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 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 Air Lease (AL). AL is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 8.64. This compares to its industry's average Forward P/E of 11.14. Over the last 12 months, AL's Forward P/E has been as high as 9.73 and as low as 5.56, with a median of 6.79.

Investors will also notice that AL has a PEG ratio of 0.50. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. AL's PEG compares to its industry's average PEG of 1.05. AL's PEG has been as high as 1.40 and as low as 0.39, with a median of 0.92, all within the past year.

Another notable valuation metric for AL is its P/B ratio of 0.76. 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. AL's current P/B looks attractive when compared to its industry's average P/B of 1.80. Within the past 52 weeks, AL's P/B has been as high as 0.77 and as low as 0.57, with a median of 0.70.

Finally, we should also recognize that AL has a P/CF ratio of 2.98. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. AL's P/CF compares to its industry's average P/CF of 4.59. Over the past year, AL's P/CF has been as high as 3.31 and as low as 2.25, with a median of 2.93.

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

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

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