Ally Financial is one of the cheapest sizable financial companies, even after a 49% gain this year. The auto lender, whose shares now fetch about $28, is a rarity in the sector because it trades just below tangible book value. The main fear is weakness in used-car pricing, but that market has firmed due in part to a loss of about 500,000 cars from Hurricane Harvey and other storms. Another risk is that 13% of the company’s consumer-auto-loan portfolio is subprime. Still, Ally Financial has one of the largest online retail-deposit franchises at $75 billion, and is benefiting as it replaces high-cost debt with deposits. The stock is a favorite of Bernstein analyst Kevin St. Pierre, who has written that it is “one of the most attractively valued financial stocks” relative to its return on tangible equity, now about 10%. St. Pierre sees earnings rising about 20%, to an above-consensus $2.80 a share, in 2018. He carries an Outperform rating and a $33 price target.

Delta Air Lines is the best-run of the major U.S. airlines, with strong cash flow and a shareholder-friendly management team. Delta’s shares, at about $53, look inexpensive at 10.5 times projected 2017 earnings of $5 a share and 9.7 times estimated 2018 profits of $5.52 a share. The stock is up 9% this year because earnings are expected to decline about 5%, reflecting higher fuel and labor costs. Next year could be better, due to stronger passenger unit revenue. Management has emphasized balance-sheet improvement and shareholder returns. Delta and Southwest Airlines (LUV) are the only two U.S. airlines with an investment-grade bond rating. The dividend has been rising steadily, and got a 50% boost in September to an annualized $1.22 a share. The current yield is 2.3%. Delta also is buying back stock, and has shrunk its share count by 3% in the past year.

Enterprise Products units (the MLP equivalent of common shares) are off 9% this year, to $25, and yield 6.8%. The distribution looks secure, although it is expected to rise at just a 2% rate through 2018, as the company seeks to fund a greater portion of its capital spending with internally generated funds. Despite declining returns industrywide, Enterprise Products could show annualized earnings growth of 9% through 2021. The stock trades for 16.7 times projected 2018 earnings of $1.48 a share. JPMorgan analyst Jeremy Tonet carries an Overweight rating and a $31 price target, calling the company a “dominant North American midstream franchise” with solid distribution coverage. He cites a strong balance sheet and a capacity for opportunistic acquisitions.

Volkswagen is moving past its diesel-emissions scandal, and investors have been warming to its shares, which are up 35% from the summer lows to 170 euros ($200), based on the company’s more-liquid nonvoting stock (VOW3.Germany). The company also has American depositary receipts that trade around $40. There could be considerably more upside potential because the shares trade for 6.5 times projected 2018 earnings of €26. The P/E ratio is low even by the depressed standards of the global auto industry, where industry leader Toyota Motor (TM) trades for 11 times 2018 projected profits. Europe’s largest auto maker recently gave upbeat financial guidance, calling for 25% revenue growth by 2020, higher profitability, and moderating capital expenditures, even as it to spend $40 billion on electric cars and other new technologies in the next five years. VW also looks cheap on a sum-of-the-parts basis, given its valuable luxury-car franchises: Porsche and Audi. It has a strong truck business, led by Scania, that could be spun off to shareholders in coming years.“It’s increasingly hard for investors to ignore the turnaround at VW,” wrote Evercore/ISI analyst Arndt Ellinghorst, who has an Outperform rating and recently lifted his price target to €210 from €190.