Investors with an interest in Internet - Services stocks have likely encountered both Lyft (LYFT) and Shopify (SHOP). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Right now, both Lyft and Shopify are sporting a Zacks Rank of # 2 (Buy). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that both of these companies have improving earnings outlooks. But this is just one factor that value investors are interested in.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

LYFT currently has a forward P/E ratio of 14.75, while SHOP has a forward P/E of 86.93. We also note that LYFT has a PEG ratio of 0.33. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. SHOP currently has a PEG ratio of 2.04.

Another notable valuation metric for LYFT is its P/B ratio of 8.58. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, SHOP has a P/B of 13.90.

These metrics, and several others, help LYFT earn a Value grade of B, while SHOP has been given a Value grade of F.

Both LYFT and SHOP are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that LYFT is the superior value option right now.

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