When hunting for the best stocks to buy, FTSE100-listed Croda International (LSE:CRDA) and Spirax Group (LSE:SPX) rarely appeared in my calculations.

Given the stock’s performance, I’m not surprised. Anyone who bought into this overlooked stock in recent years is probably sorry they ever heard of it.

I’m a gigantic fan of buying stocks after they’ve fallen out of favor. It allows me to buy them at a discount, perhaps at a higher yield, and take advantage when the market cycle turns in their favor again. Assuming it does.

Croda is fighting

Croda’s share price is down 26.92% in a year and 56.85% over five years. I thought the shares would be very affordable as a result, but they are not. In fact, they are trading at 23.32 times earnings, well above today’s FTSE 100 average of around 15 times. Their yield of 2.8% is below the index average of 3.8%.

The chemical maker has one thing going for it: It has raised shareholder payouts for 32 years in a row. That makes it a true dividend aristocrat through and through.

Sales surged during the pandemic as shoppers stocked up on chemicals, but fell later “long-term stock withdrawal”Croda delivered more bad news on July 30 as its life sciences business saw further destocking, particularly in crop protection and consumer health.

Pre-tax profits for the first half of the year fell 27% to £127.3m, while sales fell 7.4% to £815.9m. Management also lowered its full-year profit forecast,

I recently took advantage of a couple of profit warnings to buy FTSE 100 shares at depressed valuations, only to see them fall even further. I fear the same could happen here. Given the valuation, I wouldn’t rush to buy Croda today.

Spirax on stand

Industrial and commercial steam systems manufacturer Spirax is another dividend aristocrat, having raised shareholder payouts for 33 years. If only the Spirax share price could show similar vigour. It is down 25.27% in a year and 51.68% over five years.

However, it is another low-yielding entity, paying a trailing yield of just 2.11%. Like Croda, Spirax is not affordable, trading at 24.26 times earnings. This reflects a edged 17% fall in earnings per share in 2023 to 312.4p. Pre-tax profits fell 20.6% to £244.5m.

Spirax has had a challenging start to 2024, with first-half pre-tax profit down 10% and earnings per share down 12%. Management blamed “weak macroeconomic environment” on key markets and currency issues.

Chief Executive Officer Nimesh Patel Expects Stronger Growth in Second Half of Year, But Not “We expect a significant recovery by the end of 2024.”.

Both of these stocks have a surprisingly similar profile. Their shares are down but not affordable, their dividend histories are excellent but their yields are low, neither is a bargain, and their struggles are not over.

Both need the US and Chinese economies to come back to life, but there is little sign of that today. I see many FTSE 100 shares with much better prospects and higher yields. I will look to buy them instead.