How do you define an undervalued stock in this market thats what...

How do you define an undervalued stock in this market thats what I would like to know, I thought FCL was good value at $1.50 since then its been as low as $1.07 with present divi value of about 8-9% half franked, is it a buy at $1.16-7 or will it go lower???
Previous SP and market potential mean little in this market I would have thought but here we go today continuing on the crazy merry-go-round of US inspired stupidity of huge market flucuations with no real reason, my guess is as good as anybodys, only brave, wealthy or foolish traders would try to double guess this madness, if you must have a go look at companies with good divi histories on PE's of less than 15 for the year just gone, that way at least you have the chance of staying in front over the longer term but I guess all you smarties would already know that.
All MHO so blaze away you experts.