Two value stocks that I currently have on my radar are: Centric (LSE:CNA) and Related British Food Products (LSE:ABF).

Let’s take a closer look at this to support me decide if I should buy this stock or avoid it.

Centric

Centrica, the owner of British Gas, has been enjoying a great run of overdue, largely due to higher gas costs.

The shares are down 28% in 12 months. At this time last year they were trading at 163p, compared with 117p now.

The stock looks low-cost with a price-to-earnings ratio of close to six. For context, FTSE100 the average index value is closer to 12.

The mighty results have seen Centrica significantly strengthen its balance sheet, which could support it cope with future volatility as well as its renewable energy initiatives.

But the purple patch appears to have ended. Half-year results in July showed profits had almost halved to just over £1bn, compared with the same period last year. Market conditions have stabilised somewhat.

The cyclical nature of a stock like Centrica is risky. It can be great when things are going well, such as when petrol prices are rising rapidly. However, when things are not going well in the macro economy, there is a risk that profits and returns could suffer. Furthermore, competition in the market is fiercer than ever.

Nevertheless, it is demanding to ignore Centrica’s dominant market position, as it serves close to 10 million customers. Furthermore, a dividend yield of 3.5% sweetens the investment case. However, I understand that dividends are never guaranteed.

Overall, I don’t think Centrica shares are an obvious opportunity for me. I wouldn’t rush to buy any shares today, just to see what happens next in the gas price saga, coupled with economic and geopolitical turbulence.

Related British Food Products

Associated British Foods operates in the defensive sector through its food products segment. It also has huge growth in the retail side of things through the growing Primark brand, which cannot be ignored.

Shares in the company have risen 3% in the 12 months, from 2,097p at this time last year to 2,177p today.

Using another valuation metric, the stock trades at a price-to-earnings-growth (PEG) ratio of 0.5. Anything below one indicates good quality at a good price.

Personally, I think a lot of the company’s future prospects depend largely on how well Primark does. However, it is worth noting that the fashion and retail market is incredibly competitive, and that margins are sometimes very tight. I will be keeping an eye on this as profits and returns could be affected.

However, Primark’s popularity seems to be growing, and its performance seems to be steadily improving. So much so that the company is aggressively expanding into the US and Europe. It’s an thrilling development that could catapult profits and shares higher.

Finally, a dividend yield of 3% is favorable for investment.

Of these two stocks, ABF currently looks like a great opportunity to buy cheaply, with the prospect of a nice rise in the coming years. I would buy a few shares when I can next time.