Despite rising 7.9% year to date, I still see plenty of bargains on the FTSE 100. For years, UK shares have looked severely undervalued compared to their US counterparts. I reckon investors are finally catching on.

But even though a number of constituents have seen their share prices surge this year, there are still great buying opportunities out there for savvy investors.

With that, could these two shares be the best value stocks on the index? I reckon there’s a case to be made. If I had the cash, I’d buy both for my portfolio today.

JD Sports Fashion

The first is JD Sports Fashion (LSE: JD.). Despite the stock being down 2.1% year to date, it’s been gaining incredible momentum recently. In the last six months, its share price has climbed 42.1%.

With that rise, as the chart below shows, the stock now trades on a price-to-earnings (P/E) ratio of just above 15. That clocks in at slightly above the FTSE 100 average of 11. However, it’s significantly lower than JD’s historical average of 23.

JD has struggled massively over the past couple of years due to a slowdown in spending. As a result, it issued a profit warning earlier in 2024 that saw investors rush to offload their shares. In the months to come, this will remain a threat as the cost-of-living crisis rumbles on and consumers continue to batten down the hatches.

But for a long-term buy, I see plenty to like about JD. We’re beginning to see interest rate cuts, which should hopefully lead to an uptick in spending.

On top of that, the firm has ambitious plans for expansion in the years ahead. As part of this, it opened 216 new stores last year. It has also been focusing on global expansion. That’s why it recently acquired US brand Hibbett. I think the times ahead could be exciting for the firm.

Centrica

Shares in energy powerhouse Centrica (LSE: CNA) also look like cracking value. Down 16.1% in 2024, as the chart below shows, they have a trailing P/E of 5.6. They also have a forward P/E of 7.1.

The stock had been flying until the tail end of 2023 due to soaring energy prices. However, this year has been a reality check for the business. In its half-year results, it announced that adjusted operating profit fell to just over £1bn. That’s half of what it was the year prior.

That highlights a risk with the stock: it’s cyclical. When energy prices are on the up, as was the case over the past few years, the stock can soar. Similarly, Centrica stock can tumble when energy prices are falling.

But as a long-term investor, I’m content with some ups and downs if I see long-term potential. With Centrica, I do. That’s especially true with its cheap valuation.

Despite a weaker performance this year, the business remains on track to achieve its full-year expectations. In fact, it’s on track to deliver on its medium-term profit target two years ahead of schedule.

On top of that, the stock boasts a 3.5% dividend yield. Furthermore, it recently announced a £200m share buyback scheme.