The past several years have seen great gains from growth stocks. But much of the credit for that extreme bullishness must be given to persistently low interest rates, which favor growth over value.

That's not the situation any longer, though. Interest rates are now back to multiyear (if not multidecade) highs. Value stocks should begin performing much better.

With that as the backdrop, here's a rundown of three top value stocks that are arguably undervalued right now -- even by value stock standards.

1. KeyCorp

It's been a tough year for banks, and by extension, rough for bank stocks. KeyCorp (KEY -1.36%) has been no exception. Shares of the regional bank were upended by an apparent liquidity crisis that ultimately caused the failures of Silicon Valley Bank and First Republic Bank. Then, just when it looked like the industry might finally be shrugging off these worries, they're repeated. Kansas' Heartland Tri-State Bank was shuttered late last month after suffering the same basic failure.

It's a blunt reminder to all banks' shareholders that anything's possible, with or without warning.

On the other hand, while anything's possible, that doesn't necessarily mean a particular bank's failure is likely.

As a reminder, KeyCorp has posted not one but two quarterly reports since Silicon Valley Bank sparked a wave of worries about the strength of banks' balance sheets. It was fine both times. In fact, in its most recently reported fiscal second quarter, this particular bank defied the industry's bigger trend by adding $1 billion worth of customer deposits.

KeyCorp also reduced its risk-weighted assets by more than $1.3 billion, keeping the company's key capital ratios near Q1 and year-ago levels.

Perhaps most important, the bank's available-for-sale securities that proved such a problem for Silicon Valley Bank aren't a problem for KeyCorp. Last quarter's tally of $38.9 billion is essentially in line with Q1's $39.2 billion and close to the year-earlier comparison of $43.0 billion. Held-to-maturity assets, meanwhile, are higher by as much as its available-for-sale securities are down.

In other words, KeyCorp is steering clear of all the drama that's surrounded so many of its peers since March.

Bank stocks are generally cheap anyway. But priced at less than 10 times this year and next year's earnings, and sporting a dividend yield of more than 7%, this one's far too cheap to pass up. The market's pricing in more worry than is merited here.

2. Taiwan Semiconductor Manufacturing

Yes, the semiconductor industry is on the defensive. Before it even has a chance to fully recover from supply chain problems prompted by the pandemic, economic turbulence is undermining demand.

Technology market researcher Gartner estimates worldwide semiconductor revenue will fall 11% from 2022's tally of $600 billion. According to Gartner's VP Richard Gordon, "As economic headwinds persist, weak end-market electronics demand is spreading from consumers to businesses, creating an uncertain investment environment."

That's one of the key reasons Taiwan Semiconductor Manufacturing Company Limited (TSM -1.30%) shares have been subpar performers of late.

Let's take a step back and look at the bigger picture. There's not been a time since microchips were incorporated into our daily lives that demand for them has remained weak for very long. Indeed, consulting firm McKinsey believes the world's semiconductor market will be worth $1 trillion by 2030.

In a similar vein, a 2020 study done by the Boston Consulting Group and the Semiconductor Industry Association suggests the chipmaking industry's production capacity will grow to the tune of 56% during the same timeframe.

The predicted growth of production capacity gives Taiwan Semiconductor its long-term tailwind.  It doesn't design these chips; it makes them on behalf of more familiar tech companies. Advanced Micro Devices, Amazon, and Nvidia are just some of this company's customers. The estimates vary from one source to the next, but as of the most recently reported quarter, Taiwan Semiconductor controls about 60% of the chipmaking market.

Investors keeping their finger on the pulse of the semiconductor business likely know many tech giants are now looking to handle more of their own chipmaking duties. Take a closer look at the fine print, though. In many cases, it just means the company in question is simply going to tap a contract manufacturer like Taiwan Semiconductor to make a new chip rather than relying on a third party's home-grown chip design. After all, setting up your own chip foundry is expensive -- and risky.

To this end, Taiwan Semiconductor is actually one of a handful of companies with plans to build new semiconductor foundries within the United States, earmarking $40 billion for the effort late last year.

You can step into this stock while it's priced less than 19 times this year's projected earnings and less than 16 times next year's expected per-share profits.

3. Coca-Cola

Finally, add The Coca-Cola Company (KO 1.92%) to your list of value stocks to buy right now.

It's not exactly priced like your typical value stock. Shares are presently trading at 23 times this year's estimated earnings and more than 21 times next year's expected earnings of $2.83 per share. You can find cheaper options.

The seemingly rich valuation, however, is the market's way of adding a quality-based premium as well as adjusting for the beverage giant's incredible dividend.

The quality in question is the consistency stemming from its business model. You may think it's a drinks company, but that's not quite the case. After selling much of its owned bottling business between 2015 and 2017, it's now more accurate to describe The Coca-Cola Company as also a franchiser and licenser, renting bottlers and restaurants the rights to use the brand name and its beverage flavors in exchange for royalty revenue.

As it turns out, while there's less revenue with such a business model, there's more profit. The arrangement puts the cost-based risk back on the bottlers and licensees themselves. End result? A much more consistent, reliable bottom line.

KO Revenue (TTM) Chart

KO Revenue (TTM) data by YCharts.

As for the dividend, not only has the company paid it for decades, this year marks the 61st consecutive year Coca-Cola has raised its dividend payout. It was always adequately funded, but the new-and-improved licensing-focused Coca-Cola Company can most definitely afford to pay it.

The new quarterly payment of $0.46 per share is only a fraction of last quarter's fairly typical non-GAAP per-share earnings of $0.78. Newcomers will be stepping in while the dividend yield's at a healthy 3%.