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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

Cracker Barrel Old Country Store (CBRL) is a stock many investors are watching right now. CBRL is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 11.47. This compares to its industry's average Forward P/E of 24.15. CBRL's Forward P/E has been as high as 22.15 and as low as 9.19, with a median of 13.65, all within the past year.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. CBRL has a P/S ratio of 0.24. This compares to its industry's average P/S of 0.71.

Value investors will likely look at more than just these metrics, but the above data helps show that Cracker Barrel Old Country Store is likely undervalued currently. And when considering the strength of its earnings outlook, CBRL sticks out at as one of the market's strongest value stocks.

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Cracker Barrel Old Country Store, Inc. (CBRL) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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