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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company to watch right now is Vodafone Group (VOD). VOD is currently sporting a Zacks Rank #1 (Strong Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 10.24 right now. For comparison, its industry sports an average P/E of 11.05. Over the last 12 months, VOD's Forward P/E has been as high as 12.50 and as low as 8.12, with a median of 9.80.

Another valuation metric that we should highlight is VOD's P/B ratio of 0.5. 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. VOD's current P/B looks attractive when compared to its industry's average P/B of 1.19. Over the past 12 months, VOD's P/B has been as high as 0.50 and as low as 0.31, with a median of 0.38.

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

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Vodafone Group PLC (VOD):Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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