As the S&P 500 hovers around its all-time high, investors are hard-pressed to find great stocks on the discount rack. For investors looking to add to their portfolios, this can be disheartening, as our pursestrings will soon be -- if not already -- stretched by the need to start buying gifts for loved ones.

Nevertheless, seek and you shall find. Although the choices aren't overwhelming, bargain opportunities certainly exist, and investors would be well-served to consider these stocks trading at a discount: Dana Incorporated (NYSE:DAN), NV5 Global (NASDAQ:NVEE), and Winnebago Industries (NYSE:WGO).

Sale sign in a store front.

Image source: Getty Images.

Dana Incorporated: The EV stock flying under the radar

Providing power and energy management solutions for a wide range of vehicles, Dana is a global leader in producing the parts that help our vehicles -- of all types -- go. While Dana provides solutions for conventionally powered automobiles, it's the parts that it provides for hybrid and electric vehicles (EV) that are particularly exciting. For investors who are piqued by the EV enthusiasm sweeping the market right now but unsure which name to choose, Dana, which holds (or has pending) more than 500 electrification patents, is a worthy consideration.

Currently, investors can pick up shares of the company without having to reach too far into their wallets. The stock is trading at 4.6 times operating cash flow, a discount to its five-year average multiple of 5.6. And that's not the only angle from which the stock looks attractive; it's also trading at 7.7 times forward earnings, below its five-year average of 8.5, according to Morningstar.

Dana has been acutely affected by production shutdowns stemming from the COVID-19 pandemic. Management is targeting 2020 revenue of about $6.8 billion -- 21% lower than the $8.6 billion that it reported in 2019. Forward-looking investors, however, should look past the company's 2019 woes and recognize the company's potential to prosper from the burgeoning EV market.

NV5 Global: An infrastructure stock worth looking into

From landscaping services like those used to help beautify the American Museum of Natural History to engineering, procurement, and consulting services to upgrade a liquefied natural gas facility, NV5 offers a diverse suite of solutions to public and private sector clients.

Rising 47% year to date, shares of NV5 have outperformed the S&P 500, which has climbed about 11%. But that doesn't mean the stock is too expensive for budget-minded investors. Shares are trading at an eye-popping 10.3 times operating cash flow, which is notably lower than their five-year average ratio of 30.5. Moreover, the stock is trading at 1.5 times sales, representing a discount to its five-year average of 1.6 and the S&P 500's P/S ratio of 2.6.

With the stock trading so inexpensively, now seems like an especially good time to pick up shares of NV5. The company recently announced its third-quarter earnings, beating analysts' estimates by 9%. NV5 reported revenue of $169.9 million, a 30% year-over-year increase, and the bottom line also reflected strong growth. The company grew net income 34% year over year from to $7.8 million. And the future seems bright as well. NV5 is beginning the fourth quarter with a backlog of $572 million, representing a quarter-over-quarter increase of 9% and a year-over-year increase of 23%.

Winnebago Industries: Hit the road and invest in Winnie

After racing 116% higher in 2019, shares of Winnebago slowed down considerably and shifted into reverse in 2020. The market hasn't demonstrated much optimism that outdoor enthusiasts will be in the market for new vehicles like those from Winnebago; consequently, shares of the stock have fallen about 1.5% year to date.

A road leads to the sun setting on the horizon.

Image source: Getty Images.

Despite the market's pessimism, Winnebago appears poised to prosper in the coming months. In the company's recent Q4 2020 earnings report, management highlighted the fact that Winnebago ended the quarter with a record backlog of $1.85 billion. Addressing the 219% year-over-year increase in backlog for the towables segment, the company stated that "dealers have experienced sizable reductions to their inventory as they have encountered extremely high levels of consumer demand in the fourth quarter."

For a company that seems to have a wide-open road ahead of it, investors can certainly grab the stock on the cheap. Shares are trading at 6.6 times operating cash flow -- well below their five-year average of 11. The shares also look attractive in terms of forward earnings, trading at a multiple of 10.9, a discount to the five-year average ratio of 12.

Besides the attractive valuation, management's interest in rewarding shareholders is another reason for investors to hitch a ride with Winnebago. In September, the company raised its quarterly dividend 9% to $0.12 per share.

Final thoughts on these discount darlings

Investors interested in infrastructure stocks would be smart to strongly consider NV5, as its growing backlog may be a harbinger of greater things to come. Investors keen on the EV sector would be wise to take a deeper look at Dana, a company that will benefit from the global transition away from internal combustion engines, while Winnebago and its burgeoning backlog represent a compelling option in the recreational vehicle space.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.