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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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.

Nomad Foods Limited (NOMD Quick QuoteNOMD - Free Report) is a stock many investors are watching right now. NOMD is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 6.17 right now. For comparison, its industry sports an average P/E of 14.39. Over the past 52 weeks, NOMD's Forward P/E has been as high as 10.54 and as low as 6.16, with a median of 8.39.

We should also highlight that NOMD has a P/B ratio of 0.7. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. NOMD's current P/B looks attractive when compared to its industry's average P/B of 1.69. Over the past 12 months, NOMD's P/B has been as high as 1.16 and as low as 0.70, with a median of 0.97.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. NOMD has a P/S ratio of 0.47. This compares to its industry's average P/S of 0.71.

Finally, investors will want to recognize that NOMD has a P/CF ratio of 6.01. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 10.70. NOMD's P/CF has been as high as 9.96 and as low as 6.01, with a median of 8.21, all within the past year.

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