Investing in FTSE 100 stocks: 3 cheap shares to buy right now!

I’m thinking of investing in these FTSE 100 stocks today. Here are three bargains that have caught my eye.

B&M European Value Retail

Times are extremely tough for consumers as inflation soars. A report by the Food Foundation charity shows a staggering 57% rise in the number of households skipping meals or cutting back on food in the last three months.

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Value is becoming ever-more important to cash-strapped shoppers. Its why Aldi and Lidl are currently Britain’s fastest-growing supermarkets. And it’s why I’d buy B&M European Value Retail (LSE: BME), despite the impact of rising energy and staff costs on its profits.

I also like B&M because it’s aggressive store expansion plan could deliver excellent long-term growth. B&M wants to grow its estate from around 700 at present to around 950.

Today, it trades on a forward price-to-earnings (P/E) ratio of 11.6 times. This is excellent value, in my opinion.

Glencore

Right now, Glencore (LSE: GLEN) too offers value I’m finding hard to ignore. The business — which markets raw materials and produces metals, minerals and energy products from its own mines — trades on a forward P/E ratio of just 4.2 times.

It also sports an astonishing 10.4% dividend yield right now. What’s more, the predicted payout is covered 2.1 times over by anticipated earnings, meaning there’s a strong chance dividends will meet broker expectations.

Glencore’s share price has slipped amid rising concerns over Chins’s Covid-19 cases and their impact on commodities demand. Indeed China’s exports in April were at their flattest rate for two years.

I’d still buy the shares though. I think its rock-bottom share price more than factors in this problem. Furthermore, I believe Glencore’s profits will soar over the longer term as the electric vehicle, renewable energy and construction sectors all grow strongly.

SSE

Investing in renewable energy stocks is another good idea. For this reason SSE (LSE: SSE) is on my shopping list.

Demand for shares based on their environmental, social and governance (ESG) policies is soaring. Those which focus on producing green energy are particularly popular today as fears over climate change and soaring oil and gas prices grow. SSE’s soaring share price over the past year illustrates this point.

SSE is a giant in the field of wind power. This means that profits (and by extension its share price) can suffer during calmer weather periods when its turbines don’t turn.

Still, over the long term, I think it could prove a great buy. The business will play a critical role in helping the UK meet its net zero obligations as it accelerates green energy investment. It plans to multiply its renewable energy output fivefold by 2030.

Today, SSE trades on a forward price-to-earnings growth (PEG) ratio of just 0.7. It also carries a large 4.9% dividend yield.