Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company to watch right now is Deutsche Bank (DB Quick QuoteDB - Free Report) . DB is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 9.31. This compares to its industry's average Forward P/E of 10.35. Over the last 12 months, DB's Forward P/E has been as high as 9.65 and as low as 5.11, with a median of 7.68.

We also note that DB holds a PEG ratio of 0.39. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. DB's PEG compares to its industry's average PEG of 0.72. DB's PEG has been as high as 2.38 and as low as 0.33, with a median of 0.39, all within the past year.

Another notable valuation metric for DB is its P/B ratio of 0.82. 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 stock's P/B looks attractive against its industry's average P/B of 2.28. Over the past 12 months, DB's P/B has been as high as 0.85 and as low as 0.37, with a median of 0.53.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. DB has a P/S ratio of 1.05. This compares to its industry's average P/S of 1.77.

Finally, investors will want to recognize that DB has a P/CF ratio of 7.64. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. DB's P/CF compares to its industry's average P/CF of 17.68. DB's P/CF has been as high as 7.90 and as low as 2.94, with a median of 5.72, all within the past year.

Another great Banks - Foreign stock you could consider is Erste Group Bank (EBKDY Quick QuoteEBKDY - Free Report) , which is a Zacks Rank of #2 (Buy) stock with a Value Score of A.

Shares of Erste Group Bank are currently trading at a forward earnings multiple of 9.35 and a PEG ratio of 0.73 compared to its industry's P/E and PEG ratios of 10.35 and 0.72, respectively.

Over the past year, EBKDY's P/E has been as high as 10.29, as low as 6.23, with a median of 8.45; its PEG ratio has been as high as 1.26, as low as 0.69, with a median of 0.95 during the same time period.

Additionally, Erste Group Bank has a P/B ratio of 1.08 while its industry's price-to-book ratio sits at 2.28. For EBKDY, this valuation metric has been as high as 1.14, as low as 0.67, with a median of 0.86 over the past year.

Value investors will likely look at more than just these metrics, but the above data helps show that Deutsche Bank and Erste Group Bank are likely undervalued currently. And when considering the strength of its earnings outlook, DB and EBKDY sticks out as one of the market's strongest value stocks.