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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. 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.

Mitie Group (MITFY Quick QuoteMITFY - Free Report) is a stock many investors are watching right now. MITFY is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 11.70, which compares to its industry's average of 28.42. Over the past year, MITFY's Forward P/E has been as high as 11.84 and as low as 7.96, with a median of 9.64.

Another valuation metric that we should highlight is MITFY's P/B ratio of 4.71. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 4.90. MITFY's P/B has been as high as 4.76 and as low as 3.05, with a median of 3.45, over the past year.

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