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.

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.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Santander Mexico (BSMX Quick QuoteBSMX - Free Report) . BSMX 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 8.83. This compares to its industry's average Forward P/E of 9.12. Over the last 12 months, BSMX's Forward P/E has been as high as 9.58 and as low as 3.67, with a median of 7.20.

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. BSMX has a P/S ratio of 1.08. This compares to its industry's average P/S of 1.63.

Finally, investors will want to recognize that BSMX has a P/CF ratio of 6.09. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. BSMX's P/CF compares to its industry's average P/CF of 13.73. Over the past 52 weeks, BSMX's P/CF has been as high as 8 and as low as 2.56, with a median of 3.98.

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