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.

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 use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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.

Cathay Pacific Airways (CPCAY Quick QuoteCPCAY - Free Report) is a stock many investors are watching right now. CPCAY 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 7.9, which compares to its industry's average of 11.41. Over the past year, CPCAY's Forward P/E has been as high as 9.84 and as low as 5.56, with a median of 7.92.

Another valuation metric that we should highlight is CPCAY's P/B ratio of 1.32. 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 company's current P/B looks solid when compared to its industry's average P/B of 3.64. Over the past 12 months, CPCAY's P/B has been as high as 1.51 and as low as 0.83, with a median of 1.27.

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