Investors interested in Diversified Operations stocks are likely familiar with Barloworld Ltd. (BRRAY) and ITT (ITT). 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.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive 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.Barloworld Ltd. has a Zacks Rank of #2 (Buy), while ITT has a Zacks Rank of #3 (Hold) right now. Investors should feel comfortable knowing that BRRAY likely has seen a stronger improvement to its earnings outlook than ITT has recently. But this is just one piece of the puzzle for value investors.Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.BRRAY currently has a forward P/E ratio of 10.95, while ITT has a forward P/E of 25.01. We also note that BRRAY has a PEG ratio of 0.33. 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. ITT currently has a PEG ratio of 1.93.Another notable valuation metric for BRRAY is its P/B ratio of 1.06. 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, ITT has a P/B of 3.77.These metrics, and several others, help BRRAY earn a Value grade of B, while ITT has been given a Value grade of C.BRRAY stands above ITT thanks to its solid earnings outlook, and based on these valuation figures, we also feel that BRRAY is the superior value option right now.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 Barloworld Ltd. (BRRAY): Free Stock Analysis Report ITT Inc. (ITT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research