Investors interested in Transportation - Equipment and Leasing stocks are likely familiar with Air Lease (AL Quick QuoteAL - Free Report) and Westinghouse Air Brake Technologies (WAB Quick QuoteWAB - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Air Lease has a Zacks Rank of #2 (Buy), while Westinghouse Air Brake Technologies has a Zacks Rank of #4 (Sell) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that AL is likely seeing its earnings outlook improve to a greater extent. But this is just one piece of the puzzle for value investors.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

AL currently has a forward P/E ratio of 9.31, while WAB has a forward P/E of 18.97. We also note that AL has a PEG ratio of 0.66. 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. WAB currently has a PEG ratio of 5.20.

Another notable valuation metric for AL is its P/B ratio of 0.84. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, WAB has a P/B of 1.57.

These metrics, and several others, help AL earn a Value grade of A, while WAB has been given a Value grade of C.

AL sticks out from WAB in both our Zacks Rank and Style Scores models, so value investors will likely feel that AL is the better option right now.