• These are some of the most undervalued stocks to buy, trading at attractive valuations.
• Ford (F): Automotive giant poised for big gains with its foray into electric vehicles.
• Micron Technology (MU): Memory storage solutions are growing at a prodigious pace.
• CrowdStrike (CRWD): A top cybersecurity play with a growing addressable market.
• Crocs (CROX): Incredible brand identity with impeccable fundamental growth.
• Nokia (NOK): A top 5G play with a spectacular growth runway ahead.
• Valero Energy (VLO): Leading oil and gas play, benefitting from the conducive macro-economic environment.
• Cigna (CI): A strong insurance play performing consistently over the past several years.

The unconducive macroeconomic environment has had a debilitating impact on the equity market. Rising inflation and interest rates coupled with the Russian invasion of Ukraine have made people pessimistic about economic growth. Hence, this is a time for investors to load up on the most undervalued stocks on the market.

Stocks across the board have taken a licking, which has created an attractive buying opportunity for investors. Naturally, growth and other riskier stocks have borne the brunt of the crash. Perhaps more positively, a lot of the frothiness with several growth picks seems to have gone away, making them significantly more attractive than in the past.

Therefore, there are companies with serious upside potential available at beaten-down valuations. Let’s look at seven of the most undervalued stocks to buy now.

Ford (F)

Automotive giant Ford (NYSE:F) had an incredible 2021. Its shares gained over 100% thanks to investor enthusiasm surrounding the company’s new direction.

President and CEO Jim Farley plan to double down on electric vehicle (EV) investments and related technologies, including batteries and software. Additionally, its fundamentals are in good shape despite recent losses on its Rivian (NASDAQ:RIVN) investment.

The upcoming launch of Ford’s electric pickup has the potential to disrupt the EV space, contributing to healthy revenue growth in the coming years. With an affordable price tag, Ford is looking to bring EVs within reach of the average customer.

Recent results have been excellent. In April, its sales came in ahead of the industry total, with a market share of 13.8%. It represents a healthy improvement from its 2021 share of roughly 12.6%. EV sales shot up more than 139% from the prior-year period.

Moreover, F stock trades at less than 0.4 times forward sales, with a substantial 37% discount from its consensus price target.

Micron Technology (MU)

Micron Technology (NASDAQ: MU) is a producer of memory storage solutions for an expanding suite of devices and technologies. MU stock was hit hard by the growth-stock selloff and now trades almost 60% below consensus price estimates.

Regardless of the selloff, its business is posting record numbers. That includes revenue growth, compelling margins and an increasing total addressable market (TAM).

Micron has been benefitting enormously from the growing application of memory chips. Its TAM is expanding rapidly, generating $15.5 billion in sales for the first half of fiscal 2022. That was up more than 25% over the same last year.

Analysts expect the firm to finish in 2023 with $40 billion in revenue. It generated $27.7 billion in sales in the previous fiscal year.

CrowdStrike (CRWD)

CrowdStrike (NASDAQ:CRWD) is a leading cloud-based cybersecurity enterprise with industry-leading fundamentals and a mouth-watering outlook ahead. Its number of subscription customers shot up from 2,516 in fiscal 2019 to 16,325 in fiscal 2022.

Moreover, annual recurring revenues have risen from $313 million to $1.7 billion in the same period. Consequently, its free cash flow per share increased significantly as well.

Crowdstrike intends to push the afterburners in growing its annual recurring revenue (ARR) to more than $5 billion by fiscal 2026. This represents annual growth of roughly 31% over the next four years.

Also, it plans to expand its market share with new services. Its TAM will grow from $58 billion to a whopping $126 billion in 2025 with the rollout of new services.

Crocs (CROX)

Crocs (NASDAQ:CROX) is a global comfort shoemaker. It’s well known for its foam clogs that have been booming in popularity over the past couple of years. However, its stock has fallen considerably, having lost more than 68% of its value in the past six months.

Last year, sales jumped more than 67% on a year-over-year (YOY) basis to $2.3 billion. Moreover, operational income increased by more than 200% to $683.1 million. Additionally, it generated $567.2 million in free cash flow.

The company’s strength lies in its tremendous brand identity, as it continues to expand its customer base each year. It recently acquired footwear brand Heydude to potentially tap into the younger demographic. It expects to generate a colossal $6 billion in sales by 2026.

Nokia (NOK)

Former smartphone Nokia (NYSE:NOK) has taken a while to re-establish its position in the tech industry. Under the leadership of Pekka Lundmark, the company underwent a three-phase change in its business model, putting it in an advantageous place in the mobile telecommunications space.

It has emerged as a leading 5G player, inking multiple deals over the past couple of years. Moreover, it announced a partnership with Kyndryl (NYSE:KD) to assist clients in accelerating industry 4.0. The phenomenon involves using automation and computers to improve systems fueled by machine learning and data.

5G is at the heart of the company’s turnaround. The telecommunications giant expects its addressable market to be worth 122 billion euros by 2022. Estimates exclude China, which could potentially be a gamechanger. Nevertheless, Nokia has a massive growth runway ahead, while its shares trade at highly attractive multiples.

Valero Energy (VLO)

Valero Energy (NYSE: VLO) operates a highly profitable oil and gas refining and marketing business. Prices in the industry have been rising aggressively, and increasing inflation rates and strong demand are contributing to higher margins. As of March 31, the company’s EBITDA grew at an impressive 178% on a YOY basis.

The company’s recently released results show remarkable top- and bottom-line beats, with earnings per share (EPS) of $2.31 exceeding estimates by 66 cents. Moreover, revenues of $38.5 billion exceeded estimates by $6.3 billion.

Valero decreased its long-term debt by a huge $750 million, significantly improving its flexibility. Furthermore, the energy giant’s dividend profile is extraordinary, as its stock offers a robust 3.1% yield with a payout ratio of 63%.

Cigna (CI)

Cigna (NYSE:CI) is one of the top health insurance providers globally, offering services in more than 30 countries. It boasts humungous coverage and scale, having contracts with more than 99% of U.S. pharmacies.

It has expanded its presence in the fast-growing pharmacy businesses, giving it higher leverage concerning drug prices with pharmacies. Despite the Covid-induced headwinds, the company has done well to increase its members and the overall quality of its service in the past couple of years.

In its first quarter of 2022, net income per share came in at $3.68. That was a healthy improvement from $3.30 per share in the same quarter last year.

It also provides steady and dependable returns to shareholders in the form of buybacks and dividends. Its five-year dividend growth rate stands at an impressive 93%, with an appealing yield of 1.7%. Despite the consistent performances, CI stock trades at 0.5 times forward sales.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.