The market has been very uneven this year. Some stocks have rallied, while others have fallen. Those declines have some companies looking like real bargains these days.

Brookfield Infrastructure Partners (BIP -0.98%) (BIPC -0.87%), Enbridge (ENB -1.44%), and Clearway Energy (CWEN -4.15%) (CWEN.A -4.16%) stand out for their discounted values. Here's why value-focused investors will want to buy these growth stocks while their share prices trade at bargain-basement prices.

Growth on sale

Brookfield Infrastructure has tumbled more than 20% from its 52-week high. That has the global infrastructure operator trading at a cheap price. It currently expects to end the year generating $3.05 per share of funds from operations (FFO) -- 13% higher than its 2022 exit rate.

With shares recently trading at around $28.50 apiece, Brookfield sells at a bargain price of 9.3x FFO. That's dirt cheap, compared to the S&P 500, which fetches more than 19x earnings.

Brookfield expects its FFO per share will grow at a more than 12% compound annual rate over the next one to three years. That gives it a PEG ratio (price/earnings-to-growth ratio) of less than 1x.

The company has very visible growth drivers, including inflation-linked contract rate escalations, capital expansion projects, and acquisitions. Brookfield recently completed one large-scale capital project and has another on track to start generating income next year. Meanwhile, it recently closed its acquisition of container leasing company Triton International and is buying two more data center platforms.

These investments will give it lots of growth momentum over the next few years. They should provide Brookfield with the fuel to deliver on its long-term plan of growing its dividend (currently yielding 5.3%) by 5% to 9% annually.

A fully funded and secured growth pipeline

Clearway Energy has lost nearly 40% of its value from its 52-week high. That sell-off comes even though the clean energy infrastructure company's growth profile hasn't changed. It expects to grow its dividend at or near the high end of its 5% to 8% target range through 2026.

The company already has all the power needed to deliver on that plan. It's currently generating $2.03 per share of cash available for distribution. It has secured enough new investments to give it a line of sight to grow its CAFD to more than $2.15 per share over the coming quarters. And it's lined up all the investments needed to deliver on that growth plan and has the funds secured from a prior asset sale.

The plunge in the company's stock price has driven it to trade down around $22 a share. That has Clearway trading at 10.7x current cash flow and 10.2x its projection, once it closes all the investments it has lined up.

Meanwhile, the decline in its share price has pushed its dividend yield up to 7.1%. That already high-yielding payout will grow at a high rate over the next few years, positioning Clearway to produce a strong total return.

Adding low-cost fuel to enhance its growth plan

Shares of Enbridge have fallen more than 20% from its 52-week high. That sell-off accelerated after it agreed to acquire three natural gas utilities from Dominion. While the market didn't like seeing Enbridge issue some stock to fund those transactions, the company believes the deals are a once-in-a-generation opportunity to acquire high-quality gas utilities at an excellent valuation.

Enbridge is paying a historically attractive 1.3x enterprise value-to-rate base and 16.5x price-to-earnings for the trio of gas utilities. Because of that, the deals will be immediately accretive to its earnings and cash flow upon closing. Further, they will enhance its growth profile, driven by low-risk, quick-cycle capital investments.

The deals will improve Enbridge's ability to deliver 5%-plus earnings growth over the medium term and will give the company more fuel to increase its dividend. Enbridge has grown its payout (which currently yields 8.1%) for 28 consecutive years.

Meanwhile, investors are getting Enbridge at a good price. The company expects its distributable cash flow to be around $4 per share this year. With shares recently below $33 apiece, Enbridge trades at about 8.2x cash flow.

Unbeatable bargains

Brookfield Infrastructure, Enbridge, and Clearway Energy are currently down more than 20% from their 52-week highs. That's driven their valuations down to very attractive levels, especially given their growth prospects.

Meanwhile, the sell-offs have pushed up their dividend yields to very enticing levels. That combination of income and growth at a value price makes this trio look like great long-term investment opportunities right now.