Growth: It's not just for breakfast anymore. Looking for stocks with serious growth rates has proved to be a market-beating strategy for the Rule Breakers newsletter service.

With that success in mind, I wanted to highlight some growth stocks that may be undervalued as a result of this brutal bear market. I combined my search -- conducted with our very own Motley Fool CAPS screener -- with some value elements. Specifically, I looked for:

  • Market caps greater than $200 million.
  • Companies that have grown revenue and earnings per share by more than 20% on average for the past three years.
  • Companies whose stocks carry a price-to-earnings ratio of less than 15.

Then I matched the results with companies that analysts expect will grow earnings per share at or beyond 10% annually over the next five years. Below are seven stocks that turned up; they may be cheap, and they could continue posting strong returns.

Company

P/E Ratio

EPS Growth (Average, Past 3 Years)

Revenue Growth (Average, Past 3 Years)

Analyst Estimate (Next 5 Years)

CAPS Rating (Out of 5)

Garmin (NASDAQ:GRMN)

9.2

47.7%

52.3%

13%

****

Hansen Natural (NASDAQ:HANS)

13.7

61.4%

56.2%

19%

****

Manitowoc (NYSE:MTW)

7.7

83.5%

24.2%

32%

*****

NVIDIA (NASDAQ:NVDA)

8.3

57.8%

24.1%

15%

****

NYSE Euronext (NYSE:NYX)

13.8

78.9%

106.1%

20%

*****

Transocean (NYSE:RIG)

8.3

145.9%

36.5%

22%

*****

Vale (NYSE:RIO)

11.3

49.2%

46.9%

16%

*****

Data from Motley Fool CAPS and Yahoo! Finance as of Aug. 7, 2008.

This is not a list of stock recommendations to buy but rather a starting point for further research. Hansen Natural, maker of Monster energy drinks; Manitowoc, a notable infrastructure play; and NYSE Euronext all strike me as ideas worth further exploration.

Come and join us over at Motley Fool CAPS, and share your insights on these companies or any of the other 5,500-plus stocks we track. Better yet, come on over and run your own screen with our handy screener tool, which, like the rest of CAPS, is absolutely free to use.

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Bryan White owns none of the stocks mentioned in this article. Garmin is a Motley Fool Global Gains recommendation. NYSE Euronext is a Motley Fool Rule Breakers selection. NVIDIA and Garmin are Motley Fool Stock Advisor recommendations. Try any of our Foolish newsletter services free for 30 days. The Fool has a disclosure policy.