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.

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 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 8.89. CPCAY's Forward P/E has been as high as 9.84 and as low as 5.56, with a median of 7.92, all within the past year.

Investors should also recognize that CPCAY has a P/B ratio of 1.32. 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 2.50. 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 are only a few of the key metrics included in Cathay Pacific Airways's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, CPCAY looks like an impressive value stock at the moment.