The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Travelzoo (TZOO Quick QuoteTZOO - Free Report) . TZOO is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 8.93, which compares to its industry's average of 25.19. Over the past year, TZOO's Forward P/E has been as high as 19.08 and as low as 7.54, with a median of 10.90.

Finally, investors should note that TZOO has a P/CF ratio of 12.49. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. TZOO's P/CF compares to its industry's average P/CF of 15.01. Over the past year, TZOO's P/CF has been as high as 20.36 and as low as 6.47, with a median of 12.40.

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