Tickers in this Article: NASB, ISH, IYT, BP, XLF
It's not always easy to distinguish between those stocks that are headed toward history's bankruptcy dustheap and those that Wall Street terms "fallen angels". Both sport wonderful fundamentals and trade cheaply. But only one is a value investor's dream. During a broad market pullback some stocks, and even whole sectors, may become oversold. When the general momentum of the market is down, all companies get caught up in the bear's net - though some to a greater degree. This can also happen as a function of the normal business cycle or as a result of a one-time, unforeseen - but fully recoverable - calamity.

Below we list three companies whose fall in the last 13 weeks has been dramatic, yet whose standard fundamental measures remain superb.

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Financials Take A Blow
The financial sector has been one of the heaviest hit casualties of the current market pullback, dropping more than 13% in the last three months, as measured by the Financial Select Sector SPDR ETF (NYSE: XLF). But shares of NASB Financial (Nasdaq: NASB) have been hit even harder, dropping over 40% over the same time frame.

NASB operates a retail banking operation in Missouri and Kansas. The shares pay a handsome 6% annual dividend and trade with a P/E ratio of 7.2. At current levels, the company is on offer at two-thirds of its breakup value, trading with a Price-to-Book (P/B) ratio of just 0.65.

Angel Of The High Seas
International Shipholding Corp. (NYSE: ISH) stock has fallen over 26% in the last quarter. The Mobile, Alabama-based global shipper now has a P/E ratio of 3.6 and yields an annual 6.6% dividend. Trading at about two-thirds book value, ISH shares appear to be a bargain at present.

Against the broader transportation sector, as represented by the iShares Dow Jones Transportation Average ETF (NYSE: IYT), International Shipholding also appears oversold. The index fell a relatively small 10% over the same period.

What list of fallen angels would be complete without mega-polluter British Petroleum (NYSE: BP)? Shares of the oil giant have fallen nearly 40% since April 19 and offer investors a suspended dividend (for the next two quarters) and a P/E of just 5.84. P/B ratio on the shares is slightly over 1.

BP stock has bounced 29% since bottoming on June 25.

The Wrap
So long as they avoid the fate of the Edsel, these three companies could offer investors great turnaround potential. With every crisis comes an opportunity. (For help in determining turnaround opportunities, see Turnaround Stocks: U-Turn To High Returns.)

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