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 use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 company to watch right now is J. Sainsbury (JSAIY Quick QuoteJSAIY - Free Report) . JSAIY is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 11.91, which compares to its industry's average of 31.36. JSAIY's Forward P/E has been as high as 13.80 and as low as 9.07, with a median of 11.27, all within the past year.

We also note that JSAIY holds a PEG ratio of 3.34. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. JSAIY's PEG compares to its industry's average PEG of 3.48. Over the past 52 weeks, JSAIY's PEG has been as high as 4.70 and as low as 1.92, with a median of 2.66.

These are just a handful of the figures considered in J. Sainsbury's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that JSAIY is an impressive value stock right now.