The stock market is recovering quickly from the COVID-19 panic of the spring. The S&P 500 market barometer stands just 7% below its all-time highs and the tech-heavy Nasdaq index set another new record on Thursday.

But the rising tide didn't lift every boat. Many great stocks are trading far below their true value right now, making them fantastic value investments for the long haul.

I'm talking about all-American household names here. Beer brewer Molson Coors (TAP -0.41%) hasn't seen share prices this low in more than a decade. Protein foods giant Tyson Foods (TSN -1.01%) is back to the price levels of early 2016. These deep discounts on top-shelf stocks are just too good to ignore.

A paper plane draws up a line chart showing a steep drop and a fantastic rebound.

Image source: Getty Images.

Tyson Foods

The meat processing veteran slammed the brakes on some of its production lines in the spring due to COVID-19 outbreaks at several processing plants. At the same time, restaurants scaled back their operations to takeout and delivery only and backed down their ingredient orders to match this lower activity level. Tyson's earnings fell 36% year over year in the second quarter although sales increased by 4.3%. The stock is trading 39% lower in 2020 as a result, erasing more than half of last year's 70% gains.

The coronavirus crisis won't last forever and Tyson most certainly has the financial assets needed to make it through even a very long downturn. The company accounts for about one-fifth of all meat production in the U.S. and is simply too big to fail. Tyson had $2.7 billion in working capital at the end of March.

You can pick up Tyson shares at a bargain-bin valuation of 11 times trailing earnings or 0.5 times sales. The low share prices also give Tyson a beefy 3% dividend yield right now. This is a rare opportunity to lock in high yields at a downright crazy buy-in price.

TSN Dividend Yield Chart

Data source: TSN Dividend Yield data by YCharts.

Molson Coors

Molson Coors is getting its priorities straight.

The brewer put its normal business goals on ice in April. Molson Coors' top priority right now is managing the human risks and business challenges of the COVID-19 crisis. After that, it's all about "positioning our business to succeed in the medium and long-term as we enter a new normal."

The company is still rolling out new products that were planned long before the global health crisis, including a couple of ultra-light beers and the Vizzy hard seltzer drink. Molson Coors must adapt to fresh trends and structural changes in the alcoholic beverage market, even if it means launching new products in the middle of a pandemic.

The combination of a strategic long-term focus and flexible short-term options positions Molson Coors to deliver tons of shareholder value in the long run. Sales are a little slow right now and market makers responded by taking the stock 38% lower year to date. Shares are trading at just 9.5 times forward earnings and 8 times trailing free cash flows. That's a ridiculously steep discount on a well-run market leader.