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.

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.

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 stock to keep an eye on is Nomad Foods Limited (NOMD). NOMD is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 8.77, which compares to its industry's average of 16.40. Over the past year, NOMD's Forward P/E has been as high as 10.25 and as low as 7.48, with a median of 9.09.

Another valuation metric that we should highlight is NOMD's P/B ratio of 1.05. 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 company's current P/B looks solid when compared to its industry's average P/B of 2.26. NOMD's P/B has been as high as 1.24 and as low as 0.82, with a median of 1.05, over the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. NOMD has a P/S ratio of 0.89. This compares to its industry's average P/S of 0.93.

Finally, we should also recognize that NOMD has a P/CF ratio of 9.29. 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. This stock's P/CF looks attractive against its industry's average P/CF of 17.79. Over the past 52 weeks, NOMD's P/CF has been as high as 10.52 and as low as 7.18, with a median of 9.34.

These are just a handful of the figures considered in Nomad Foods Limited's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that NOMD is an impressive value stock right now.