Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.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.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 Internet Initiative Japan (IIJIY). IIJIY is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 24.15, which compares to its industry's average of 31.83. Over the last 12 months, IIJIY's Forward P/E has been as high as 24.15 and as low as 17.56, with a median of 20.16.Investors should also note that IIJIY holds a PEG ratio of 1.60. 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. IIJIY's industry has an average PEG of 1.76 right now. Over the last 12 months, IIJIY's PEG has been as high as 1.69 and as low as 1.30, with a median of 1.56.Another notable valuation metric for IIJIY is its P/B ratio of 1.80. 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. This stock's P/B looks solid versus its industry's average P/B of 5.35. IIJIY's P/B has been as high as 1.80 and as low as 1.17, with a median of 1.41, over the past year.Value investors will likely look at more than just these metrics, but the above data helps show that Internet Initiative Japan is likely undervalued currently. And when considering the strength of its earnings outlook, IIJIY sticks out at as one of the market's strongest value 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 Impala Platinum Holdings Ltd. (IMPUY): Free Stock Analysis Report Domtar Corporation (UFS): Free Stock Analysis Report DAQO New Energy Corp. (DQ): Free Stock Analysis Report Royal Gold, Inc. (RGLD): Free Stock Analysis Report To read this article on Zacks.com click here.