Much of the Footsie remains very cheap, especially after its mini-dip that started at the beginning of March. Indeed, arguably half of the index is made up of value stocks. So there are plenty of options.

Here are two cheap FTSE 100 stocks that I think are worth a look right now.

Lobbying Trump

British American Tobacco (LSE: BATS) is a classic value stock. Founded in 1902, the veteran company owns established cigarette brands like Lucky Strike, Dunhill, and Rothmans. It has slow growth rates, but a large global customer base and dependable profits supported by strong pricing power.

All this helps generous dividends, with the yield currently sitting at a market-thumping 7.5%. That’s even after the share price has risen 32% over the past year. While dividends aren’t guaranteed, the firm’s current earnings comfortably cover the prospective payouts.

Rounding out its value credentials, British American stock is trading cheaply at around 9 times earnings.

However, global cigarette volumes have been declining almost like clockwork by around 5% a year. This clearly adds risk to the company’s long-term profitability and dividend growth prospects.

To offset this, the tobacco giant has been building up its non-combustible division (vapes, heated tobacco, and nicotine pouches). Last year, smokeless products accounted for 17.5% of group revenue, while the target is for at least 50% by 2035.

Whether this will be a profitable transformation remains to be seen, but the strategy might be given a shot in the arm under President Trump. That’s because Reuters has reported that Big Tobacco is lobbying the Trump administration to crack down on illegal vapes, especially those imported from China.

These cheap unregulated alternatives have stunted the growth of British American’s vaping brands, notably Vuse. And while tobacco firms have been lobbying for stricter enforcement for some time, it’s possible that the Trump government might take it more seriously.

This could boost the company’s share of this growth market in future. I think the high-yield dividend stock is worth considering for income investors.

Nike headaches

JD Sports Fashion (LSE: JD) might not appear to be a value stock at first glance. But it is also an established brand, with over 4,500 stores worldwide. The sportswear retailer is also profitable and pays a dividend, although the yield is only 1.4% as the firm is still prioritising expansion.

The real value appears to come from the share price. At 68p, JD stock is trading at just 5.5 times earnings, based on FY26 forecasts.

Why does it appear so cheap? Well, earnings are under pressure, with the firm delivering a profit warning in January. Weak consumer spending remains a key risk here.

Also, key strategic partner Nike, whose products tend to have higher margins for JD, has been losing market share to smaller competitors. Consequently, Nike stock has suffered one of its worst drawdowns ever — slumping 62% since the start of 2022.

JD’s share price performance in this time? Down 68%, as it broadly tends to mirror that of Nike’s.

However, Nike has new management and is actively refocusing on innovation and its wholesale channels. Any progress could see a sharp bounce back for both.

Longer term, I think JD’s position as a leading sportswear seller will remain intact, making its cheap stock worthy of consideration.