While the broader market indexes are below their all-time highs, they're not exactly cheap after rebounding sharply this year. The S&P 500 currently fetches about 20 times earnings while the Nasdaq Composite trades at more than 25 times earnings. Meanwhile, many stocks in those indexes are even more expensive.

However, there are still plenty of bargains these days if you know where to look. Realty Income (O -0.17%), Equity Commonwealth (EQC -0.11%), and Brookfield Corporation (BN 1.81%) stand out to a few Fool.com contributors because they trade at such attractive valuations. Here's why they think these stocks are no-brainers to buy and hold for the long haul.

The power of having access to capital

Jason Hall (Realty Income): It's a tough time if you're a capital-intensive business and you don't already have a lot of capital. This is especially true in real estate, where debt financing and stock offerings are your main ways of raising money. Between the highest interest rates in decades and the steep decline in the stock prices of many that's resulted from rising rates, a lot of real estate businesses simply don't have many good choices.

That's certainly not the case for Realty Income. In recent months, while so many of its peers have been forced to make hard decisions to sell off assets to pay down debt, often doing so at a steep discount, Realty Income has gone on a buying binge.

That's what happens when your balance sheet is a fortress, your core business prints cash, and lenders and debt investors know how low risk you are as a borrower. Here's what Realty Income has done just since August:

  • Made a $950 million investment in Bellagio Las Vegas real estate assets.
  • Acquired Spirit Realty Capital for $9.3 billion.
  • Invested $200 million in a joint venture with Digital Realty Trust.

In real estate, you win when you have access to capital and others need capital. That's Realty Income right now. You can buy shares today for less than 13 times funds from operations, and collect a monthly dividend yielding 5.8% at recent prices. These are some of the best valuations you could get this stock for in the past 15 years.

A pile of cash waiting to strike

Tyler Crowe (Equity Commonwealth): To call Equity Commonwealth an office REIT is really a misnomer. Sure, it owns four office buildings, and those offices aren't exactly killing it these days. But what's more important to the investment thesis for Equity Commonwealth is that it has a mountain of cash with a few properties sprinkled in.

As of the most recent quarter, the book value of its four office properties was $232 million with no debt on the books. Its cash and cash equivalents totaled $2.12 billion. As of this writing, the company had a market capitalization of $2.04 billion. Even if we assume the office properties are worthless, the stock still trades for less than cash on hand.

Equity Commonwealth has been in this position for a long time, actually. It started unwinding its portfolio of properties in 2014 and has been holding on to that large pile of cash ever since. The ultimate objective is to invest in properties, but only when the right price comes around. It's clear that management isn't afraid to wait for the right deal.

Thanks to higher interest rates, that pile of cash is doing some work. It has generated $100 million in income just from the interest on its cash, most of which it has returned to investors in the form of special dividends.

Eventually, Equity Commonwealth will do something with that cash. Chances are when it does deploy that cash, it will be doing so in a prudent manner. With the stock trading for less than its cash, I think this is a deeply discounted stock to consider.

A wealth-creating machine at a bargain price

Matt DiLallo (Brookfield Corporation): Brookfield Corporation is the mothership of the Brookfield empire. The company's asset management, insurance solutions, and operating businesses generate about $5 billion of annual cash flow. It uses that cash to compound value for its investors. Brookfield aims to deliver total annualized returns of more than 15% over the long term. It has exceeded that target over the last 20 years by generating 20% average annual total returns.

Despite its success as a value creator, Brookfield trades at a significantly discounted valuation. The company estimates that the value of its three business platforms is currently $74 per share. The foundation of that valuation is the public market value of its four listed affiliates -- Brookfield Asset Management, Brookfield Renewable, Brookfield Infrastructure, and Brookfield Business. Brookfield Corporation currently owns meaningful stakes in all three entities, which are currently worth more than $30 per share.

With Brookfield Corporation recently trading at less than $34 per share, it sells for a more than 50% discount of its net asset value (NAV) and right around the value of its listed operating platforms. That implies investors get the insurance solutions business, its real estate assets, and the carried interest its asset management business will earn for free.

The company trades as if it's in decline, which couldn't be further from the truth. Brookfield expects to grow its earnings by more than 20% annually over the next five years and by 15% per year over the long term. Driving that view is its plan to more than double the size of its asset management business, grow its insurance solutions business fourfold, and continue expanding its stable, cash-generating operating platforms.

Brookfield estimates its growth drivers will increase its NAV to $163 per share over the next five years. Even if the company continues to trade at a wide discount to NAV, it can create substantial value for investors in the future as it grows earnings. That high upside potential makes it seem like a no-brainer buy for the long haul.