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

FTSE 100 Shares continue to soar in value as risk appetite increases. Britain’s main stock index hit a new peak near 8,000 points on Tuesday. A surge above this landmark level seems inevitable given the level of investor optimism.

But even with these gains, there are still plenty of FTSE index stocks that look too cheap to miss. I don’t have any cash reserves that I can use to invest. This is a pair I would love to buy if I had money in my bank account.

Coca-Cola Hellenic Bottling Company

Coca-Cola HBCThe share price of ‘S (LSE: CCH) rose on Tuesday. In fact it led the FTSE 100 higher in the current session. But the stock still looks cheap, in my opinion. Compare the price-to-earnings (P/E) ratio of 12.8 times with the ratio Diageo‘s match times north of 21 times.

I already have two UK blue-chip stocks in my portfolio. These are two companies with similar qualities. Diageo is a major player in the alcoholic beverage market, while Coca-Cola HBC specializes in soft drinks. But both benefit from superior pricing power and broad geographic exposure.

The latter provides income at the group level with protection from weakness in one or two areas. It also gives light to developing areas.

Coca-Cola HBC’s results today underline the tremendous sales potential of this fast-growing destination. Organic revenue in emerging markets grew by 29% in 2022, ahead of established markets where sales grew by 18.6%.

Tuesday’s full results also reflected the strength of the rich brand Coca Cola, Fanta and Sprite. Even if cost inflation increases, businesses can increase their income by increasing the prices of their preferred products.

Profits were hit by the withdrawal from Russia in the spring. But excluding the impact of related impairments, the bottling company’s net profit rose 8.1% year-on-year to €624.9m.

In my opinion, Coca-Cola HBC also gets a premium rating. As with Diageo, the risk of ongoing cost inflation is a danger to earnings. But I still want to buy more stocks for my investment portfolio.

Glencore

I believe it too Glencore (LSE:GLEN) could be a good price to buy today. I don’t think a lower P/E ratio of 5.5 times reflects a bright long-term outlook for commodity producers.

Glencore shares also yield a 10.2% dividend at current levels.

Mining for raw materials is a complex and expensive business. Problems at the exploration, mine development and production stages can have a devastating impact on earnings. Major miners like this FTSE 100 operator are not immune to these threats.

But I still believe that the outlook here is bright because the demand for metals and energy products will boom. Take copper, for example, a critical profit driver for Glencore. Demand for the red metal will grow by 2.1% annually until 2030, according to commodity research business CRU Group.

Major trends such as rising demand for renewable energy, increasing urbanization, and massive sales of electric vehicles could set fire to Glencore’s earnings over the next decade, I believe.