In my humble opinion value lies in all stocks. People mostly confuse that if they buy cheap stock and wait till it becomes expensive. True but if you play this game with lesser known companies then its a risk and outcomes is more of a gamble. Coomon investor does not know the dynamic of board room games.

From Investopedia

What Does Value Trap Mean?
A stock that has experienced a large price depreciation and is mistaken to be a value stock.

The Low Multiple Value Trap
Companies that have been trading at low multiples of earnings, cash flow or book value for an extended period of time are sometimes doing so for good reason - because they have little promise - and possibly no future.

Lack of Catalysts
Companies and stocks need catalysts in order to advance. If a company doesn't have new products on the horizon or expect to show earnings growth or momentum of some kind,consider avoiding it.

Small Floats
Companies with a small float or with few shares that trade in the public domain are unlikely to garner institutional attention because those investors will have trouble acquiring and ultimately disposing of large quantities of stock. When institutions cannot participate in a stock, the shares tend to languish; by extension, they may become a "value trap".

Tightly Held Companies
Many institutions and entities that can move stocks (ie. mutual funds and hedge funds) will usually not get involved in a company if it has a high percentage of insider ownership. If insiders own a high percentage of the shares, the investing institution may not be able to influence the board of directors or to have a say on corporate governance issues. This lack of institutional interest could cause a stock to seriously languish

Bottom Line
Although a company may seem like an attractive investment candidate because of a low multiple, unless it has catalysts on the horizon, interested institutional investors, insider incentives and ample floats, the stock could lead you into a value trap.