It may seem paradoxical that FTSE 100 He has just reached a novel level of all time when the Economy of Great Britain remains in stagnation. But many of the largest index components generate most of their income abroad, thanks to which they are much less associated with national fate.

Yesterday (July 10) FTSE 100 ended the day with a record -breaking 8975 points, and now increased by more than 9% this year (beating S&P 500). In three years he turned over 30% (including dividends)! This is a solid show.

Despite this, these two foot supplies still look inexpensive to me.

Potential supplies of implementation

The first is Sports JD fashion (LSE: JD), which now has 4,871 stores around the world. I have a visit to my local for a novel pair of gym trainers, and maybe that’s why JD means.

Resources fought demanding, falling from 186 pence at the beginning of 2023 to just 88 pence. And the main culprit was NikeThe key partner, which apparently constitutes almost half of the JD sales.

In recent years, the US sportswear giant has broken away from the ball, enabling newer brands such as hoka and ON NIP and steal market share.

However, Nike has novel management and is working demanding to develop the growth engine again. JD and Nike share prices tend to trade tandem, so every success in Nike would be great news for the British seller.

To say, the tariffs remain a risk. Nike and other sportswear companies produce their goods in Asia, and President Trump has just restored “Mutual tariffs” in several Asian countries. If these companies raise prices, consumer demand may break down by hurting JD sales.

Looking at the quote, I have to imagine that many bad news is already baked here. Based on current estimates for next year, the price ratio to profit (P/E) is only 6.8. However, the P/E ratio of Nike is 42.

Considering that JD also sells hoka, AdidasAnd many other brands, I think that this inexpensive supply is worth rating about 88 pence.

Positive long -term trends

The second supply of FTSE 100, which looks inexpensive, is Melrose Industries (LSE: MRO). It increases by about 92% in five years, but 21% lower than the highest level achieved in March 2024.

Through the subsidiary Aerospace, Melrose produces parts of the engine, landing equipment, electrical cabling systems and other components for such as Rolls -royceIN Airbus AND Boeing.

It also provides lucrative services and maintenance of the secondary market, generating repetitive revenues through long -term contracts and partnerships to divide risk throughout the entire series of aircraft and engines.

Shareholders should see the decades of cash flow from the secondary market of engines, with profits that should grow significantly.

Melrose Industries.

In many respects, Melrose should take advantage of the same positive trends raising Rolls-Royce (growing global travel and defense expenses). Indeed, it is probably a lower, more diverse way of playing air upcycles.

The shares are commercial with earnings 14.5 times, compared to almost 37 for Rolls-Royce.

Of course, Melrose has a similar risk with Rolls-Royce, especially the deterioration of the economic situation in global journeys from some shock (War, Pandemic, etc.). The dividend performance is also low is just over 1.1%.

However, if the actions currently trade 17.5% lower than the average consensus of the analyst, I think Melrose is to take into account 530p.