Mario Gabelli: Look here for value later in 2015

Closely watched stock picker Mario Gabelli said Thursday he is looking past daily market movements toward the impacts of the European Central Bank's stimulus program and a weaker euro.

It's a matter of anticipating not only fundamentals, but how the market will react, he said.

"If I'm producing something in France with local currency and local costs and exporting and selling in the global marketplace in dollars, and my stock has done nothing—wow! I as an American can go in and buy that stock 30 percent cheaper than a year ago, and I'm going to have a company that's going to do extremely well. So that's what is underpriced," the Gamco Investors chairman and CEO said on CNBC's "Squawk Box."

Read MoreCentral bank anxiety creates major macro volatility

Conversely, an American company would be facing a 30-percent price disadvantage, he said. To compete, U.S. firms will have to increase margins or gain share or else cut costs and prices.

"You have to tie in regulation. You have to tie in the free market. You have to tie in tax policy. You have to tie in currencies. This is easy. We've been doing this forever," he said. "Things change. Dynamics change. Technology changes. But fundamentals don't."

Investors should look for companies with pricing and earnings power and weigh the costs against the companies' intrinsic value.

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