Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Ryanair (RYAAY). RYAAY is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 13.39. This compares to its industry's average Forward P/E of 17.28. Over the last 12 months, RYAAY's Forward P/E has been as high as 15.78 and as low as 8.35, with a median of 12.03.

Investors should also recognize that RYAAY has a P/B ratio of 2.96. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 4.73. RYAAY's P/B has been as high as 4.11 and as low as 2.22, with a median of 3.26, over the past year.

Another great Transportation - Airline stock you could consider is SkyWest (SKYW), which is a # 1 (Strong Buy) stock with a Value Score of A.

SkyWest is currently trading with a Forward P/E ratio of 13.01 while its PEG ratio sits at 0.89. Both of the company's metrics compare favorably to its industry's average P/E of 17.28 and average PEG ratio of 1.04.

Over the last 12 months, SKYW's P/E has been as high as 104.60, as low as 9.16, with a median of 10.50, and its PEG ratio has been as high as 0.89, as low as 0.86, with a median of 0.86.

SkyWest sports a P/B ratio of 1.76 as well; this compares to its industry's price-to-book ratio of 4.73. In the past 52 weeks, SKYW's P/B has been as high as 1.76, as low as 0.81, with a median of 1.33.

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

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