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.

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

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 stock to keep an eye on is Cathay Pacific Airways (CPCAY Quick QuoteCPCAY - Free Report) . CPCAY 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 7.9. This compares to its industry's average Forward P/E of 9.80. Over the past 52 weeks, 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 is a method of comparing a stock's market value to 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 3.27. Within the past 52 weeks, 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.