If you're a value investor on the hunt for great stocks, you aren't alone. Value investors salivate over attractively priced stocks. Here are three value stocks that exhibit price-to-earnings ratios below their five-year averages, indicating huge upside potential for their share prices.

Coach's (TPR -1.30%) "affordable luxury" products allow the company to capture a piece of luxury spending while maintaining a broader consumer base than the very high-end brands. So far, Coach has managed this accessibility without degrading its brand image. And as global demand for luxury goods increases, the company's loyal customers enable profitable expansion into new markets, most notably Asia. Last quarter, Coach posted a 14% rise in international sales, with revenues in China increasing 25%. And we haven't even started talking about its incredible dividend. Coach's dividend currently yields 3.2%, which it's increased 350% over the past five years. Better yet, the payout ratio for the dividend is 41%, which still leaves room for further growth.

Over the past three years, Coach's revenue has averaged annual growth of 6%, while earnings have averaged nearly 5%. Coach's current P/E ratio has been around 13, while its five-year average P/E is closer to 18. By comparison, the industry average P/E is nearly 25. Keep your eye on Coach. Value investors will likely clutch this stock for 2014 and beyond.

Apple (AAPL -0.82%) boasts an iconic brand, a stellar balance sheet, and a loyal customer base. While Apple maintains an impressive position in growing categories such as smartphones and tablets, the company's market share declined in 2013. Competitive threats have emerged from well-known players like Samsung, and more recently from competition in emerging markets from Asian vendors. Going forward, Apple must increasingly rely on innovative new categories and products, such as wearables and TVs, and alliances, such as its recent China Mobile (CHL) deal, to reignite revenue growth and improve profitability.

Over the past three years, Apple's revenue has averaged annual growth above 21%, while earnings have averaged more than 19%. Apple's recent P/E ratio has been around 14.5, while its five-year average P/E is 15.2. But its forward-looking P/E is 12.3. The company also offers a 2.2% dividend yield. This tech giant looks like a stock that should be the apple of a value investor's eye.

One of the largest publicly traded property and casualty insurers in the U.S., Allstate (ALL -2.34%) offers auto and homeowners' policies, as well as life insurance and annuities. The company's extensive product offerings allow Allstate to build a comprehensive portfolio of products with customers, an advantage over many of its auto-centric competitors. Bundling of insurance products can also improve customer retention. To combat catastrophe losses, which are a main driver for Allstate's earnings volatility, the insurer is cutting its exposure to riskier geographic markets by raising premiums and reducing the number of in-force policies.

Over the past three years, Allstate's revenue has averaged annual growth of less than 3%, yet earnings have averaged 35%. Allstate's recent P/E ratio has been around 12.6, while its five-year average P/E is 15.1. But its forward-looking P/E is 10. That suggests an attractive price for value investors to pay for this stock. The company also pays a 1.9% dividend yield.

Looking for more great value stocks? Check out an article by fellow Fool contributor Jason Hall, who recently called out his favorite stocks for the value investor.