If you’re a value-conscious investor, then this article is for you. I’ve scoured the market and found three stocks from different industries that are trading at very inexpensive valuations, so I added them to my watch list. Let’s take a closer look at each to determine if they belong on your watch list as well or if you should take it one step further by initiating a position in one of them today.

1. Enbridge Inc.

Enbridge Inc. (TSX:ENB)(NYSE:ENB) is one of world’s leading transporters and distributors of crude oil and natural gas.

At today’s levels, its stock trades at just 19.7 times fiscal 2016’s estimated earnings per share of $2.36 and only 18 times fiscal 2017’s estimated earnings per share of $2.58, both of which are inexpensive compared with its five-year average price-to-earnings multiple of 64.9.

I think Enbridge’s stock could consistently trade at a fair multiple of at least 25, which would place its shares upwards of $64 by the conclusion of fiscal 2017, representing upside of more than 37% from today’s levels.

In addition, the company pays a quarterly dividend of $0.53 per share, or $2.12 per share annually, which gives its stock a yield of about 4.6%. Investors must also note that it has raised its annual dividend payment for 20 consecutive years, and its recent increases, including its 14% hike in December 2015, have it on pace for 2016 to mark the 21st consecutive year with an increase.

2. Manulife Financial Corp.

Manulife Financial Corp. (TSX:MFC)(NYSE:MFC) is the largest insurance company in Canada, the second-largest in North America, and the fifth-largest in the world.

At today’s levels, its stock trades at just 9.7 times fiscal 2016’s estimated earnings per share of $1.91 and only 8.6 times fiscal 2017’s estimated earnings per share of $2.15, both of which are inexpensive compared with its five-year average price-to-earnings multiple of 94.5.

I think Manulife’s stock could consistently trade at a fair multiple of at least 13, which would place its shares upwards of $27 by the conclusion of fiscal 2017, representing upside of more than 45% from today’s levels.

In addition, the company pays a quarterly dividend of $0.185 per share, or $0.74 per share annually, which gives its stock a yield of about 4%. It is also important to note that it has raised its annual dividend payment for two consecutive years, and its recent increases, including its 8.8% hike in February, have it on pace for 2016 to mark the third consecutive year with an increase.

3. Leon’s Furniture Ltd.

Leon’s Furniture Ltd. (TSX:LNF) is the largest owner and operator of furniture stores in Canada.

At today’s levels, its stock trades at just 14 times fiscal 2016’s estimated earnings per share of $1.05 and only 12.4 times fiscal 2017’s estimated earnings per share of $1.19, both of which are inexpensive compared with its five-year average price-to-earnings multiple of 16.9.

I think Leon’s stock could consistently trade at a fair multiple of at least 16, which would place its shares upwards of $19 by the conclusion of fiscal 2017, representing upside of more than 28% from today’s levels.

In addition, the company pays a quarterly dividend of $0.10 per share, or $0.40 per share annually, which gives its stock a yield of about 2.7%. Investors must also note that it has maintained this annual rate since 2012.

Could your portfolio use more value?

Enbridge, Manulife Financial, and Leon’s Furniture are three of the top value plays in their respective industries, so add them to your watch list and consider initiating positions in one of them over the next couple of trading sessions.

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Fool contributor Joseph Solitro has no position in any stocks mentioned.