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.

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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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.

Orange (ORAN) is a stock many investors are watching right now. ORAN is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value.

ORAN is also sporting a PEG ratio of 0.52. 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. ORAN's PEG compares to its industry's average PEG of 0.71. ORAN's PEG has been as high as 0.70 and as low as 0.49, with a median of 0.57, all within the past year.

Investors should also recognize that ORAN has a P/B ratio of 0.86. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. ORAN's current P/B looks attractive when compared to its industry's average P/B of 1.02. Over the past year, ORAN's P/B has been as high as 0.94 and as low as 0.74, with a median of 0.83.

TeliaSonera (TLSNY) may be another strong Wireless Non-US stock to add to your shortlist. TLSNY is a # 2 (Buy) stock with a Value grade of A.

TeliaSonera is currently trading with a Forward P/E ratio of 15.55 while its PEG ratio sits at 0.30. Both of the company's metrics compare favorably to its industry's average P/E of 6.46 and average PEG ratio of 0.71.

TLSNY's Forward P/E has been as high as 24.60 and as low as 14.40, with a median of 16.01. During the same time period, its PEG ratio has been as high as 0.82, as low as 0.26, with a median of 0.32.

TeliaSonera sports a P/B ratio of 1.70 as well; this compares to its industry's price-to-book ratio of 1.02. In the past 52 weeks, TLSNY's P/B has been as high as 1.76, as low as 1.26, with a median of 1.52.

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

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