Regardless of the current robust FTSE 100 rally, loads of UK shares are nonetheless buying and selling at cut price valuations. I’ve picked out three which might be flying however look low-cost. Ought to traders contemplate shopping for them at present?

The primary that springs to thoughts is Barclays (LSE: BARC). Its share price is up 51% over 12 months, and virtually 175% over 5 years.

Barclays shares are hovering

I’d anticipate a inventory with that profile to be costly because of this, however Barclays has a trailing price-to-earnings ratio of simply 9.11. That’s nicely beneath at present’s FTSE 100 common of round 18.

There’s a dividend too, though the trailing yield has been diminished by all that share price development, and now sits at 2.57%. Regardless of that, Barclays plans handy £10bn to shareholders between now and 2026, partly through dividends, however largely by means of share buybacks.

No inventory rises eternally. If rates of interest fall, that would squeeze Barclays’ margins. If charges keep too excessive they might squeeze the UK housing market, hitting mortgage gross sales and driving up mortgage impairments. Additional commerce tariff volatility received’t assist. But I nonetheless suppose Barclays seems properly priced for extra pleasure.

The subsequent blue-chip cut price that jumps to my consideration is British Gasoline-owner Centrica (LSE: CNA). Whereas its share price is up a modest 10% within the final yr, it’s rocketed a shocking 300% over 5 years. But it nonetheless trades on a P/E of simply 8.22.

Centrica powers up

On 8 Could, Centrica reiterated full-year steering, whereas warning of losses at its Centrica Power Storage+ subsidiary and decrease than anticipated income at Centrica Power, amid “challenging market conditions” in gasoline and energy.

It pays a modest dividend too, with a trailing yield of two.88%. Nonetheless, that’s forecast to hit 3.55% this yr, with the full-year dividend set to climb from 3p per share to five.5p.

As ever, Centrica is on the mercy of every thing from climate to commodity costs, regulation and authorities coverage. Nonetheless, it ought to get a possible enhance from an settlement with the federal government on the way forward for Tough gasoline storage, whereas dealer JP Morgan anticipates “strong cash flow generation from existing businesses”.

Development, dividends and a low P/E? There are dangers, particularly with power costs down, however quite a bit to love.

My ultimate low-P/E large winner is Imperial Manufacturers (LSE: IMB). It suits the formulation completely. Its shares are up 45% in 12 months, but commerce at a P/E of simply 9.5.

Higher nonetheless, it gives a trailing yield of 5.5%, so there’s loads of earnings right here, as traders have come to anticipate from the tobacco sector.

Imperial Manufacturers is on hearth

Its constructive efficiency might shock some, given the regulatory strain large tobacco is below. People who smoke stay a captive viewers, whereas the group’s robust vary of manufacturers like Fortuna, Gauloises, Lambert & Butler, Rizla and Winston cement that loyalty. Imperial Manufacturers can also be making an enormous push into e-cigarettes.

Regulatory dangers stay, clearly, and the shares might have risen too shortly, and will gradual from right here. They’re nonetheless low-cost although.

At at present’s low costs, all three shares look nicely price contemplating to me. With a long-term view after all.