While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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 use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 value investors might notice is Verizon Communications (VZ Quick QuoteVZ - Free Report) . VZ is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 8.92. This compares to its industry's average Forward P/E of 13.35. Over the past year, VZ's Forward P/E has been as high as 9.85 and as low as 8.01, with a median of 9.01.

Another notable valuation metric for VZ is its P/B ratio of 1.76. 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. This stock's P/B looks solid versus its industry's average P/B of 2.52. Within the past 52 weeks, VZ's P/B has been as high as 1.95 and as low as 1.58, with a median of 1.78.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. VZ has a P/S ratio of 1.33. This compares to its industry's average P/S of 1.5.

Finally, investors should note that VZ has a P/CF ratio of 5.05. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. VZ's current P/CF looks attractive when compared to its industry's average P/CF of 8.40. Over the past year, VZ's P/CF has been as high as 6.90 and as low as 4.52, with a median of 5.14.

These are only a few of the key metrics included in Verizon Communications's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, VZ looks like an impressive value stock at the moment.