Investors interested in Medical - Products stocks are likely familiar with Haemonetics (HAE) and Abbott (ABT). 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.

Right now, both Haemonetics and Abbott are sporting a Zacks Rank of # 2 (Buy). This means that both companies have witnessed positive earnings estimate revisions, so investors should feel comfortable knowing that both of these stocks have an improving earnings outlook. 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.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

HAE currently has a forward P/E ratio of 16.01, while ABT has a forward P/E of 22.08. We also note that HAE has a PEG ratio of 1.14. 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. ABT currently has a PEG ratio of 2.43.

Another notable valuation metric for HAE is its P/B ratio of 4.28. 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, ABT has a P/B of 4.92.

These are just a few of the metrics contributing to HAE's Value grade of B and ABT's Value grade of C.

Both HAE and ABT are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that HAE is the superior value option right now.

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