Investors with an interest in Chemical - Specialty stocks have likely encountered both Israel Chemicals (ICL) and Livent (LTHM). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.Israel Chemicals has a Zacks Rank of #2 (Buy), while Livent has a Zacks Rank of #3 (Hold) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that ICL is likely seeing its earnings outlook improve to a greater extent. But this is just one piece of the puzzle for value investors.Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.ICL currently has a forward P/E ratio of 11.89, while LTHM has a forward P/E of 59.02. We also note that ICL has a PEG ratio of 0.46. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. LTHM currently has a PEG ratio of 1.31.Another notable valuation metric for ICL is its P/B ratio of 2.81. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, LTHM has a P/B of 4.98.Based on these metrics and many more, ICL holds a Value grade of B, while LTHM has a Value grade of D.ICL stands above LTHM thanks to its solid earnings outlook, and based on these valuation figures, we also feel that ICL is the superior value option right now. Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through November, the Zacks Top 10 Stocks gained an impressive +962.5% versus the S&P 500’s +329.4%. Now our Director of Research is combing through 4,000 companies covered by the Zacks Rank to handpick the best 10 tickers to buy and hold. Don’t miss your chance to get in on these stocks when they’re released on January 3.Be First To New Top 10 Stocks >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ICL Group Ltd (ICL): Free Stock Analysis Report Livent Corporation (LTHM): Free Stock Analysis Report To read this article on Zacks.com click here.