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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Axis Capital Holdings (AXS Quick QuoteAXS - Free Report) . AXS is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A.

We should also highlight that AXS has a P/B ratio of 1.33. 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 1.39. AXS's P/B has been as high as 1.57 and as low as 1.18, with a median of 1.37, over the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. AXS has a P/S ratio of 1.1. This compares to its industry's average P/S of 1.3.

Finally, our model also underscores that AXS has a P/CF ratio of 8.35. 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 stock's P/CF looks attractive against its industry's average P/CF of 11.49. Over the past 52 weeks, AXS's P/CF has been as high as 12.01 and as low as 6.59, with a median of 8.71.

Investors could also keep in mind First American Financial (FAF Quick QuoteFAF - Free Report) , another Insurance - Property and Casualty stock with a Zacks Rank of #2 (Buy) and Value grade of A.

First American Financial sports a P/B ratio of 1.31 as well; this compares to its industry's price-to-book ratio of 1.39. In the past 52 weeks, FAF's P/B has been as high as 1.43, as low as 1.08, with a median of 1.29.

Value investors will likely look at more than just these metrics, but the above data helps show that Axis Capital Holdings and First American Financial are likely undervalued currently. And when considering the strength of its earnings outlook, AXS and FAF sticks out as one of the market's strongest value stocks.