As we start to round out the year of 2024, many investors may start reviewing their portfolios in search of which new positions to add, or which existing positions to trim. In the search for top value stocks to potentially add during the last quarter of this year, I thought I'd share my thoughts about two top names I'd consider undervalued and which could be poised for nice moves in the month ahead.

Here's why I think the following two names are worth adding for more than just their valuations.

Alimentation Couche-Tard

Alimentation Couche-Tard (TSX:ATD) is one of the largest convenience store chains in North America, but it also has a strong and growing presence in a number of global markets, including Ireland, Scandinavia, Poland, the Baltics, and Russia. The company's significant revenues come from selling a wide range of wares via its gas stations and convenience stores, which have seen a nice resurgence since the pandemic (alongside the company's share price).

I think the real story behind Couche-Tard's success on the growth front has been its ability to make rather large acquisitions and improve the return on equity metrics (and others) for investors. While the company's previous two mega-deals haven't worked out (for 7/11 and a French retailer), this is a company that is showing strong organic growth among its existing footprints. And under its existing banners, Couche-Tard expects to open another 100 stores in North America over the next year.

In terms of organic same-store sales growth, Couche-Tard is currently reporting around 5.5% increases year over year right now. That's solid. And adding on various strategic acquisition deals and other initiatives to boost this number, it's easy to arrive at the view that this company's forward price-to-earnings multiple of 17 times is very cheap.

Manulife Financial

Manulife Financial (TSX:MFC) is best known as a Canada-based insurance giant, and it is. However, the company also offers a much more extensive product and service line that investors may not be aware of. From financial protection to asset and wealth management, Manulife serves millions of corporate and individual customers in North America and Asia.

Manulife stock boasts a stellar track record of positive earnings surprises, reporting $0.66 in earnings per share versus the consensus estimate of $0.64 this most recent quarter. I expect this trend to continue, given that Manulife has consistently beat expectations by around 5%, at least in its most recent history.

Among the most notable moves made in Manulife of late has been strategic maneuvering by Bank of Nova Scotia into Manulife Financial. This investment has established new dynamics in the financial service sector, diversifying Scotiabank's portfolio and increasing exposure to a company poised for recovery and growth in key markets.

The strategic acquisition by the Bank of Nova Scotia would represent a thoughtful addition to its portfolio based on its investment philosophy and market outlook. As Manulife further continues through the intricacies of the global insurance market, this investment might reap large dividends, putting the Bank of Nova Scotia in a prime position as one of the shrewdest investors in the marketplace.