Investors looking for stocks in the Chemical - Diversified sector might want to consider either Univar (UNVR) or PPG Industries (PPG). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.Univar and PPG Industries are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that UNVR has an improving earnings outlook. But this is just one piece of the puzzle for value investors.Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their 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.UNVR currently has a forward P/E ratio of 9.14, while PPG has a forward P/E of 15.89. We also note that UNVR has a PEG ratio of 0.58. 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. PPG currently has a PEG ratio of 1.33.Another notable valuation metric for UNVR is its P/B ratio of 2.01. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, PPG has a P/B of 4.24.These metrics, and several others, help UNVR earn a Value grade of B, while PPG has been given a Value grade of C.UNVR stands above PPG thanks to its solid earnings outlook, and based on these valuation figures, we also feel that UNVR is the superior value option right now. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant 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 Univar Solutions Inc. (UNVR): Free Stock Analysis Report PPG Industries, Inc. (PPG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research