While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company to watch right now is Shoe Carnival (SCVL). SCVL is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 12.16, which compares to its industry's average of 16.06. SCVL's Forward P/E has been as high as 15.85 and as low as 6.47, with a median of 12.64, all within the past year.

We should also highlight that SCVL has a P/B ratio of 1.56. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. SCVL's current P/B looks attractive when compared to its industry's average P/B of 4.45. Over the past 12 months, SCVL's P/B has been as high as 2.01 and as low as 1.03, with a median of 1.59.

Finally, we should also recognize that SCVL has a P/CF ratio of 9.12. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. SCVL's P/CF compares to its industry's average P/CF of 12.88. Over the past year, SCVL's P/CF has been as high as 11.74 and as low as 5.38, with a median of 9.24.

If you're looking for another solid Retail - Apparel and Shoes value stock, take a look at Tapestry (TPR). TPR is a # 2 (Buy) stock with a Value score of A.

Tapestry is currently trading with a Forward P/E ratio of 9.83 while its PEG ratio sits at 1.63. Both of the company's metrics compare favorably to its industry's average P/E of 16.06 and average PEG ratio of 1.37.

TPR's price-to-earnings ratio has been as high as 10.91 and as low as 6.25, with a median of 9.18, while its PEG ratio has been as high as 1.77 and as low as 0.54, with a median of 0.83, all within the past year.

Additionally, Tapestry has a P/B ratio of 3.57 while its industry's price-to-book ratio sits at 4.45. For TPR, this valuation metric has been as high as 4.19, as low as 2.52, with a median of 3.40 over the past year.

These are only a few of the key metrics included in Shoe Carnival and Tapestry strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, SCVL and TPR look like an impressive value stock at the moment.

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