The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

Astellas Pharma (ALPMY Quick QuoteALPMY - Free Report) is a stock many investors are watching right now. ALPMY is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A.

Investors should also note that ALPMY holds a PEG ratio of 1.15. 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. ALPMY's PEG compares to its industry's average PEG of 2.29. Over the last 12 months, ALPMY's PEG has been as high as 2.61 and as low as 0.64, with a median of 1.32.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. ALPMY has a P/S ratio of 1.72. This compares to its industry's average P/S of 3.41.

Value investors will likely look at more than just these metrics, but the above data helps show that Astellas Pharma is likely undervalued currently. And when considering the strength of its earnings outlook, ALPMY sticks out at as one of the market's strongest value stocks.