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Do you like to search for stocks that you believe are trading below their fair value? If so, here's a list you might find interesting.

We ran a screen on stocks trading under $5 for those that may be undervalued, based on the ratio levered free cash flow/enterprise value.

Levered free cash flow is the free cash flow after deducting interest payments on outstanding debt. Enterprise value is the sum of the firm's value from all ownership sources: market cap, outstanding debt, and preferred shares. The higher the ratio, the more undervalued the company appears.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six 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 are being underestimated? Use this list as a starting point for your own analysis.

1. Cedar Shopping Centers Inc. (CDR): Engages in the ownership, operation, development and redevelopment of supermarket-anchored community shopping centers and drug store-anchored convenience centers in the United States. Price at $4.87. Levered free cash flow at $210.55M vs. enterprise value at $1.16B (implies a LFCF/EV ratio at 18.15%).

2. Corinthian Colleges Inc. (COCO): Operates as a post-secondary career education company in the United States and Canada. Price at $4.28. Levered free cash flow at $84.20M vs. enterprise value at $462.79M (implies a LFCF/EV ratio at 18.19%).

3. Crown Media Holdings Inc. (CRWN): Owns and operates pay television channels in the United States and Puerto Rico. Price at $1.31. Levered free cash flow at $178.21M vs. enterprise value at $926.46M (implies a LFCF/EV ratio at 19.24%).

4. Shanda Games Limited (GAME): Engages in the development and operation of online games in the People's Republic of China. Price at $4.31. Levered free cash flow at $213.01M vs. enterprise value at $927.58M (implies a LFCF/EV ratio at 22.96%).

5. GenOn Energy, Inc. (GEN): Operates as a generator of wholesale electricity in the United States. Price at $2.53. Levered free cash flow at $849.50M vs. enterprise value at $3.96B (implies a LFCF/EV ratio at 21.45%).

6. Limelight Networks, Inc. (LLNW): Provides content delivery network services in North America, Europe, the Middle East, Africa, and the Asia Pacific. Price at $3.54. Levered free cash flow at $39.60M vs. enterprise value at $231.59M (implies a LFCF/EV ratio at 17.1%).

7. Nevsun Resources Ltd. (NSU): Engages in the acquisition, exploration, development, and production of mineral properties. Price at $3.82. Levered free cash flow at $106.67M vs. enterprise value at $571.34M (implies a LFCF/EV ratio at 18.67%).

8. United Online, Inc. (UNTD): Provides consumer products and services over the Internet, primarily in the United States and internationally. Price at $4.75. Levered free cash flow at $78.46M vs. enterprise value at $559.57M (implies a LFCF/EV ratio at 14.02%).

9. Vonage Holdings Corporation (VG): Provides voice and messaging services over broadband networks to residential, small office, and home office customers primarily in the United States, Canada, and the United Kingdom. Price at $2.15. Levered free cash flow at $60.63M vs. enterprise value at $526.02M (implies a LFCF/EV ratio at 11.53%).

*/FCF/EV data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 9 Stocks Under $5 Undervalued By Levered Free Cash Flows