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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. 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.

One stock to keep an eye on is Denny's (DENN). DENN is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 11.08, while its industry has an average P/E of 25.59. Over the past 52 weeks, DENN's Forward P/E has been as high as 15.78 and as low as 8.75, with a median of 11.12.

DENN is also sporting a PEG ratio of 1.23. 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. DENN's industry currently sports an average PEG of 1.76. Over the last 12 months, DENN's PEG has been as high as 1.75 and as low as 0.97, with a median of 1.24.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. DENN has a P/S ratio of 0.73. This compares to its industry's average P/S of 0.78.

Finally, our model also underscores that DENN has a P/CF ratio of 10.25. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 22.33. DENN's P/CF has been as high as 17.17 and as low as 8.71, with a median of 10.28, all within the past year.

These are only a few of the key metrics included in Denny's'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, DENN looks like an impressive value stock at the moment.

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