Two value shares I’m planning on buying when I next have some cash to invest are Coca-Cola HBC (LSE: CCH) and Assura (LSE: AGR).

Here’s why!

Bottling fizz

You’d be forgiven for thinking Coca-Cola HBC is actually the main Coca-Cola business, it isn’t. Nevertheless, it still plays an important role for the drinks powerhouse as one of its largest bottling partners of many of its favourite brands across the world.

Starting with Coca-Cola HBC’s valuation, the shares trade on a price-to-earnings ratio of 14. This is significantly lower than the main business, which trades on a ratio of over 22. Accessing the brand power and reach of Coca-Cola through one of its partners at a cheaper price is enticing.

Furthermore, the shares offer a dividend yield of 3%. This may not sound the highest, but the firm’s dividend growth record in recent years is excellent. If this trend continues, the level of payout could be fantastic in years to come. However, I do understand that dividends aren’t guaranteed. Plus, the past isn’t a guarantee of the future.

From a bearish view, a couple of issues do concern me. The first issue is economic turbulence potentially impacting earnings as consumers struggle with higher living costs. This could push people to move away from premium brands like Coke. The other is the rising popularity of weight loss drug GP-1, which could curb the craving for sugary drinks. This could impact performance and returns. I’ll keep an eye on this.

Overall, Coca-Cola HBC has access to the sheer might of the Coca-Cola brand, including its vast presence and enduring popularity. Buying shares could be a great way to help me build wealth.

Healthcare properties

Assura is set up as a real estate investment trust (REIT). This means it makes money from property assets, and must return 90% of its profits to shareholders. Assura specialises in healthcare properties such as GP surgeries and other healthcare-related provisions.

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The makeup of the business and returns policy is an enticing prospect to help build wealth. However, the shares also look excellent value for money at present on a price-to-book ratio of 0.85, which is good.

Furthermore, there’s a defensive look to the business that makes the shares more attractive to me. Healthcare is an essential for everyone, no matter the economic outlook. Plus, as the population in the UK is ageing and growing, demand for healthcare should only rise. This gives Assura an opportunity to grow earnings and returns.

Finally, from a returns view, a dividend yield close to 8% is enticing. For context, the FTSE 100 average is 3.6%.

From a bearish view, economic turbulence in the shape of higher interest rates and inflation is potentially a big risk for Assura. Higher rates means property net asset values (NAVs) have been beaten down. Plus, debt is costlier to obtain for growth, and existing debt could be costlier to service. Debt is key for REITs to fund growth. I’ll keep an eye on this.

Overall, Assura shares look great value for money, offer a great level of payout, and operate in a defensive sector. What’s not to like?