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 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 LATAM Airlines Group (LTM). LTM is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 8.21 right now. For comparison, its industry sports an average P/E of 18.21. Over the past 52 weeks, LTM's Forward P/E has been as high as 9.31 and as low as 7.90, with a median of 8.43.

We also note that LTM holds a PEG ratio of 0.56. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. LTM's industry currently sports an average PEG of 1.10. Over the last 12 months, LTM's PEG has been as high as 0.64 and as low as 0.54, with a median of 0.58.

SkyWest (SKYW) may be another strong Transportation - Airline stock to add to your shortlist. SKYW is a # 1 (Strong Buy) stock with a Value grade of A.

Shares of SkyWest are currently trading at a forward earnings multiple of 14.29 and a PEG ratio of 0.89 compared to its industry's P/E and PEG ratios of 18.21 and 1.10, respectively.

SkyWest also has a P/B ratio of 1.94 compared to its industry's price-to-book ratio of 5.02. Over the past year, its P/B ratio has been as high as 1.95, as low as 0.82, with a median of 1.34.

Value investors will likely look at more than just these metrics, but the above data helps show that LATAM Airlines Group and SkyWest are likely undervalued currently. And when considering the strength of its earnings outlook, LTM and SKYW sticks out as one of the market's strongest value stocks.

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