Investors looking for stocks in the Beverages - Soft drinks sector might want to consider either Fomento Economico (FMX Quick QuoteFMX - Free Report) or Coca-Cola (KO Quick QuoteKO - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Right now, Fomento Economico is sporting a Zacks Rank of #2 (Buy), while Coca-Cola has a Zacks Rank of #3 (Hold). 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 try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

FMX currently has a forward P/E ratio of 20.20, while KO has a forward P/E of 25.71. We also note that FMX has a PEG ratio of 2.30. 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 3.68.

Another notable valuation metric for FMX is its P/B ratio of 1.64. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, KO has a P/B of 10.24.

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

FMX stands above KO thanks to its solid earnings outlook, and based on these valuation figures, we also feel that FMX is the superior value option right now.