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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 company to watch right now is Eldorado Gold (EGO). EGO is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 8.65 right now. For comparison, its industry sports an average P/E of 12.79. Over the last 12 months, EGO's Forward P/E has been as high as 23.39 and as low as 8.26, with a median of 13.92.

EGO is also sporting a PEG ratio of 0.27. 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. EGO's PEG compares to its industry's average PEG of 0.48. Within the past year, EGO's PEG has been as high as 6.38 and as low as 0.26, with a median of 0.31.

Another valuation metric that we should highlight is EGO's P/B ratio of 0.81. 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 1.41. EGO's P/B has been as high as 1.03 and as low as 0.59, with a median of 0.87, over the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. EGO has a P/S ratio of 2.58. This compares to its industry's average P/S of 2.95.

Finally, we should also recognize that EGO has a P/CF ratio of 5.82. 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. This stock's P/CF looks attractive against its industry's average P/CF of 13.58. 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 6.59.

These are just a handful of the figures considered in Eldorado Gold's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that EGO is an impressive value stock right now.

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