The FTSE 100 is oozing with value right now. There are several stocks on the UK-leading index that, in my view, could be great additions to the portfolios of investors who buy businesses today with the aim of holding them for decades.

As tough as it was, I’ve whittled it down to just two I think scream value. Without further ado, let’s explore them.

Barclays

When I ran a fine-tooth comb through the Footsie, I was looking for stocks with dirt cheap valuations that I saw had real growth opportunities. Barclays (LSE: BARC) stood out like a sore thumb.

At 216.3p, I reckon that could be an absolute steal for a business of Barclays’ quality. That’s even after it’s skyrocketed 39.3% this year.

Its shares trade on just 8.4 times earnings, way below the Footsie average (11). Looking ahead, that figure is forecast to drop to five by 2026.

Its share price has meandered over the last five years and I’d expect more of the same in the times to come. Banks will come under pressure when interest rates fall as lower rates will squeeze margins.

They’ve been beneficiaries of the Bank of England’s aggressive rate hikes in the last two years. I’m expecting them having to navigate some more choppy waters in 2024 and beyond alongside Barclays.

The business has underperformed lately and, as a result, CEO CS Venkatakrishnan’s vowed to shake up its operations. Last year, he announced a cost-cutting mission. The business is further being streamlined into five divisions to boost efficiency.

Over the next three years, Barclays has committed to returning £10bn to shareholders through dividends and share buybacks. That’s on top of its current 3.7% yield.

I think with its ambitious plans the company’s primed to continue with its growth trajectory. As a shareholder, I’m excited about what the future could hold for the bank.

Centrica

Another candidate that stood out was Centrica (LSE: CAN). It hasn’t quite put up the performance that Barclays has this year. In 2024, its shares are down 0.9%. However, up 17.4% across the last 12 months and 46.1% in the last five years, Centrica has outperformed the Footsie over those timeframes.

Trading on just 1.9 times earnings, Centrica shares scream value. In all fairness, that’s expected to rise to 7.7 times for 2024 and 10.3 for 2025. But even that still looks like good value for money, in my view.

I suspect its dirt cheap valuation’s due to investors expecting earnings to fall from recent highs. The firm has benefited massively over the last couple of years from soaring energy prices. That will impact its earnings going forward, which is a risk. Another threat is the transition to renewable energy, which could be costly for the firm.

But I think there’s a lot to like about the British Gas owner. It has a large customer base and strong brand power that gives it an advantage over its peers. On top of that, Centrica has a strong balance sheet with plenty of cash.

The business is putting this cash to use. Last year, it bought back £623m of its own shares. That’s to go alongside its 2.9% yield.