Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is Accel Entertainment (ACEL Quick QuoteACEL - Free Report) . ACEL is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 14.22, while its industry has an average P/E of 21.87. Over the past year, ACEL's Forward P/E has been as high as 17.76 and as low as 11.88, with a median of 14.32.

Another valuation metric that we should highlight is ACEL's P/B ratio of 3.59. The P/B is a method of comparing a stock's market value to 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 8.87. Within the past 52 weeks, ACEL's P/B has been as high as 4.92 and as low as 3.14, with a median of 3.81.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by 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. ACEL has a P/S ratio of 0.79. This compares to its industry's average P/S of 0.87.

Finally, we should also recognize that ACEL has a P/CF ratio of 8.80. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 18.09. Within the past 12 months, ACEL's P/CF has been as high as 11.23 and as low as 7.35, with a median of 8.96.

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