Are there deals on? FTSE 100 index currently? Almost certainly. The enduring nature of low-priced stocks is perhaps embodied in the most famous investment phrase – “buy low, sell high.”

On the other hand, finding those deals is a difficult task. This is because the best opportunities often come at times of maximum pessimism. How they beat the drum Rolls Royce Stocks while Prime Minister Elizabeth was enacting “trosonomics”? Those who did could walk away and come back 20 times.

Where could such deals be hiding today? One place to look is stocks trading at 10-year lows. A stock price at its lowest level since 2016 doesn’t guarantee a once-in-a-decade opportunity, but you never know…

According to the latest data (as of January 21), the FTSE 100 holds four stocks that are trading at or near a 10-year low.

Basement deal?

Before I get into what I think is the most interesting of these four stocks, I’ll talk about what’s going on with the other three stocks.

Diageo The shares won’t come as a huge surprise to anyone tracking changing drinking habits. Beverage makers around the world are building huge reserves of inventory as people drink less.

Diageo’s price-to-earnings ratio has fallen to just 12. There could be a lot of value on offer here if the decline in alcohol consumption is a temporary phenomenon.

Redro Bars Shares (formerly Barratt before the merger) also look cheap, down to 384p. Continued demand for homes in the UK should help housebuilders in the long term.

But the risks here are multiple. Margins are declining on both sides due to issues plaguing the homebuilding sector, including rising wages and supply costs, as well as falling home prices.

Croda Stocks have seen one of the most stunning declines in recent years. The chemicals company’s share price is down 73% since 2022. The company is at risk of falling out of the FTSE 100. This could signal an opportunity if the company can weather increased regulation and pressures on its margins.

Looks good

If you were asked to choose which of four potential once-in-a-decade stocks I think is worth considering, I would choose Monday (LSE: MND) shares. The packaging and paper company has seen something of a slowdown since the pandemic.

One important factor is the global economy. In good economic times, people order more things through the mail and companies deliver more orders, too. If there is a recession in the next few years, this will be dangerous.

But the overall trajectory of packaging solutions looks good to me. The rise of online shopping and the slow death of the high street seems to be an inexorable process. If so, Mundi shares — which trade at just 12 times forward earnings — could be a bargain sooner or later. I would say this is a stock to consider.