The UK stock market has been lethargic of late, but that’s throwing up some good value in the FTSE 100.

There are several shares I’d love to buy but don’t have any spare funds. It’s one of the frustrations of being fully invested.

Nevertheless, they’re on my watch list and seem to me to be rattling their cages and screaming to be bought! If spare funds become available in October, I’ll pile in with deeper research and give them some serious consideration.

A defensive gem

For example, I like the look of Coca-Cola HBC (LSE: CCH), the Switzerland-based bottler of Coca-Cola products.

In August, the company delivered a decent set of half-year results and an upbeat outlook statement, despite some challenging market conditions. I reckon the strength of the Coca-Cola brand serves the business well and gives it some strong defensive credentials.

In other words, the business can be less affected by the ups and downs of the wider economy than many others.

However, the directors aren’t content for the enterprise to simply tread water. They have a clear long-term growth agenda with a vision for the company to be “the leading 24/7 beverage partner”.

The operation is large, serving around 740m consumers in 29 countries, and the directors reckon the product portfolio “is one of the strongest, broadest and most flexible in the beverage industry.”

We’re talking about brands such as Coca-Cola, of course, but also Costa Coffee, Fanta, Sprite, Schweppes, Kinley, Grey Goose, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, Finlandia Vodka, The Macallan and Jack Daniel’s.

There are some powerful names in that list, and that’s one of the main reasons I’m keen on the company as a potential long-term investment.

Trading well with growth ambitions

Meanwhile, near 2,688p, the share price is down a bit from its summer highs.

However, City analysts have positive expectations for the business. They anticipate normalised earnings will grow by around 5% this year and just over 10% in 2025.

As with all businesses, there are risks though. One thing we’ve seen in recent times with other similar companies is that their brands have sometimes not been as defensive as assumed. Recent business weakness for drinks company Diageo is one example.

Another risk is the company may one day lose its Coca-Cola licence to a competitor. If that happens, it would be a disaster for the business.

Nevertheless, the forward-looking price-to-earnings rating is around 13 for 2025 and the anticipated dividend yield is just over 3.4%. Those numbers are similar to the average for the entire FTSE 100, so I see the stock as offering fair value now.

But fair value may be good value for such a quality operator. I’m mindful of super-investor Warren Buffett’s approach when favours buying great businesses at fair prices rather than so-so businesses at cheap prices.

Coca-Cola HBC is due to release its third-quarter earnings release on 29 October and I’ll be watching out for it with great interest.