With war in the Middle East affecting investor confidence, the FTSE 100’s presently (18 March) home to plenty of value shares. For those lucky enough to have some spare cash, this could be an opportunity to bag a bargain.

Here are three stocks that have recently caught my eye.

Back down to earth

International Consolidated Airlines Group (LSE:IAG), owner of British Airways and four other operators, is having to cancel flights in the Gulf region, as well as deal with rising fuel costs.

On 12 March, European jet fuel prices hit an all-time high. Although it will have hedged some of its anticipated fuel demand, including up to 75% in the near term (not defined), this additional cost will have to either be absorbed by the group itself — hurting its bottom line — or passed on to customers with the risk of reducing revenue. It’s a lose-lose situation.

But the airline’s stock is currently trading on just six times its 2025 earnings. This could mean an amazing opportunity to buy a quality stock at a knock-down price. Only last month, its shares were changing hands for 20% more. Importantly, its airlines retain strong brands in their respective markets.

On the assumption that things return to normal soon, I think it’s likely to bounce back stronger than most. On this basis, it could be cheap enough to take a position.

Unfashionable

JD Sports Fashion (LSE:JD.) has a price-to-earnings ratio of only 6.3. This is based on analysts’ forecasts for its January 2026 financial year (FY26). Looking ahead to FY28, it drops to 5.8. The five-year average (median) is 15.4.

Problems at Nike, a key partner, are a risk. And another round of US tariffs could be a major issue.

However, a bit like air travel, the sportswear sector has a track record of defying expectations. One forecast I’ve seen expects the global athleisure market to grow by $525bn by 2035.

In its favour, JD Sports sells many brands and is much less UK-centric than it was. Its biggest market is now North America where this year’s World Cup is being held. It also retains a strong balance sheet and is expected to generate over £900m of free cash in FY27 and FY28.

Personally, I don’t think the group’s shares will offer such amazing value for much longer. Therefore, it could be one for long-term investors to consider.

One to bank on?

I’ve long thought that Barclays (LSE:BARC) is undervalued and the recent fall in its share price has reinforced my view.

Its balance sheet at 31 December 2025, disclosed a book value of £78.2bn compared to a current market cap of £54.3bn. This gives it a price-to-book ratio lower than any of the FTSE 100’s banks.

It also shares the joint lowest price-to-earnings ratio on the index. And I can’t see any obvious reason why.

Admittedly, the bank remains vulnerable to a global economic slowdown. Also, a lower interest rate environment could affect its margins. But Barclays has a diversified business model, both in terms of geography and the nature of its activities. This should offer some protection.

In addition, it plans to return £15bn to shareholders from 2026-2028 by way of share buybacks and dividends. On balance, I think value investors could consider taking a stake.