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The nice thing about consumer stocks is that the company names are often recognizable, and their products are ones that you can see and touch in daily life. Some people prefer to invest in these types of companies because their mission is tangible and easily understood by the type and quality of products they provide. Today we looked for consumer stocks with an interesting combination: those that appear to be trading below perceived market value according to their fundamentals and are poised for growth based upon their EPS projections. As these companies grow, it is likely they will not remain undervalued in the long term. Take a look at our findings to see if any of these companies spark your curiosity.

The PEG ratio (price/earnings to growth ratio) is a valuation metric for determining the relative trade-off between the price of a stock, the earnings generated per share [EPS], and the company's expected growth. In general, the P/E ratio is higher for a company with a higher growth rate. Thus using just the P/E ratio would make high-growth companies appear overvalued relative to others. It is assumed that by dividing the P/E ratio by the earnings growth rate, the resulting ratio is better for comparing companies with different growth rates. A lower ratio is 'better' (cheaper) and a higher ratio is 'worse' (expensive) - a PEG ratio of 1 means the company is fairly priced.

The Price/Sales ratio is a price-multiple valuation metric used to help identify if a firm is cheap by its twelve month trailing sales numbers. In the most basic terms it lets an investor know how much the investment community is willing to pay for every dollars worth of sales. A firm with a P/S ratio of one or lower would be viewed as cheap because investors are paying $1 or less for every dollars worth of a firms sales. On the other hand, a firm is generally considered to be expensive when the P/S ratio is above three. These are general guidelines used by the investment community not hard rules to be clear. Price/Sales Ratio = Current Stock Price/Revenue (sales) per Share

EPS growth (earnings per share growth) illustrates the growth of earnings per share over time. The 5-Year Expected EPS Growth Rate is a long term annual growth estimate, where the growth projections are made by analysts, the company or other credible sources.

We first looked for consumer stocks. We then looked for companies that are undervalued when company growth rate is taken into account (PEG Ratio < 1)(P/S<1). We then looked for businesses that have high future earnings per share growth forecasts (5-year projected EPS Growth Rate>25%). We did not screen out any market caps.

Do you think these stocks should be priced higher? Use our screened list as a starting point for your own analysis.

1) Modine Manufacturing Company (NYSE:MOD)

Sector:Consumer Goods
Industry:Auto Parts
Market Cap:$316.11M

Modine Manufacturing Company has a Price/Earnings to Growth Ratio of 0.38, a Price/Sales Ratio of 0.21, and a 5-Year Projected Earnings Per Share Growth Rate of 36.00%. The short interest was 4.12% as of 08/16/2012. Modine Manufacturing Company engages in the development, manufacture and marketing of heat exchangers and systems for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and to various building, industrial, and refrigeration markets. It offers power train cooling products, including engine cooling modules, radiators, charge-air-coolers, condensers, oil coolers, fan shrouds, and surge tanks; on-engine cooling products comprising exhaust gas recirculation coolers, engine oil coolers, fuel coolers, charge-air-coolers, and intake air coolers; oil coolers consisting of transmission oil coolers and power steering coolers; fuel coolers; and component assemblies and radiators for special applications. The company also provides gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; hydronic products, including commercial fin-tube radiation, cabinet unit heaters, and convectors; roof mounted direct and indirect fired makeup air units; commercial packaged rooftop ventilation units; unit ventilators; single packaged vertical units; geo-thermal heat pumps; precision air conditioning units for data center applications; chillers; ceiling cassettes; and condensing units.

2) Titan International Inc. (NYSE:TWI)

Sector:Consumer Goods
Industry:Rubber & Plastics
Market Cap:$876.67M

Titan International Inc. has a Price/Earnings to Growth Ratio of 0.35, a Price/Sales Ratio of 0.51, and a 5-Year Projected Earnings Per Share Growth Rate of 26.00%. The short interest was 30.00% as of 08/16/2012. Titan International, Inc. and its subsidiaries manufacture and sell wheels, tires, and assemblies for off-highway vehicles used in the agricultural, earthmoving/construction, and consumer markets in the United States. It offers rims, wheels, and tires for use on various agricultural and forestry equipment, including tractors, combines, skidders, plows, planters, and irrigation equipment. The company also provides rims, wheels, and tires for various off-the-road earthmoving, mining, military, and construction equipment, including skid steers, aerial lifts, cranes, graders and levelers, scrapers, self-propelled shovel loaders, articulated dump trucks, load transporters, haul trucks, and backhoe loaders.

3) Tata Motors Ltd. (NYSE:TTM)

Sector:Consumer Goods
Industry:Auto Manufacturers - Major
Market Cap:$11.84B

Tata Motors Ltd. has a Price/Earnings to Growth Ratio of 0.81, a Price/Sales Ratio of 0.37, and a 5-Year Projected Earnings Per Share Growth Rate of 35.00%. The short interest was 0.26% as of 08/16/2012. Tata Motors Limited, an automobile company, engages in the manufacture and sale of commercial and passenger vehicles primarily in India. The company's product portfolio includes micro, compact, and midsize passenger cars; premium and luxury sports utility vehicles and cars; utility vehicles; small, light, intermediate, and medium and heavy commercial vehicles; and defense and homeland security vehicles, as well as vans, trucks, and buses and coaches. It also develops electric and hybrid vehicles for personal and public transportation. In addition, the company is involved in distributing and marketing cars; financing the vehicles sold by dealers; and sale of spare parts and accessories.

4) Toyota Motor Corporation (NYSE:TM)

Sector:Consumer Goods
Industry:Auto Manufacturers - Major
Market Cap:$138.28B

Toyota Motor Corporation has a Price/Earnings to Growth Ratio of 0.40, a Price/Sales Ratio of 0.52, and a 5-Year Projected Earnings Per Share Growth Rate of 43.70%. The short interest was 0.06% as of 08/16/2012. Toyota Motor Corporation engages in the design, manufacture, assembly, and sale of passenger cars, minivans, and commercial vehicles and related parts primarily in Japan, North America, Europe, and Asia. It offers conventional engine vehicles, including subcompact and compact cars under the Corolla, Yaris, micropremium iQ, Passo, Ractis, Vitz, and Etios brand names; mini-vehicles, passenger vehicles, commercial vehicles, and auto parts under the Toyota brand name; mid-size cars under the Camry, REIZ, Avensis, and Mark X brand names; luxury cars under the Lexus and Crown brand names; Century limousines; sports cars under the Scion tC and Lexus brand names; sport-utility vehicles under the Sequoia, 4Runner, RAV4, Highlander, FJ Cruiser, and Land Cruiser brand names; pickup trucks under the Tacoma and Tundra brand names; minivans under the Alphard, Vellfire, Corolla Verso, Wish, Hiace, Regius Ace, Estima, Noah, Voxy, Sienta, Isis, and the Sienna brand names; cab wagons; large, medium, and small trucks; and large, small, and micro-buses. The company also offers hybrid cars primarily under the Prius and Crown brand names.

5) Tenneco Inc. (NYSE:TEN)

Sector:Consumer Goods
Industry:Auto Parts
Market Cap:$1.79B

Tenneco Inc. has a Price/Earnings to Growth Ratio of 0.40, a Price/Sales Ratio of 0.24, and a 5-Year Projected Earnings Per Share Growth Rate of 25.48%. The short interest was 6.34% as of 08/16/2012. Tenneco Inc. designs, manufactures, and sells emission control and ride control products and systems for light, commercial, and specialty vehicle applications worldwide. The company offers emission control systems, such as catalytic converters and diesel oxidation catalysts to reduce harmful gaseous emissions; diesel particulate filters to eliminate particulate matter emitted from diesel engines; burner systems, which combust fuel and air inside the exhaust system; and hydrocarbon vaporizers and injectors. It also provides lean nitrogen oxide traps, selective catalytic reduction systems, and alternative NOx reduction technologies that reduce nitrogen oxide emissions from diesel power trains; mufflers and resonators to provide noise elimination and acoustic tuning; exhaust manifolds that collect gases from individual cylinders of a vehicle's engine and direct them into a single exhaust pipe; pipes to connect various parts of hot and cold ends of an exhaust system; hydro formed assemblies; hangers and isolators used for system installation and elimination of noise and vibration; and after treatment control units.

6) Honda Motor Co., Ltd. (NYSE:HMC)

Sector:Consumer Goods
Industry:Auto Manufacturers - Major
Market Cap:$58.09B

Honda Motor Co., Ltd. has a Price/Earnings to Growth Ratio of 0.42, a Price/Sales Ratio of 0.52, and a 5-Year Projected Earnings Per Share Growth Rate of 34.50%. The short interest was 0.02% as of 08/16/2012. Honda Motor Co., Ltd., together with its subsidiaries, engages in the development, manufacture, and distribution of motorcycles, automobiles, and power products worldwide. Its motorcycle line consists of business and commuter models, as well as sports models, including trial and moto-cross racing; allterrain vehicles; and multi utility vehicles. The company also produces various automobile products, including passenger cars, light trucks, and mini vehicles; and power products comprising tillers, portable generators, general-purpose engines, grass cutters, outboard marine engines, water pumps, snow throwers, power carriers, power sprayers, lawn mowers and lawn tractors, and home-use cogeneration units, as well as thin film solar cells for home, public, and industrial uses.

Company profiles were sourced from Google Finance and Yahoo Finance. Financial data sourced from Finviz.

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