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Why it matters
London-listed companies on low multiples that still earn a real return. It is best used as a valuation shortlist, not a buy list: the strongest candidates still need balance-sheet, cash-flow and competitive-position checks.
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Cheap UK Shares
London-listed companies on low multiples that still earn a real return.
The London market has traded at a discount to Wall Street for years, which is either a bargain or a warning depending on the company. This collection screens LSE-listed companies for a P/E between 3 and 13 alongside a return on equity of at least 10% — the profitability test is there to separate the cheap from the merely broken. Ranked cheapest first. The lower P/E bound is a data guard: a slice of the feed reports UK P/E ratios a hundred times too small.
What to check next
Look for durable margins, sensible debt, cash conversion and whether the market is pricing in a temporary problem or a permanent decline.
Main risk
Cheap or high-quality screens can still contain value traps when earnings are peaking, accounting quality is poor or the business model is losing relevance.
Showing the 40 largest of 70 — sort or filter to explore the rest.
- RewardRisk
- RewardRiskYield7.4%
- RewardRiskYield4.6%
- RewardRiskYield1.6%
- RewardRisk
- RewardRiskYield3.5%
- RewardRiskYield5.9%
- RewardRiskYield7.3%
- RewardRiskYield5.5%
- RewardRiskYield3.9%
- RewardRiskYield2.8%
- RewardRiskYield1.6%
- RewardRiskYield7.5%
- RewardRiskYield4.5%
- RewardRiskYield3.9%
- RewardRiskYield1.2%
- RewardRiskYield1.7%
- RewardRiskYield0.0%
- RewardRiskYield4.9%
- RewardRiskYield5.5%
- RewardRisk
- RewardRiskYield1.6%
- RewardRiskYield6.3%
- RewardRiskYield1.9%
- RewardRiskYield0.0%
- RewardRiskYield3.9%
- RewardRiskYield0.4%
- RewardRiskYield1.0%
- RewardRiskYield6.8%
- RewardRiskYield2.3%
- RewardRiskYield7.0%
- RewardRiskYield5.7%
- RewardRiskYield3.0%
- RewardRiskYield0.8%
- RewardRiskYield4.3%
- RewardRiskYield5.4%
- RewardRiskYield2.6%
- RewardRiskYield3.9%
- RewardRiskYield6.7%
- RewardRiskYield4.2%
Related collections
Frequently asked questions
What is the Cheap UK Shares collection?
London-listed companies on low multiples that still earn a real return. It currently holds 70 stocks, each rated by Openbook's Reward and Risk scores. The London market has traded at a discount to Wall Street for years, which is either a bargain or a warning depending on the company.
How are Cheap UK Shares stocks selected?
Constituents are chosen by a rules-based screen over the full UK common-stock universe, then ranked by price-to-earnings ratio.
How often is the Cheap UK Shares list updated?
It is rebuilt from live market data, so the constituents and their rankings update as prices and company fundamentals change — there is no fixed, hand-edited list.
How should I use the Reward and Risk ratings?
Openbook's Reward rating combines a stock's growth, momentum, profitability and valuation into a single 0–100 score, and the Risk rating scores financial strength, volatility and size. Use them to compare names within this theme — broadly, a higher Reward alongside a lower Risk is more attractive. They are quantitative research signals, not investment advice.
Openbook Reward and Risk ratings and factor scores are quantitative signals for research, not investment advice. Data may be delayed. Some US-listed names carry partial factor coverage.