase. Even still, hitting the bargain bin when buying stocks can bring some impressive options, such as those found with El Paso Corp, Navistar International Corp, Federal-Mogul Corp, WebMD Health Corp and Applied Materials Inc.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 5 Very Cheap Stocks Hiding In Plain Sight