Investors with an interest in Internet - Content stocks have likely encountered both Tencent Music Entertainment Group Sponsored ADR (TME Quick QuoteTME - Free Report) and RELX PLC (RELX Quick QuoteRELX - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great 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.

Currently, Tencent Music Entertainment Group Sponsored ADR has a Zacks Rank of #2 (Buy), while RELX PLC has a Zacks Rank of #3 (Hold). This means that TME's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. However, value investors will care about much more than just this.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their 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.

TME currently has a forward P/E ratio of 13.56, while RELX has a forward P/E of 24.86. We also note that TME has a PEG ratio of 0.54. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. RELX currently has a PEG ratio of 2.53.

Another notable valuation metric for TME is its P/B ratio of 1.76. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, RELX has a P/B of 13.64.

These metrics, and several others, help TME earn a Value grade of B, while RELX has been given a Value grade of C.

TME is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that TME is likely the superior value option right now.