Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 stock to keep an eye on is International Consolidated Airlines Group (ICAGY Quick QuoteICAGY - Free Report) . ICAGY is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 10.17. This compares to its industry's average Forward P/E of 15.72. Over the last 12 months, ICAGY's Forward P/E has been as high as 36.78 and as low as -3.16, with a median of 16.51.

Finally, we should also recognize that ICAGY has a P/CF ratio of 4.81. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. ICAGY's current P/CF looks attractive when compared to its industry's average P/CF of 17.77. Over the past 52 weeks, ICAGY's P/CF has been as high as 5.59 and as low as -4.87, with a median of -3.03.

Investors could also keep in mind United Airlines (UAL Quick QuoteUAL - Free Report) , an Transportation - Airline stock with a Zacks Rank of # 2 (Buy) and Value grade of A.

United Airlines sports a P/B ratio of 2.70 as well; this compares to its industry's price-to-book ratio of 4.07. In the past 52 weeks, UAL's P/B has been as high as 4.68, as low as 2.01, with a median of 3.

These are just a handful of the figures considered in International Consolidated Airlines Group and United Airlines'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 ICAGY and UAL is an impressive value stock right now.