The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

One stock to keep an eye on is Associated British Foods (ASBFY Quick QuoteASBFY - Free Report) . ASBFY is currently sporting a Zacks Rank #1 (Strong Buy) and an A for Value. The stock holds a P/E ratio of 10.43, while its industry has an average P/E of 14.84. Over the last 12 months, ASBFY's Forward P/E has been as high as 12.63 and as low as 9.40, with a median of 11.26.

Another valuation metric that we should highlight is ASBFY's P/B ratio of 1.4. The P/B ratio pits a stock's market value against 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 1.75. Over the past 12 months, ASBFY's P/B has been as high as 1.65 and as low as 1.18, with a median of 1.46.

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