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, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. 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.

Sportsman's Warehouse (SPWH Quick QuoteSPWH - Free Report) is a stock many investors are watching right now. SPWH 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 13.99. This compares to its industry's average Forward P/E of 22.75. Over the past year, SPWH's Forward P/E has been as high as 20.99 and as low as 7.48, with a median of 12.08.

We also note that SPWH holds a PEG ratio of 0.80. 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. SPWH's industry currently sports an average PEG of 2.32.

These are only a few of the key metrics included in Sportsman's Warehouse'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, SPWH looks like an impressive value stock at the moment.