Beer giant Molson Coors Brewing (TAP) is another bargain-priced name worth watching right now. Molson Coors is one of the big-three beer companies, with a portfolio of brands that includes Coors, Molson, Blue Moon, Keystone and Miller Lite (the latter through a joint venture with SABMiller (SBMRY) here in the U.S.). That's enough to give the firm almost half of Canada's beer market, 30% of the U.S. beer market and almost 20% of the U.K. market.

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Molson's scale provides it with some distinct advantages. Thanks to archaic alcohol distribution regulations in much of the country, TAP has a direct line to consumers that smaller brewers don't. Likewise, the firm's distribution abroad gives it distinct cost advantages that come with volume. That's particularly true in Canada, where the firm takes its biggest share and biggest profit margins.

The craft beer segment has long been the fastest-growing category in the alcoholic beverage space, and so TAP's decision to consolidate its smaller brands under the Tenth and Blake Beer Company brand. New brews like Batch 19 are drawing some of the high-margin craft beer dollars that the big brewers have been thirsting for. From a book value perspective, shares of TAP look cheap right now, at only an 18% premium to the firm's net book. Molson Coors' 2.6% dividend yield doesn't hurt either.

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