Whether you actively count your pennies when you buy stocks, or you’re happy to pay up for quality, there’s no questioning that some stocks are better value than others. Determining value isn’t always easy, and there’s a huge grey area when it comes to ranking stocks by the best value for money.

Furthermore, investors can struggle to determine if the price they’re paying is low enough to account for the potential risks they might be taking in buying a stock.

Here are three solid businesses that I feel are attractive already, but would be outstanding value if they fell 10% further:

CSL Limited (ASX: CSL) – this biotech company has been outrageously successful since it listed on the ASX back in the 1990’s. Today, most of the big gains are off the table and the company is facing competition in some key areas which may have an impact going forwards. However, CSL remains an attractive investment due to its strong balance sheet and high levels of free cash flow that are reinvested in the development of new, life-saving products. Naturally, these are some of the easiest products to sell, CSL’s products also have great margins as well as high levels of recurring demand.

With good exposure to tailwinds such as an ageing population and enviable foreign currency diversification, CSL Limited would be outstanding value if it fell to $92.

Greencross Limited (ASX: GXL) – this vet and pet retailer has hit on a simple but effective strategy for consolidating the fragmented pet retail and veterinary markets in Australia. By co-locating its vet, pet retail, and grooming stores, Greencross is able to drastically increase the amount that customers spend in its stores. The economics of these ‘co-locations’ are also attractive, resulting in a much faster payback period for the company, which will aid their roll-out nationwide. Greencross also has a number of other initiatives in place such as increasing supply of own-brand pet food, loyalty, and online offerings. Additionally, the pet retail market in Australia is forecast to grow at between 1% and 3% over the next five years, a small but appreciable tailwind.

If Greencross fell 10% further, at under $6 it would be great value. I bought my shares in Greencross at $5.17.

Flight Centre Travel Group Limited (ASX: FLT) – this online travel agent has faced headwinds in recent years with heavy discounting in the travel industry, as well as fears over loss of market share battering the company. However, it is led by a well-aligned and very experienced management team. Flight Centre has invested in a number of growth initiatives recently as it expands its travel offering into more niche markets. As its product base widens the ability to cross-sell products will likely also help the cause. The global travel market also appears positioned for steady long-term growth.

Already attractive at $34 apiece, Flight Centre would be outstanding value – and pay a 5% + dividend – if it fell to $31. I bought my shares at $37.

How 1 Man Turned $10K Into Over $8 Million

Discover how one man turned a modest $10,600 investment into an $8,016,867 fortune. Learn more about this man and how you can start down the path toward financial independence. Simply click here to learn more.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor Sean O'Neill owns shares of Flight Centre Travel Group Limited and Greencross Limited. 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.