To say the second quarter has proved a nightmare for Marks and Spencer (LON: MKS) would be something of an understatement. Sales of its women’s fashion lines continue to slump, it advised last month, and like-for-like demand for its clothing and home products dived 2.9% during the 12 months to March.

These problems — combined with the impact of last week’s Brexit vote — have forced the company’s share price 26% lower so far in Q2.

And while further weakness can’t be ruled out as M&S embarks on yet another strategy to revamp its womenswear ranges, I believe there’s still plenty to be optimistic about for the long term.

The retailer’s food division continues to perform exceptionally brightly, and sales here should keep rising thanks to its store expansion programme. And the firm’s presence in Asia should also provide splendid returns in the coming years.

I believe a forward P/E rating of 11.3 times represents a decent level at which to buy into the company’s exciting growth story.

Media mammoth

Shares in ITV (LSE: ITV) have also taken a battering as concerns over a leave vote have rattled ad revenues.

The broadcaster had shed 32% of its value since April kicked off, and received a further heavy dent after last week’s referendum.

It can’t be denied that advertising revenues at ITV may continue to struggle in the months ahead, with the uncertainty surrounding the terms and timing of the UK’s withdrawal — plus fears over the long-term health of the British economy — likely to weigh on business confidence.

But I reckon the commercial broadcaster remains a solid stock pick for the coming years. On-going expansion at ITV Studios across Europe and the US gives plenty of reason for cheer, while ITV’s success across both new and traditional media should be applauded.

Consequently, I believe a prospective earnings multiple of 11.9 times is great value given the media giant’s solid long-term outlook.

Set to soar?

It comes as no surprise that Britain’s airlines have been among the biggest casualties of Brexit, a factor that has seen easyJet’s (LSE: EZJ) share price plummet during the current quarter.

Indeed, the Luton flyer has seen its price swing 30% lower since the vote, the result even forcing easyJet to issue a profit warning this week. The company said that “additional economic and consumer uncertainty is likely this summer” following recent political developments.

Combined with the impact of other issues like flight cancellations, easyJet now expects profits to fall by “at least a mid-single digit percentage” during April-September from the corresponding period last year.

However, I believe the scale of selling activity is vastly overdone. Rather than witnessing a significant dive in customer numbers, easyJet’s cheap seats may actually benefit from rising demand as travellers trade down from more expensive airlines.

Cheap fuel costs should provide the bottom line with a further boost in the near  term, too. And in the coming years, I believe easyJet’s on-going route expansion scheme should deliver stunning revenues growth.

So I reckon a current P/E rating of 10 times for this year makes easyJet a great contrarian pick.

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