A value investor buys stocks below their prospective intrinsic value, based upon accounting valuations.

A growth stock is a stock whose growth in earnings is expected to exceed the market as a whole.

Growth stocks can and often are value stocks.

I play a stock game and you can find a simple outline of how I manage the portfolio. It of course mimics my real managed portfolio. I use value investing but I often combine other strategies with it, including growth, but I do not require growth. I am willing to make excess money in anything including bonds and real estate.

The yellow line is my portfolio, the blue line is the average of the top 100 investors of the 70,000 participants.

As a trader, you could make a killing combining the stategies by limiting your trading to value stocks or value stocks that are also growth stocks.

Typically, value investors select stocks with lower-than-average price-to-book or price-to-earnings ratios and/or high dividend yields.

In most cases a growth stock is defined as a company whose earnings are expected to grow at an above-average rate than its industry or the overall market. ". Low PEGs are a good indicator of a growth stock.

Although, it is often said that growth investing and value investing are diametrically opposed, a better way to view these two strategies is to consider a quote by Warren Buffett: "growth and value investing are joined at the hip.
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a. 5 yr return 12.4% 1 yr return 25%

b. 5 yr return 7.4% 1yr return 20.4%

The answer is given in the links below.