Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Vodafone Group (VOD). VOD is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Investors should also note that VOD holds a PEG ratio of 0.47. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. VOD's PEG compares to its industry's average PEG of 0.58. Over the past 52 weeks, VOD's PEG has been as high as 3.36 and as low as 0.46, with a median of 0.84.

Investors should also recognize that VOD has a P/B ratio of 0.33. The P/B ratio pits a stock's market value against 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 0.77. VOD's P/B has been as high as 0.42 and as low as 0.33, with a median of 0.36, over the past year.

These are only a few of the key metrics included in Vodafone Group'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, VOD looks like an impressive value stock at the moment.

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Vodafone Group PLC (VOD) : Free Stock Analysis Report

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