Just as we examine companies each week that may be rising past their fair value, we can also find companies potentially trading at bargain prices. While many investors would rather have nothing to do with companies tipping the scales at 52-week lows, I think it makes a lot of sense to determine whether the market has overreacted to the downside, just as we often do when the market reacts to the upside.

Here's a look at three fallen angels trading near their 52-week lows that could be worth buying.

Don't mess with these polar bears
You know that feeling you get when you dive into the water and it's about 20 degrees colder than you expected? That's an accurate analogy of what it's like to invest in Europe right now. But not everything should have yellow caution tape around it.

Coca-Cola Hellenic (NYSE: CCH), the second-largest bottling company in the world and the exclusive bottler of Coca-Cola (NYSE: KO) products in the region, exclusively distributes sparkling beverages, juices, and energy drinks in 28 countries. Because of weakness in the region and heavy investments into the company over the coming years, results haven't been fantastic, as is evidenced by the 2% drop in unit volume and its cash outflow of 32 million euros in the latest quarter.

However, investors need to keep in mind that barriers to entry remain extremely high in bottling. The Coca-Cola brand name when combined with Coke's marketing budget give Coca-Cola Hellenic incredibly strong pricing power. It's also worth noting that energy drinks and Coke Zero products showed strong year-on-year growth. At less than 10 times forward earnings, Coca-Cola Hellenic has a good mix of value and a strong brand name at its current price.

Bring on the cloud-y days
OK, cloud-computing optimists: I've dug up yet another company the market has somehow overlooked in Keynote Systems (Nasdaq: KEYN).

Keynote, which offers software that monitors and tests the performance of web and mobile infrastructure, hasn't had the best month, with its stock down 21% following a weak second-quarter report that highlighted rising operating expenses and only a $0.02 profit. Not everything is as dire as this report implies and, if you dig deeper, you'll find that Keynote is actually a very attractive value at this level.

Keynote's newly launched DeviceAnywhere, an application lifecycle management mobile software platform, should be one of the key growth drivers over the next four to six quarters. Wall Street seems to agree with five-year projections calling for Keynote to grow at 16% annually. Keynote also boasts a relatively fat piggy bank with $43.6 million in cash and no debt while also rewarding shareholders with an annual payout of $0.24 -- good enough for a 1.7% yield.

Cloud testing software may not sound exciting, and it may not offer the growth that direct cloud-based enterprise software offers, but Keynote's software has a very good shot at increasing in demand as cloud-based products gain acceptance.

Off with its head!
Shareholders and naysayers of gold, silver, copper, and zinc miner HudBay Minerals (NYSE: HBM) may want to consider putting the pitchforks away after the company pulled its $400 million debt offering off the table just four days after announcing it.

Earlier this month, we saw a similar reaction to a $200 million debt offering from Thompson Creek Metals (NYSE: TC), whose stock imploded on the financing announcement. While I've made my optimistic case for Thompson Creek on multiple occasions, HudBay is a completely different story.

Whereas most miners are heavily indebted due to mine build-outs, labor costs, fuel, and mine maintenance costs, HudBay is completely debt-free! That's right ... $770.7 million in cash and no debt! Cash alone currently accounts for almost 59% of its total market value. It'd be one thing is HudBay were unprofitable, but outside of the typical rising input costs we're seeing across the board, the company has remained decisively profitable with consistent cash flow.

Given shareholders' overreaction to the debt announcement and its strong cash position, I like HudBay Minerals going forward.

Foolish roundup
For a second week in a row, it's all about being greedy when others are fearful. Whether it's European worries, a quarterly earnings flub, or a "we-didn't-mean-it" moment, all three of these stocks have strong underlying business models that should propel them higher over the long run. I'm so confident that these three names will bounce off their lows that I'm going to make a CAPScall of outperform on each one.

In the meantime, consider adding these potential winners to your free and personalized watchlist, and get your own personal copy of our special report, "The Motley Fool's Top Stock for 2012," to see which company our chief investment officer has dubbed the "Costco of Latin America." Best of all, this report is completely free, so don't miss out!