Today I’m discussing three FTSE 100 (INDEXFTSE: UKX) stocks dealing far too cheaply.

Out of fashion

Investors were less than impressed by Marks and Spencer’s (LSE: MKS) full-year results released late last month, with signs of further stress at its Clothing division frustrating even the most patient of stock pickers.

‘Marks and Sparks’ has shed almost a fifth of its value since then, the stock hitting levels not seen since the summer of 2012 in the process.

On the one hand investors can’t be blamed for hitting the exits, with company CEO Steve Rowe warning that tough trading conditions and yet more changes to its fashion lines “will have an adverse effect on profit in the short term.”

But for long-term investors, I reckon this recent share price weakness represents a prime buying opportunity. I’m convinced that its blockbuster Food division should continue delivering the goods as expansion clicks through the gears, while M&S’s Asian footprint should provide exceptional earnings growth in the years ahead.

And with the retailer dealing on a forward P/E rating of 11.5 times — not to mention offering a dividend yield of 6.1% — I reckon Marks and Spencer is a terrific selection at current prices.

Brand beauty

Luxury fashion play Burberry (LSE: BRBY) has also been subject to washy investor appetite in recent weeks.

The share has lost a quarter of its value during the past three months, and Burberry struck its cheapest for three-and-a-half years just last week.

There’s no doubt that Burberry has a colossal task on its hands to get its outlets in Asia firing again . “Significantly lower footfall” in Hong Kong and ongoing difficulties in Macau sent group underlying revenues 1% in the year to March 2016, to £2.5bn, the high-end fashion firm advised last month.

But you can’t doubt the enduring appeal of Burberry’s branded bags and coats, a quality that should send sales rocketing higher again once current economic bumpiness abates.

Sure, the company may not be considered unmissable value on paper — a P/E rating of 16.5 times and dividend yield of 3.5% for 2017 both stand around the FTSE 100 average. And while the firm may face further near-term woes, I reckon these figures represent a steal for a stock of Burberry’s calibre, and expect the firm’s pan-global expansion to deliver splendid returns.

Banking brute

Like Burberry, Barclays (LSE: BARC) may not appear to provide great bang for your buck at first glance.

For 2016, a P/E rating of 14.6 times isn’t likely to get stock pickers too excited, prompted by a predicted 18% earnings decline. And Barclays’ decision to cut the dividend to 3p per share this year and next yields just 1.7%.

Regardless, I believe now is the time for those stock pickers looking to get in ‘ahead of the curve.’ Indeed, Barclays is expected to experience a 57% bottom-line bounce next year, driving the earnings multiple to bargain territory of 8.5 times.

Not only is the bank’s Transform cost-cutting strategy delivering the goods, but Barclays’ decision to double-down on the strong US and UK economies should also provide splendid rewards in the years ahead. And of course the firm’s Investment Bank provides plenty of opportunity for long-term earnings growth once current economic volatility abates.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has recommended Barclays and Burberry. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.