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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is Novartis (NVS). NVS is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 11.73, which compares to its industry's average of 16.44. Over the last 12 months, NVS's Forward P/E has been as high as 16.06 and as low as 11.73, with a median of 13.82.

We should also highlight that NVS has a P/B ratio of 4.63. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. NVS's current P/B looks attractive when compared to its industry's average P/B of 8.69. Within the past 52 weeks, NVS's P/B has been as high as 5.90 and as low as 4.17, with a median of 5.18.

Finally, investors will want to recognize that NVS has a P/CF ratio of 8.42. 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 company's current P/CF looks solid when compared to its industry's average P/CF of 26.06. NVS's P/CF has been as high as 14.36 and as low as 8.28, with a median of 9.41, all within the past year.

These are just a handful of the figures considered in Novartis'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 NVS is an impressive value stock right now.

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