2 mega-cheap FTSE 100 shares I’d buy right now!

I made a shopping list of the cheapest FTSE 100 stocks to add to your portfolio. These are the two I would buy if I had the money to invest.

Fresno

Despite the recent increase, the Fresno (LSE:FRES) share price still looks dirt-cheap at current levels. Today, the Mexican miner is trading at a forward price-to-earnings growth (PEG) ratio of just 0.5.

Any reading below 1 indicates an undervalued stock.

I bought a producer of precious metals to continue for a long time it might be a good idea. This safe deposit can limit my investment portfolio in the event of a downturn in the economy and broader financial markets.

What’s more, I think getting a Fresnillo might be your best buy right now. This is because the price of gold and silver is going through the roof.

World Gold Council data showed that gold-backed exchange-traded funds (ETFs) recorded inflows of 32 tonnes in March. This is the first inflow in 10 months and represents a possible sea change in investor appetite for the precious metal.

A variety of factors remain at play that could push the metal’s price higher. These include lower treasury yields, a weaker US dollar, and continued worries about global economic growth and the banking sector.

I think Fresnillo is an interesting way to get gold and silver light. Production problems are a threat to the mining business, including this one. But its huge portfolio of assets helps spread the risk (it already has seven operating mines in Mexico).

The Vodafone Group

The Vodafone Group (LSE:VOD) also exposes investors to certain risks. The European market was crowded. And a wave of industry-wide consolidation will present extra challenges for FTSE companies.

The business is also affected by changes in broadband regulations in Germany. In fact, the decline in service revenue is accelerating as changes make it easier for customers to get out of contracts.

But I still believe that Vodafone shares are very attractive right now. It recently entered into a joint venture with Altice to stop the rot in the German market. And as one of the world’s largest telecommunications businesses, it has the financial leverage to continue investing in fast-growing areas like 5G. This can give you an edge over your competitors.

I really like this blue-chip stock because of its excellent track record in terms of dividends. Outstanding cash generation means dividends are paid ahead of the FTSE 100 average.

On top of this, businesses have also sold assets to boost their balance sheets, giving shareholder payouts an extra boost. Other units may be on the chopping block, with reports last week that the telecoms giant could consider selling its Spanish operations.

Today, Vodafone Limited shares pay a dividend of 8.6%. They also trade at an unexpected price-to-book (P/B) ratio of 0.5 times, below the industry average of 1.6 times.

At the current prices I think the telecommunications titan is the highest value stock to buy.