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When a company trades for less than its book value, it could mean that the company is undervalued. Here are four companies with market capitalizations of more than $10 billion that can currently be bought for close to their book value.

1) Alcoa (AA): Alcoa is the world's leading producer of primary aluminum and fabricated aluminum. It is also the world's largest miner of bauxite and refiner of alumina. Alcoa currently trades at a P/B of 0.8 and a forward P/E of 10.7. The stock trades for $10.03 with a 52-week range of $8.45-$18.47.

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2) Valero Energy Corporation (VLO): Valero is the world's largest independent petroleum refiner and marketer. It operates 16 refineries and 10 ethanol plants. Valero currently trades at a P/B of 0.9 and a forward P/E of 6.1. The stock trades for $26.65 with a 52-week range of $16.40-$31.12.

3) Chesapeake Energy Corporation (CHK): Chesapeake is the second largest producer of natural gas and a leading producer of oil and natural gas liquids. Chesapeake currently trades at a P/B of 1.1 and a forward P/E of 7.5. The stock trades for $23.21 with a 52-week range of $20.41-$35.75.

4) Xerox Corp. (XRX): Xerox is a leader in document-production and document-management equipment. Xerox trades at a P/B of 0.9 and a forward P/E of 6.4. The stock trades for $8.13 with a 52-week range of $6.55-$11.03.

A company trading near it's book value could be undervalued, but P/B is only one part of the valuation process.

Source: 4 Large Caps Trading Near Their Book Value