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.

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 company to watch right now is Volvo (VLVLY Quick QuoteVLVLY - Free Report) . VLVLY is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 12.12, which compares to its industry's average of 22.76. Over the past year, VLVLY's Forward P/E has been as high as 12.64 and as low as 7.86, with a median of 9.78.

We also note that VLVLY holds a PEG ratio of 0.77. 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. VLVLY's PEG compares to its industry's average PEG of 1.38. VLVLY's PEG has been as high as 1.07 and as low as 0.51, with a median of 0.65, all within the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Volvo is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, VLVLY feels like a great value stock at the moment.