The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.One stock to keep an eye on is L Brands (LB). LB 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 12.46, which compares to its industry's average of 15.04. Over the past year, LB's Forward P/E has been as high as 19.91 and as low as 9.84, with a median of 12.34.We also note that LB holds a PEG ratio of 1.08. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. LB's industry currently sports an average PEG of 1.29. Over the last 12 months, LB's PEG has been as high as 1.73 and as low as 0.86, with a median of 1.07.Finally, we should also recognize that LB has a P/CF ratio of 7.07. 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. LB's current P/CF looks attractive when compared to its industry's average P/CF of 8.36. Within the past 12 months, LB's P/CF has been as high as 12.22 and as low as 5.07, with a median of 6.99.These are only a few of the key metrics included in L Brands'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, LB looks like an impressive value stock at the moment.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 L Brands, Inc. (LB): Free Stock Analysis Report To read this article on Zacks.com click here.