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.

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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 company value investors might notice is Boyd Gaming (BYD Quick QuoteBYD - Free Report) . BYD 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 10, which compares to its industry's average of 28.19. Over the past 52 weeks, BYD's Forward P/E has been as high as 10.85 and as low as 8.10, with a median of 9.70.

Finally, our model also underscores that BYD has a P/CF ratio of 8.04. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 27.53. Over the past year, BYD's P/CF has been as high as 8.04 and as low as 5.29, with a median of 7.

These are only a few of the key metrics included in Boyd Gaming'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, BYD looks like an impressive value stock at the moment.