The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find 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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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.

Eldorado Gold (EGO) is a stock many investors are watching right now. EGO is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 9.70. This compares to its industry's average Forward P/E of 12.74. Over the last 12 months, EGO's Forward P/E has been as high as 27.85 and as low as 9.43, with a median of 15.15.

We also note that EGO holds a PEG ratio of 0.27. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. EGO's PEG compares to its industry's average PEG of 0.43. Over the past 52 weeks, EGO's PEG has been as high as 6.38 and as low as 0.26, with a median of 0.31.

Another notable valuation metric for EGO is its P/B ratio of 0.85. 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. This stock's P/B looks solid versus its industry's average P/B of 1.33. Over the past year, EGO's P/B has been as high as 1.03 and as low as 0.59, with a median of 0.86.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. EGO has a P/S ratio of 2.69. This compares to its industry's average P/S of 2.88.

Finally, investors will want to recognize that EGO has a P/CF ratio of 6.11. 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. EGO's P/CF compares to its industry's average P/CF of 13.21. Over the past year, EGO's P/CF has been as high as 8.96 and as low as 5.45, with a median of 6.86.

These are only a few of the key metrics included in Eldorado Gold's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, EGO looks like an impressive value stock at the moment.

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