With the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) continuing to be sold off today, value would appear to be increasingly available for investors.
At lunchtime on Tuesday the index was trading down 1.2% at 5,059 points. With investors globally becoming increasingly nervous at the impending rate hike decision by the US Federal Reserve, it would seem likely that the market will once again test the 5,000 point level.
The broad based selling has taken many leading blue chip stocks with it, including the following five which all touched new 52-week lows on Monday and have experienced further, fresh lows today.
At current levels, investors may see long-term value in acquiring at least some of these leading businesses…
Australia and New Zealand Banking Group (ASX: ANZ) – a new low of $25.01 has been reached in intra-day trading today. Based on analyst consensus data, ANZ can be purchased on a forward price-to-earnings (PE) ratio of less than 10 times and with a fully franked dividend yield of over 7%!
BHP Billiton Limited (ASX: BHP) – a new low of $21.27 has been touched today. That's a level not seen since the global financial crisis however given the forecast for a significant decline in earnings even at these levels the stock may be better off avoided.
National Australia Bank Ltd. (ASX: NAB) – a new low of $27.51 has been reached today. With earnings forecast to grow, the stock is trading on a PE and yield of around 11 times and 7% respectively.
Telstra Corporation Ltd (ASX: TLS) – has retested its $5.20 low today. This perennial favourite amongst self-managed super funds (SMSF) investors is currently trading on a prospective PE and yield of just under 15 times and 6% respectively.
Woolworths Limited (ASX: WOW) – a new low of $23.34 has been reached today. Australia's largest retailer continues to come under selling pressure but at these levels the stock could arguably be attractive with it trading on a forecast PE of just under 17 times and with a fully franked yield of nearly 5%.