While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. 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 stock to keep an eye on is International Consolidated Airlines Group (ICAGY Quick QuoteICAGY - Free Report) . ICAGY is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Investors should also recognize that ICAGY has a P/B ratio of 1.56. 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. This stock's P/B looks solid versus its industry's average P/B of 3.46. Over the past 12 months, ICAGY's P/B has been as high as 1.89 and as low as 1.54, with a median of 1.75.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. ICAGY has a P/S ratio of 0.13. This compares to its industry's average P/S of 0.37.

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