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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. 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.

One company to watch right now is International Consolidated Airlines (ICAGY Quick QuoteICAGY - Free Report) . ICAGY is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 5.55. This compares to its industry's average Forward P/E of 10.70. Over the past year, ICAGY's Forward P/E has been as high as 8.20 and as low as 5.31, with a median of 6.78.

Finally, investors should note that ICAGY has a P/CF ratio of 3.41. 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 P/CF compares to its industry's average P/CF of 6.35. Within the past 12 months, ICAGY's P/CF has been as high as 3.66 and as low as 1.46, with a median of 1.96.

These are just a handful of the figures considered in International Consolidated 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 is an impressive value stock right now.