Investors with an interest in Audio Video Production stocks have likely encountered both Panasonic Corp. (PCRFY) and Dolby Laboratories (DLB). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.Panasonic Corp. and Dolby Laboratories are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that PCRFY is likely seeing its earnings outlook improve to a greater extent. But this is only part of the picture for value investors.Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their 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.PCRFY currently has a forward P/E ratio of 13.97, while DLB has a forward P/E of 26.04. We also note that PCRFY has a PEG ratio of 0.56. 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. DLB currently has a PEG ratio of 2.Another notable valuation metric for PCRFY is its P/B ratio of 1.26. 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, DLB has a P/B of 3.68.Based on these metrics and many more, PCRFY holds a Value grade of A, while DLB has a Value grade of C.PCRFY stands above DLB thanks to its solid earnings outlook, and based on these valuation figures, we also feel that PCRFY is the superior value option right now. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>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 Panasonic Corp. (PCRFY): Free Stock Analysis Report Dolby Laboratories (DLB): Free Stock Analysis Report To read this article on Zacks.com click here.