Investors with an interest in Beverages - Soft drinks stocks have likely encountered both 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.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Both Fomento Economico and Coca-Cola have a Zacks Rank of # 2 (Buy) right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that both of these companies have improving earnings outlooks. But this is just one piece of the puzzle 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 highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

FMX currently has a forward P/E ratio of 18.81, while KO has a forward P/E of 26.10. We also note that FMX has a PEG ratio of 2.14. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. KO currently has a PEG ratio of 3.74.

Another notable valuation metric for FMX is its P/B ratio of 1.51. 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 10.40.

Based on these metrics and many more, FMX holds a Value grade of A, while KO has a Value grade of D.

Both FMX and KO are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that FMX is the superior value option right now.