The Globe and Mail searches for value from within Morningstar's Canadian universe of 693 Canadian stocks in its Wednesday, Oct. 3, edition. The Globe's guest columnist Emily Halverson-Duncan writes in the Number Cruncher column that value investing is a common strategy whereby investors search for stocks that are currently undervalued. The term "undervalued" can refer to both how a stock compares with others (that is, a stock that is undervalued relative to its peers), as well as relative to its own intrinsic value (defined as the value a stock is measured to be worth). Ms. Halverson-Duncan ranked stocks on price-to-trailing earnings (low values preferred), price-to-book-value (low values considered best) and price-to-trailing-cash-flow (low values best). Average daily trading volume needed to be in the top half of peers, to avoid any highly illiquid stocks (today this value amounts to $490,000 or more in trading volume a day). Ms. Halverson-Duncan's select TSX value stocks are Chorus Aviation, Cascades, Bausch Health Companies, Cogeco Communications and Cominar Real Estate Investment Trust.