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 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.

One stock to keep an eye on is Volvo (VLVLY Quick QuoteVLVLY - Free Report) . VLVLY is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 11.98. This compares to its industry's average Forward P/E of 21.81. Over the last 12 months, VLVLY's Forward P/E has been as high as 13.87 and as low as 8.99, with a median of 11.52.

Another notable valuation metric for VLVLY is its P/B ratio of 3.45. 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 3.68. VLVLY's P/B has been as high as 3.71 and as low as 2.50, with a median of 3.04, over the past year.

These are just a handful of the figures considered in Volvo's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that VLVLY is an impressive value stock right now.