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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is ESSENTRA PLC (FLRAF Quick QuoteFLRAF - Free Report) . FLRAF is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 18.52. This compares to its industry's average Forward P/E of 35.99. Over the past 52 weeks, FLRAF's Forward P/E has been as high as 21.18 and as low as 15.60, with a median of 17.28.

Another valuation metric that we should highlight is FLRAF's P/B ratio of 1.63. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. FLRAF's current P/B looks attractive when compared to its industry's average P/B of 3.47. FLRAF's P/B has been as high as 2.29 and as low as 1.20, with a median of 1.33, over the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that ESSENTRA PLC is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, FLRAF feels like a great value stock at the moment.