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.

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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company to watch right now is Coca-Cola HBC (CCHGY Quick QuoteCCHGY - Free Report) . CCHGY is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 14.14. This compares to its industry's average Forward P/E of 20.18. Over the past year, CCHGY's Forward P/E has been as high as 15.02 and as low as 11.95, with a median of 13.77.

Investors should also recognize that CCHGY has a P/B ratio of 3.93. Investors use the P/B ratio to look at a stock's market value versus 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 9.27. Within the past 52 weeks, CCHGY's P/B has been as high as 4.07 and as low as 2.83, with a median of 3.64.

These are only a few of the key metrics included in Coca-Cola HBC's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, CCHGY looks like an impressive value stock at the moment.