As of yesterday’s market close the shares of Coca-Cola Amatil Ltd (ASX: CCL) had fallen to a low of $8.53. That’s over 8% lost since the start of the year and into what I would consider bargain territory.

Coca-Cola Amatil is one of those shares that when it is down it has to be snapped up – in my opinion. Especially when you take into account all the great things it has going for it in both the short and long term.

At the moment the company’s sales are predominantly made in the Australian market, however there are notable and growing operations in overseas markets. The two other regions it operates in are New Zealand and Fiji which represent 11% of total sales, and Indonesia and Papua New Guinea which accounts for 19% of total sales, as of the last company filings.

The combination of a rapid rise in the Indonesian middle class and a stronger Indonesian rupiah should help the company further accelerate revenue growth in the Indonesia and Papua New Guinea market. For the first half of fiscal 2015, Coca-Cola Amatil produced revenue of $486.1 million, compared with $432.5 million a year in this market in the equivalent half.

This whopping 12.4% year-over-year improvement could prove to be the start of something even bigger. Considering the combined population of Indonesia and Papua New Guinea is estimated to be around 265 million and growing, there’s a strong chance that one day it could become Coca-Cola Amatil’s biggest market.

The coffee and alcohol segment just keeps getting stronger also. Most recently it posted an increase of 30.4% year over year. This should get a further boost now too, as the 10-year agreement that commenced in July 2015 with Beam Suntory (Maker of Jim Beam Bourbon amongst many others) has fully integrated the entire Beam Suntory spirits range into the company’s existing portfolio.

Coca-Cola Amatil is trading on an estimated forward price to earnings ratio of 16. This makes it look quite cheap compared to its Consumer Staples peers Treasury Wine Estates Ltd  (ASX: TWE) and Bega Cheese Ltd  (ASX: BGA) with their forward price to earnings ratios of 29 and 36 respectively.

Finally, the company’s dividend is yielding 5% at present. Although it isn’t fully-franked, it still yields a tax adjusted 3.6% which will be an added bonus on top of probable capital gains for shareholders.

All in all, the shares of Coca-Cola Amatil do look like a bargain right now when you consider the relative valuation and growth prospects the company holds. Grab them whilst you still can!

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Forget BHP and Woolworths. This "dirt cheap" company is growing like gangbusters, and trading on a 5.6% dividend yield, FULLY FRANKED (8% gross). With interest rates set to stay at these low levels for years to come, for hungry investors, including SMSFs, this ASX company could be the "holy grail" of dividend plays for 2016.

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Motley Fool contributor Tom Richardson has no position in any stocks mentioned.

You can find Tom on Twitter @tommyr345

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.