Comparatively cheap companies where you can get the most "bang for your buck".
Why does this matter?
Value investors tend to focus on stocks that appears to be trading for less than their intrinsic value. A high value score indicates a company may be undervalued. Value investors analyze a company based on Price to Earnings, Price to Book, Dividend Yield and Earnings Yield.
Value investing involves buying securities that appear underpriced by some form of fundamental analysis. Value investing is derived from the original teachings of Benjamin Graham and David Dodd.