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.

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 stock to keep an eye on is LY CORPORATION (YAHOY Quick QuoteYAHOY - Free Report) . YAHOY is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 16.87 right now. For comparison, its industry sports an average P/E of 19.87. YAHOY's Forward P/E has been as high as 25.44 and as low as 15.84, with a median of 19.55, all within the past year.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. YAHOY has a P/S ratio of 1.06. This compares to its industry's average P/S of 1.11.

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