Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore 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 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.

AES (AES) is a stock many investors are watching right now. AES is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Investors will also notice that AES has a PEG ratio of 1.42. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. AES's PEG compares to its industry's average PEG of 1.78. Over the last 12 months, AES's PEG has been as high as 1.89 and as low as 0.55, with a median of 0.78.

We should also highlight that AES has a P/B ratio of 0.95. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. AES's current P/B looks attractive when compared to its industry's average P/B of 2.24. Over the past 12 months, AES's P/B has been as high as 2.46 and as low as 0.92, with a median of 1.63.

These are only a few of the key metrics included in AES's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, AES looks like an impressive value stock at the moment.

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

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