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Looking for stocks with the safety of value and the exciting possibility for growth? If so, here are some ideas to get started on your search.

We ran a screen on high-growth stocks (with projected 5-year EPS growth above 20%) for those also trading at the steepest discounts to their Graham numbers, potentially indicating that they are undervalued.

The Graham Number was created by the "godfather of value investing" Benjamin Graham as a calculation for maximum fair value. It is based off of 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.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks will outperform? Use this list as a starting point for your own analysis.

List sorted by potential upside implied by the Graham Number.

1. Oplink Communications Inc. (NASDAQ:OPLK): Designs, manufactures, and sells optical networking components and subsystems worldwide. Market cap of $364.62M. Analyst projected EPS growth over the next 5 years at 26.0%. TTM Diluted EPS at $2.11, MRQ Book Value Per Share at $14.59, Graham number at $26.32 (vs. current price at $19.00, implies a potential upside of 38.52%). The stock has had a couple of great days, gaining 10.7% over the last week.

2. Cohu, Inc. (NASDAQ:COHU): Engages in the development, manufacture, sale, and servicing of test handling and burn-in related equipment, and thermal sub-systems for the semiconductor industry worldwide. Market cap of $317.70M. Analyst projected EPS growth over the next 5 years at 27.0%. TTM Diluted EPS at $1.00, MRQ Book Value Per Share at $12.11, Graham number at $16.51 (vs. current price at $13.06, implies a potential upside of 26.39%). The stock has had a couple of great days, gaining 9.86% over the last week.

3. Integrated Device Technology, Inc. (NASDAQ:IDTI): Designs, develops, manufactures, and markets a range of integrated circuits for communications, computing, and consumer industries worldwide. Market cap of $923.33M. Analyst projected EPS growth over the next 5 years at 34.80%. TTM Diluted EPS at $0.64, MRQ Book Value Per Share at $4.33, Graham number at $7.90 (vs. current price at $6.48, implies a potential upside of 21.86%). The stock has had a couple of great days, gaining 13.24% over the last week.

4. Pacific Capital Bancorp (NASDAQ:PCBC): Provides a range of commercial and consumer banking services to households, professionals, and businesses primarily in the central coast of California. Market cap of $945.50M. Analyst projected EPS growth over the next 5 years at 46.50%. TTM Diluted EPS at $2.33, MRQ Book Value Per Share at $22.64, Graham number at $34.45 (vs. current price at $28.33, implies a potential upside of 21.61%). The stock is a short squeeze candidate, with a short float at 14.36% (equivalent to 30.29 days of average volume). The stock has had a good month, gaining 10.42%.

5. MetroPCS Communications, Inc. (PCS): A wireless telecommunications carrier, together with its subsidiaries, provides wireless broadband mobile services in the United States. Market cap of $3.07B. Analyst projected EPS growth over the next 5 years at 25.76%. TTM Diluted EPS at $0.61, MRQ Book Value Per Share at $7.81, Graham number at $10.35 (vs. current price at $8.53, implies a potential upside of 21.38%). The stock has lost 33.39% over the last year.

6. Baker Hughes Incorporated (NYSE:BHI): Supplies wellbore related products, and technology services and systems for drilling, formation evaluation, completion and production, and reservoir technology and consulting to the oil and natural gas industry worldwide. Market cap of $20.71B. Analyst projected EPS growth over the next 5 years at 27.88%. TTM Diluted EPS at $4.03, MRQ Book Value Per Share at $35.62, Graham number at $56.83 (vs. current price at $47.02, implies a potential upside of 20.87%). The stock has lost 18.16% over the last year.

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

Source: 6 High Growth Stocks Undervalued By The Graham Number