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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company to watch right now is AZZ (AZZ). AZZ is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 16.53. This compares to its industry's average Forward P/E of 22.36. Over the last 12 months, AZZ's Forward P/E has been as high as 17.72 and as low as 13.74, with a median of 15.25.

AZZ is also sporting a PEG ratio of 1.18. 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. AZZ's PEG compares to its industry's average PEG of 2.18. Within the past year, AZZ's PEG has been as high as 1.27 and as low as 0.98, with a median of 1.09.

Investors should also recognize that AZZ has a P/B ratio of 2.79. 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. This stock's P/B looks solid versus its industry's average P/B of 3.28. Within the past 52 weeks, AZZ's P/B has been as high as 3.69 and as low as 1.99, with a median of 2.74.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. AZZ has a P/S ratio of 1.72. This compares to its industry's average P/S of 2.5.

Finally, our model also underscores that AZZ has a P/CF ratio of 13.27. 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. AZZ's current P/CF looks attractive when compared to its industry's average P/CF of 17.29. Over the past 52 weeks, AZZ's P/CF has been as high as 13.67 and as low as 9.25, with a median of 10.97.

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

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

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