Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

EmbraerEmpresa Brasileira de Aeronautica (ERJ Quick QuoteERJ - Free Report) is a stock many investors are watching right now. ERJ is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 13.37 right now. For comparison, its industry sports an average P/E of 22.77. Over the last 12 months, ERJ's Forward P/E has been as high as 72.57 and as low as -49.52, with a median of 33.50.

We also note that ERJ holds a PEG ratio of 0.79. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. ERJ's PEG compares to its industry's average PEG of 1.64. ERJ's PEG has been as high as 4.27 and as low as -2.91, with a median of 1.97, all within the past year.

These are only a few of the key metrics included in EmbraerEmpresa Brasileira de Aeronautica's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, ERJ looks like an impressive value stock at the moment.