Value investors are always looking for stocks that are undervalued, but determining the true value of a stock can be tricky. Investors must consider elements such as earnings potential, growth rate, debt levels and other metrics to figure out how much value a share of stock holds.

But is there a simpler way to identify undervalued stocks?

One of the simplest ways to identify the value of a stock is by its price to book ratio (P/B). The price to book ratio is calculated by dividing a company’s market capitalization by the combined value of all the company’s assets.

In other words, stocks with a P/B under 1.0 are selling for less than the value of the company’s assets.

Here are five basic materials stocks with P/Bs under 1.0, according to Finviz.

1. Alcoa Inc AA 2.1%

Alcoa currently sports a 0.94 P/B. Shares of the aluminum giant are down nearly 40 percent this year in the weak commodity environment.

2. Freeport-McMoRan Inc FCX 1.76%

Global metal miner Freeport-McMoRan has…

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