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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

Copa Holdings (CPA Quick QuoteCPA - Free Report) is a stock many investors are watching right now. CPA is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. The stock has a Forward P/E ratio of 5.40. This compares to its industry's average Forward P/E of 16.14. Over the past year, CPA's Forward P/E has been as high as 7.72 and as low as 5.32, with a median of 6.26.

Another notable valuation metric for CPA is its P/B ratio of 1.75. 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. This stock's P/B looks solid versus its industry's average P/B of 3.47. Over the past year, CPA's P/B has been as high as 3.04 and as low as 1.55, with a median of 1.90.

Finally, investors should note that CPA has a P/CF ratio of 4.53. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. CPA's P/CF compares to its industry's average P/CF of 10.50. CPA's P/CF has been as high as 7.75 and as low as 4.53, with a median of 5.28, all within the past year.

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