While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

Nomura (NMR) is a stock many investors are watching right now. NMR is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 9.77 right now. For comparison, its industry sports an average P/E of 14.40. Over the past year, NMR's Forward P/E has been as high as 18.79 and as low as 8.63, with a median of 12.12.

We also note that NMR holds a PEG ratio of 0.43. 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. NMR's PEG compares to its industry's average PEG of 0.97. Over the past 52 weeks, NMR's PEG has been as high as 0.58 and as low as 0.35, with a median of 0.41.

Another notable valuation metric for NMR is its P/B ratio of 0.80. 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 attractive against its industry's average P/B of 2.19. NMR's P/B has been as high as 0.86 and as low as 0.64, with a median of 0.75, over the past year.

Finally, investors will want to recognize that NMR has a P/CF ratio of 8.33. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 17.83. Over the past year, NMR's P/CF has been as high as 16.29 and as low as 6.85, with a median of 10.22.

These are only a few of the key metrics included in Nomura'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, NMR looks like an impressive value stock at the moment.

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