Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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.

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 stock to keep an eye on is Nomad Foods Limited (NOMD). NOMD 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 8.50. This compares to its industry's average Forward P/E of 16.61. 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.

Investors should also recognize that NOMD has a P/B ratio of 1.02. 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. NOMD's current P/B looks attractive when compared to its industry's average P/B of 2.27. Within the past 52 weeks, NOMD's P/B has been as high as 1.24 and as low as 0.82, with a median of 1.05.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. 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 0.94.

Finally, our model also underscores that NOMD has a P/CF ratio of 9.03. 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. NOMD's P/CF compares to its industry's average P/CF of 17.82. 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 figures are just a handful of the metrics value investors tend to look at, but they help show that Nomad Foods Limited is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, NOMD feels like a great value stock at the moment.

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