Finding the discounted names might be a little more difficult as you mentioned but there are other interesting ways to find value such as Percent Above Average Yield (PAAY). (divhut.com)
That is above the average yield on U.S. junk bonds, which is 9.4 percent according to Merrill Lynch data. (reuters.com)
It is well above the average yield of all 690 Dividend Champions, Contenders, and Challengers (CCC), which stands at 2.8 %. (dailytradealert.com)