For a value investor, market corrections are a time of great opportunity. Not only does he have a chance to pick up good companies at inexpensive prices, but he also has an opportunity to assess broad market sectors - to see which groups are holding up best vis-à-vis the rest - all the better to gauge the coming rotation.

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The latest selloff in world markets has exposed a great number of potential buys for those who employ a strict value-buying criterion. Below, we highlight three companies with a minimum market cap of $1 billion whose stocks are just now drifting into focus now that the market tide has withdrawn.

The Fall of Roman T.V.
Telecom Italia SPA (NYSE:TI) is a company with a market cap approaching $23 billion and possessing a strong dividend yield of 5.74%. The company's shares also trade with a very low P/E ratio of just 7.98.

With all the recent troubles in Europe surrounding Greek debt and the knock-on effect it has had on the European currency, shares of Telecom Italia have been hit hard. Year-to-date the stock is off more than 23%. That compares poorly with the global telecom sector index, represented by the iShares S&P Global Telecommunications Sector Index Fund (NYSE:IXP), which is down only 11% YTD.

That said, TI's Price to Sales and Price to Book ratios are very attractive currently, standing at 0.67 and 0.69 respectively.

No Reds For Cincinnati Insurer
Cincinnati Financial Corp. (Nasdaq:CINF) has a market cap of just over $4.4 billion. The stock has managed to stay out of the red YTD, bucking the trend of the SPDR S&P 500 ETF (NYSE:SPY), which has fallen roughly 2% on the year. CINF is up 3.6% year-to-date.

Cincinnati Financial is a property casualty insurer whose value metrics are currently among the best in the American market. Dividend yield on the stock is 5.81%, P/B is 0.91 and P/S is 1.14.

Ameren Corporation (NYSE:AEE) is an electricity and natural gas utility operating in Illinois and Missouri. The company has a market cap of $5.9 billion and trades with a P/E of 9.58 and a dividend yield of 6.24%. AEE trades below the company's book value, with a P/B ratio of just 0.74.

The Wrap
Receding tides can turn up all sorts of treasures. For the value investor, the three companies listed above are beckoning loudly from the stock market shore. (For other recent stock articles, take a look at Costco Drives A Hard Bargain)

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Tickers in this Article: CINF, AEE, TI, IXP, SPY

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