Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

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 Danone (DANOY Quick QuoteDANOY - Free Report) . DANOY 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 15.19, which compares to its industry's average of 17.09. DANOY's Forward P/E has been as high as 17.40 and as low as 12.71, with a median of 14.91, all within the past year.

Investors should also recognize that DANOY has a P/B ratio of 1.94. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. DANOY's current P/B looks attractive when compared to its industry's average P/B of 2.23. Over the past year, DANOY's P/B has been as high as 2.01 and as low as 1.51, with a median of 1.79.

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