FTSE 100 stocks have done well lately, but as ever, there are exceptions. I’ve picked up three companies that have all fallen around 33% in the last year. Their shares are significantly cheaper as a result, but does that make them bargains?

Can Spirax shares pick up steam?

The first is Spirax Group (LSE: SPX), a specialist in steam management systems and peristaltic pumps. Sadly, its shares ran out of steam several years ago.

To my surprise, they still look relatively expensive trading at a price-to-earnings (P/E) ratio of nearly 24. That’s well above the FTSE 100 average of around 15. This either suggests investors still have high expectations for future performance, or that Spirax needs to unwind further to qualify as a true bargain buy. I suspect the latter.

It did enjoy a barnstorming start to 2025, with its shares surging 20% in January. This was powered by hopes that a Chinese economic recovery could boost demand for its industrial steam systems. But the rally didn’t last. The share price is sliding again. Broker Shore Capital recently flagged structural threats, including the impact of generative AI and lengthening replacement cycles.

Uncertainty in the global economy isn’t helping either. Despite increasing its dividend for 55 consecutive years, Spirax yields just 2.22%. Hardly compelling. Right now, I wouldn’t consider buying.

Should I buy Rentokil shares?

Pest control specialist Rentokil Initial (LSE: RTO) grabbed my attention during last year’s short-lived French bedbug panic, as I wondered if it might benefit. I’m glad I didn’t scratch the itch to buy it though, because its shares continue to stink out the FTSE 100.

They’re down 16% in the past month alone, after a poor set of results published on Thursday (6 March). They included an 8.1% drop in full-year adjusted pre-tax profit to £703m. Revenue rose just 1.1% to £5.4bn.

North American operations were supposed to be a big growth driver but have underperformed in practice. With the US economy still bumpy, a turnaround may take time.

Rentokil is cheaper than Spirax, with a P/E of 16, but after last year’s narrow squeak I won’t let this infest my portfolio now either. The dividend yield is a modest 2.66%.

Croda shares are suffering from long Covid

Speciality chemicals company Croda International (LSE: CRDA) is the third of my 33% fallers. Full-year results, published on 25 February, disappointed, with adjusted pre-tax profit down 11.6% to £273m. Operating margins slipped from 18.9% to 17.2%, prompting the board to launch a £25m cost-cutting plan.

Croda’s shares spiked above 10,000p during the pandemic, as panicked customers stockpiled chemicals, pulling forward demand. But today, they stand at 3,242p, with customer demand still “subdued”. Despite the slump, Croda still isn’t in deep-value territory, trading at a P/E of 23.

This is another dividend stalwart, having hiked payouts for 27 consecutive years. Today, it yields 3.4%. It still doesn’t tempt me.

All three may well recover when the wider economy picks up, but they don’t look primed for a rapid rebound today. I can see better value elsewhere on the FTSE 100 right now.