7 Growth Stocks on Sale

What's your investment style? Sooner or later, all investors must answer this loaded question.

Although it's always good to clarify our general tolerance for risk-taking, we should never forget two important things:

1. Growth and value investing are just joined at the hip.
2. The most awesome growth stocks are also undervalued stocks.

The best of both worlds
The key to investing is putting your money on the most attractive risk/reward propositions that Mr. Market has to offer. And buying growing companies at discounted prices is probably the best method to do so: You're buying a stock that trades below its fair value today, and also getting part-ownership of a business that's well-positioned to grow that value tomorrow.

We've got these stocks PEG-ed
So with our hearts set on growth -- but our brains stubbornly fixated on getting a fair price for it -- here are seven more reasonably priced, fast growing favorites of our Motley Fool CAPS community.

In addition to having five-year estimated growth rates of at least 15%, and PEG ratios below 1, these stocks have received a four- or five-star rating (out of 5) from our pool of more than 120,000 individual and professional investors.

Data from Yahoo! Finance and Motley Fool CAPS.

As always, don't take these stocks as well-formulated investment recommendations, but rather as candidates for further research.

To get you started, here's a brief summary of a stock I find interesting.

Invest with precision
No matter how bright a company's prospects might be over the long run, Mr. Market seems to be finding short-term fault with just about everything right now.

Aircraft parts supplier and Motley Fool Stock Advisor pick Precision Castparts, for example, has been a five-star stock for more than six months, primarily because Fools love it as a play on the growth in global travel. Over the last five years, Precision has ridden that wave to deliver returns on equity near 30%, while analysts expect that strength to continue over the next five years.

Nevertheless, the stock is down 60% over the last year, and has been pummeled to the tune of 40% in the last two months alone.

In addition to the current (extreme) market malaise, fear has fed on Precision's rising raw material costs, exposure to a likely global slowdown, and the ongoing machinist strike at Boeing (NYSE:BA), which is hurting the entire industry. Our CAPS community, though, views those near-term worries as a bargain opportunity more than as a reason to panic.

"Appears to be a heck of value right now," CAPS member joats5 wrote in a pitch to our community last week. "Solid company with conservative management that maintains significant ownership in a niche market that is poised for growth as things staighten out."

In general, CAPS players cite Precision's low-cost leadership, strong management team, and rock-solid balance sheet as reasons to bet on the turnaround. Moreover, weakening oil prices of late have tempered some of the company's cost concerns.

"Aerospace cycle isn't going away, oil prices dropping will give boost to sector, well-managed," CAPS All-Star FlawedGenius wrote last Thursday.

With contracts already signed to supply parts for Airbus' A380 and Boeing's 787 Dreamliner, Precision looks all set to soar in the next few years. And with Precision's additional exposure to the power generation market (24% of sales), even the most bullish of Fools might be surprised at the stock's growth going forward.

At a forward P/E of 7, Precision certainly looks cheap enough to find out.

"Solid company, with lots of good contracts," CAPS member MVLindsey noted in June. "PCP's products will be needed for maintenance of big ticket operations, whatever the economy does."

Get growin', Fool
So, does the sound of buying high-growth companies at decent prices make complete sense to you? More appropriately, how could it not? Join our Motley Fool CAPS community to get more analysis on the above ideas, create your own list of fairly priced growers, or even weigh in with a sharp opinion of your own.

Within moments, you'll have access to stock ideas that can provide the best of both value and growth investing worlds. And it's absolutely free. Now that's what I call a reasonable price.