Investors interested in stocks from the Beverages - Soft drinks sector have probably already heard of Fomento Economico (FMX Quick QuoteFMX - Free Report) and Coca-Cola (KO Quick QuoteKO - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Fomento Economico and Coca-Cola are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This means that FMX's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

FMX currently has a forward P/E ratio of 23.98, while KO has a forward P/E of 24.87. We also note that FMX has a PEG ratio of 1.51. 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. KO currently has a PEG ratio of 3.64.

Another notable valuation metric for FMX is its P/B ratio of 1.84. 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. By comparison, KO has a P/B of 11.03.

These are just a few of the metrics contributing to FMX's Value grade of B and KO's Value grade of D.

FMX has seen stronger estimate revision activity and sports more attractive valuation metrics than KO, so it seems like value investors will conclude that FMX is the superior option right now.