Global IT company Unisys (UIS) has all the makings of a value stock. Its net cash position of $330 million provides safety in the event of a downturn and offers strong downside protection on the company's $760 million market cap. In recent years, the company has managed annual income of $200 million; it will not earn as much this year thanks to cutbacks in government spending, but the company remains solidly profitable.

Since a good portion of this company's revenues come from deficit-laden governments (e.g., 17% of Unisys' 2011 revenue came from various agencies of the U.S. federal government), one might expect this company to be revenue-challenged going forward. But it appears as though the market has overreacted to the pessimistic side, as Unisys trades at a P/E of 6 despite a healthy net cash position.

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