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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 ArcelorMittal (MT). MT 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 7.09. This compares to its industry's average Forward P/E of 10.92. Over the past year, MT's Forward P/E has been as high as 7.83 and as low as 4.80, with a median of 5.76.

MT is also sporting a PEG ratio of 0.13. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. MT's PEG compares to its industry's average PEG of 0.37. MT's PEG has been as high as 0.56 and as low as 0.13, with a median of 0.35, all within the past year.

Finally, we should also recognize that MT has a P/CF ratio of 5.25. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. MT's current P/CF looks attractive when compared to its industry's average P/CF of 13.83. Within the past 12 months, MT's P/CF has been as high as 14.53 and as low as 4.12, with a median of 6.58.

Value investors will likely look at more than just these metrics, but the above data helps show that ArcelorMittal is likely undervalued currently. And when considering the strength of its earnings outlook, MT sticks out at as one of the market's strongest value stocks.

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

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