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 company value investors might notice is Balfour Beatty PLC (BAFYY Quick QuoteBAFYY - Free Report) . BAFYY is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 8.94, while its industry has an average P/E of 12.32. Over the last 12 months, BAFYY's Forward P/E has been as high as 9.89 and as low as 7.68, with a median of 8.98.

Investors should also recognize that BAFYY has a P/B ratio of 1.13. 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. This company's current P/B looks solid when compared to its industry's average P/B of 1.82. Over the past year, BAFYY's P/B has been as high as 1.65 and as low as 0.95, with a median of 1.33.

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