Investors interested in Beverages - Alcohol stocks are likely familiar with Carlsberg AS (CABGY) and Brown-Forman B (BF.B). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

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 emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Carlsberg AS has a Zacks Rank of #2 (Buy), while Brown-Forman B has a Zacks Rank of #3 (Hold) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that CABGY is likely seeing its earnings outlook improve to a greater extent. But this is only part of the picture for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their 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.

CABGY currently has a forward P/E ratio of 16.52, while BF.B has a forward P/E of 19.09. We also note that CABGY has a PEG ratio of 1.61. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. BF.B currently has a PEG ratio of 5.97.

Another notable valuation metric for CABGY is its P/B ratio of 4.13. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, BF.B has a P/B of 4.28.

These are just a few of the metrics contributing to CABGY's Value grade of B and BF.B's Value grade of D.

CABGY stands above BF.B thanks to its solid earnings outlook, and based on these valuation figures, we also feel that CABGY is the superior value option right now.

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

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