With Christmas around the corner, I need to start saving up. But it’s not easy when the stock market is offering so many attractive bargains!

The combined effects of the UK Budget and the US elections have caused something of a panic, leading many shares to plummet.

While this hasn’t been kind to my portfolio, I can’t help but feel the urge to take advantage of the opportunity. As the famous quote goes: “When there’s blood in the streets, buy!”

With that in mind, I’m eyeing up two cheap renewable shares that brokers have tipped as Buys.

IP Group

IP Group (LSE: IPO) invests in innovative companies and guides them on the road to success. It focuses on start-ups in the life sciences, deep tech and ‘cleantech’ sectors, with an emphasis on greener, healthier solutions.

Many of its investments are University-led projects attempting to achieve scientific breakthroughs. By identifying promising projects in early-stage development, it can accelerate growth and turn a profit. But any mistakes can lead to big losses.

One example is ASML Aero, an Australian company building an electric vertical take-off and landing  (eVTOL) aircraft. The company’s hydrogen-powered emission-free Vertiia model made headlines recently for completing its first untethered flight.

An impressive feat no doubt but it’s yet to equate to profit for IP Group. The share price, having dropped over 70% since late 2021, is now near its lowest point in over 10 years. Its net asset value (NAV) fell 9% in the first half of 2024 as a result of tough market conditions. If economic conditions don’t improve, it could keep losing money.

So can it turn around in 2025?

One key metric used to gauge value is the price-to-book (P/B) ratio, showing how cheap the shares are compared to the company’s overall worth. A ratio below one suggests they’re good value and IP Group’s is currently 0.4. That suggests it’s performing far better than the share price gives it credit for.

While I’m impressed, I’m not 100% convinced yet. If its investments keep making headlines, I’d consider buying the stock.

Greencoat UK Wind

Greencoat UK Wind (LSE: UKW) has been on my radar for some time now. I had high hopes for the renewable infrastructure fund but the share price has struggled to make gains this year.

The renewable energy industry continues to face profitability challenges, compounded by geopolitical issues and weakening climate goals.

Greencoat UK Wind’s key focus is offshore and onshore operational wind farms in the UK. It aims to balance attracting investment through dividends while preserving sufficient capital to fund operations.​

The price has crashed since Trump won the US election, likely a result of his vocal anti-green energy opinions. But I suspect it’s a knee-jerk reaction. More pressing risks include costly repairs, limited output due to wind speed and regulatory changes that could reduce government subsidies for green energy.

With a price-to-earnings growth (PEG) ratio of 0.5, it seems to offer good value with decent growth potential. Having declined 17% this year, the share price is now estimated to be undervalued by 36% using a discounted cash flow model.

I’m still bullish on the stock and expect the price to recover, so I plan to buy the shares as soon as they’re available on my brokerage account.