The great thing about purchasing individually FTSE100 stock markets rather than tracking an index is that there are always opportunities. The blue-chip index may have hit another all-time closing high of 10,124.6 on Friday (January 8), but not all stocks are on a balmy streak.

Instead of chasing momentum, many investors prefer to focus on undervalued stocks in the hope that they will benefit when they gain popularity again. I am one of them. And despite the phenomenal performance of the FTSE 100, I still see plenty of opportunity.

Sainsbury’s shares fell last week

Although the index rose another 0.8% on Friday, more than 20 stocks fell. The largest decline was recorded by the supermarket chain Sainsbury’s (LSE:SBRY), which fell 5.29% on the day.

Investors were unimpressed with its holiday trading update, even though it reported a 5% escalate in grocery sales in the six weeks to January 3.

Investors pulled out as cash-strapped consumers spent less at the Argos subsidiary. As a result, Sainsbury’s looks cheaper, with a price-to-earnings (P/E) ratio of 13.5, well below the FTSE 100 average of around 20. The final dividend yield is 4.4%, so there is income on offer, as well as the potential for a share price rebound, and forecasts suggest it could reach 6.2% in the coming year.

As always, there are risks. If the economy slows further and unemployment rises, profits could come under pressure. However, for long-term investors, this may be a buying opportunity to consider. I see so much more there.

King of trainers JD Sports it has a P/E ratio of just 6.8, although I would advise caution here. It has suffered two bad Christmases in a row, and given the overall consumer woes, it could be heading for another disappointment. JD’s stock price dropped last week Bank of America retailers of low-quality sportswear. I bet on these stocks, but I may have to wait another year or two (or three) for developments.

Undervalued stock opportunities?

Will low-cost airline EasyJet finally launch this year? It certainly looks low-cost with a P/E ratio of 7.6, just like its rival International consolidated airline groupwhich owns British Airways. IAG shares are up 35% in one year and 180% in two years, and yet the company is still trading at a P/E ratio of just 8.8.

Falling oil prices caused the decline Shellanother apparent opportunity with a P/E ratio of 9.4, while the energy group Centric sits at 9.5. This is low price territory, although investors should consider why the stock is so low-cost. Oil may also have problems this year

BT Group looks engaging with a P/E ratio of just 9.6. I’m also building a gigantic position in the FTSE 100 dim horse Bunzlwhose shares have fallen by 35% over the last year, lowering the P/E ratio to 10.7. I think he still has huge potential to come back, but like with JD Sports, patience is required. Home builder Berkeley Group Holdingswhose P/E ratio is 10.8, and Marks and Spencer Group 11.1. they will have the opportunity to make up for their losses.

Then there is the paper and packaging group Worlds and real estate company Earth Security Groupboth with a P/E of 12.8 and offering profitability above 6%.

The FTSE 100 is performing well, but there are still potential deals to be had. Just remember that a good investment is more than just a low price.