Investors may be lamenting the market meltdown this year, but even with the S&P 500 off 17% so far in 2022 -- and many individual stocks having fallen way more -- shares still aren't cheap across the board.

Yet, if you look carefully and pay attention to valuation, you can find some incredible deals on stocks with tons of growth potential and attractive valuations. Consider Walt Disney (DIS 0.70%) and American Express (AXP 0.64%), which are two of the cheapest stocks I own. Let's dive in.

Is streaming bringing Disney down?

It's hard to believe that just three years ago, streaming wasn't much of a talking point in Disney's business. Today, it's a huge growth driver, accounting for almost a quarter of total revenue and adding an important element to the company's progress and development.

Disney added 14.6 million streaming subscribers in the fiscal fourth quarter (ended Oct. 1), including 12.1 million for Disney+. That's right on schedule, giving Disney a total of 235 million, or the biggest number in streaming

However, that came with a huge price tag. Operating costs skyrocketed, increasing more than 100% over last year, dragging down company profits. Disney missed Wall Street expectations for both the top and bottom lines, and the stock plummeted. It's now down 39% this year.

At the current price, Disney stock trades at a cheap price-to-sales ratio of 2.1, and a forward price-to-earnings ratio of 23. If Disney were a washed-up star past its prime, that wouldn't be saying much. But with Disney's long-term potential, those multiples look very compelling.

Take, for instance, this past weekend's release of Marvel Studios' Black Panther: Wakanda Forever, which set a record for a November opening weekend with $180 million in ticket sales. Marvel has been fueling sales since Disney purchased the studio in 2009, and Disney has been stepping on the gas pedal. It's releasing no fewer than 10 new films with launch dates as far out as 2026, and it's compounding that with related streaming content and products. 

Marvel may be Disney's most important content machine right now, but it's far from its only studio. Disney-owned 20th Century Studios is releasing the sequel to Avatar, the highest-grossing film ever, in December. And Disney's content creation and library are arguably unmatched.

But Disney's much more than these brands. It's probably best known for its parks and experiences, and their might was on full display in the fourth quarter, generating a 36% year-over-year sales increase. All of these parts work together to form an entertainment behemoth that would be hard to challenge from any angle. At this valuation, Disney stock looks a cheap stock to buy now and hold forever.

A hit with a new generation

American Express has successfully embraced a new generation of shoppers -- or to put it more aptly, millennials and Gen Z customers have embraced American Express. Whereas the credit card company was once known as the card of the executive elite, it's now the choice for many affluent consumers who want more from their credit cards. That includes the perks American Express is famous for and which it does better than the competition.

That's why even with a murky economy, American Express has sustained its pandemic rebound and continued to enjoy high sales growth and robust profits. In the third quarter, sales increased 24% over last year and network volume increased 19%. Earnings per share (EPS) grew 9%. Sales and EPS growth easily glided past Wall Street expectations.

U.S. individual platinum and gold card and U.S. business platinum card acquisitions reached a record high in the third quarter, driving 3.3 million card additions, with 60% of the new cohort coming from millennial and Gen Z consumers.

Travel and entertainment spending increased 57% over last year, and this segment has historically been a crucial part of American Express' model. It was the major cause of American Express' declines when the world locked down, and it is an important part of the recovery. It will also be a primary growth generator going forward.

The other primary growth generator is the company's grabbing of a younger market share. Not only does this indicate a long and significant growth runway within this cohort, but it illustrates how American Express can engage with and capture new markets. That will serve it well in the long run, creating lasting and sustainable sales growth and shareholder value.

American Express is a longtime Warren Buffett stock and is a classic one for him in many ways, including its current undervaluation. The shares trade at a price-to-earnings ratio of 15, about half of Visa's and Mastercard's. This cheap stock is an excellent value with tons of future potential.