Those struggling to find value after the recent rally should look no further than Vodafone, currently trading at 140p per share.

A huge British success story – its market capitalisation is more than £74bn – Vodafone operates across the world and indeed the majority of group profits are earned overseas. Strong contributions from emerging markets and Verizon Wireless in the US are driving revenues whilst the decline in the pound is an additional boost to the share price.

A discounted cash flow sum-of-the-parts price target comes out at approximately 170p, giving plenty of upward scope from current levels. A P/E ratio of 8.2x (and PEG ratio of 0.2) also suggest the shares are cheap.

Add to that a 5.5% dividend yield (covered 2.2 times) and management’s commitment to steadily increase its dividend and the stock is suited to both income seekers and growth investors alike.