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 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 Volvo (VLVLY Quick QuoteVLVLY - Free Report) . VLVLY is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 11.98, while its industry has an average P/E of 19.35. Over the past year, VLVLY's Forward P/E has been as high as 13.87 and as low as 8.99, with a median of 11.52.

Another notable valuation metric for VLVLY is its P/B ratio of 3.45. 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 company's current P/B looks solid when compared to its industry's average P/B of 4.27. Over the past year, VLVLY's P/B has been as high as 3.71 and as low as 2.50, with a median of 3.04.

Value investors will likely look at more than just these metrics, but the above data helps show that Volvo is likely undervalued currently. And when considering the strength of its earnings outlook, VLVLY sticks out as one of the market's strongest value stocks.