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.

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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 company to watch right now is Travelzoo (TZOO Quick QuoteTZOO - Free Report) . TZOO is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 8.43 right now. For comparison, its industry sports an average P/E of 23.88. Over the last 12 months, TZOO's Forward P/E has been as high as 19.08 and as low as 6.83, with a median of 10.56.

Finally, we should also recognize that TZOO has a P/CF ratio of 10.21. 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. This company's current P/CF looks solid when compared to its industry's average P/CF of 13.95. Within the past 12 months, TZOO's P/CF has been as high as 20.36 and as low as 9.30, with a median of 12.60.

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.