Here are two that institutional analysts believe are significantly undervalued right now, and could deliver outstanding returns over the next 10 years to 2036.

1. Victrex: a battered materials specialist

Victrex (LSE:VCT) is one of the world’s leading manufacturers of high-performance PEEK polymers. These are specialised ultra-durable, lightweight materials used in the aerospace, automotive, medical device, and semiconductor industries.

The stock has fallen nearly 40% from its 52-week high, yet the underlying business continues to generate significant cash. As such, dividends have continued to flow, pushing the yield to a remarkable 10.1% – one of the highest in the FTSE 250.

Analysts at Berenberg and Citi are both issuing price targets of 695p and 700p, respectively, suggesting that a chunky 25% discount may exist.

As Victrex’s H1 2026 results noted, revenue is growing despite near-term margin pressure caused, in part, by inventory destocking headwinds. That’s a signal that the core business and underlying demand remain intact and the company is merely suffering from a temporary cyclical downturn.

This perfectly demonstrates the cyclical nature of Victrex’s business. And while the market will eventually recover, there’s a big question mark over the timeline of this recovery.

A prolonged slowdown in automotive and aerospace production weighs heavily on demand for PEEK polymers. And it’s why analyst opinions are a bit split, with five recommending to Buy, six recommending to Hold, and two putting Victrex in the Sell category – a reflection of the genuine uncertainty about the pace of recovery.

2. Barratt Redrow: a deep-value housing play

Barratt Redrow (LSE:BTRW) was formed from the merger of two of the UK’s largest housebuilders, creating a business with enormous scale and a powerful position in the structurally undersupplied UK housing market.

Of the 19 analysts following the business, 15 rate the stock a Buy, with an average 12-month price target of 414p against a current share price of around 257p. That’s a 61% potential capital gain for value investors today. And with the UK government still committed to building 1.5 million homes, the structural tailwind for housebuilders looks powerful over the next decade.

The bear case, however, is real. The post-merger integration of Barratt and Redrow is still ongoing, and execution risk remains elevated. Higher mortgage rates continue to weigh on buyer affordability, and the company faces a significant fire safety remediation bill that could pressure free cash flow for years to come.

For patient investors with a 10-year horizon, these risks may prove temporary. But they shouldn’t be taken lightly.

The bottom line

Both of these value stocks are trading at meaningful discounts to analyst price targets.

Of course, neither stock is a guaranteed winner. The cyclical and operational risks are very real and could leave investors bitterly disappointed.

But providing both companies continue successfully navigate through their near-term challenges, I think both Victrex and Barratt Redrow are worth a deeper dive today.

After all, the best opportunities rarely come gift-wrapped, and that’s exactly what could make these two so interesting right now.

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The answer depends on the yield. Right now, a popular choice for long-term ISA investors is to build a diversified spread of FTSE 100 shares offering both dividend income and growth. UK blue-chips offer some of the most generous dividends in the world. The average yield across the index is currently around 3.3%.

How much income could I hope to get?

Let’s say somebody had £299,000 in their portfolio. If they put their money in a FTSE 100 tracker, they’d get £9,867 a year. Or £822 a month. And that’s without touching their capital. That’s fine, but it’s possible to get a yield of 5%, 6% or even 7%, by investing in the more generous dividend stocks on the index. Let’s see what you can get then:

• 5% yield – £14,950 a year
• 6% yield – £17,940 a year
• 7% yield – £20,999 a year

A yield of 7% would be pretty tricky to maintain. But it is possible. Legal & General Group is the most generous income stock on the FTSE 100 with a bumper 8.7% yield. Standard Life is in second place yielding 7.3%, while real estate investment trust Land Securities Group yields around 6.9%.

One stock I’d consider for a high income portfolio today is Barratt Redrow (LSE: BTRW). It’s now the UK’s biggest housebuilder but like the rest of the sector, it’s taken a beating lately. The Barratt Redrow share price is down 43% over the past year and 66% over five. What’s going on?

House builders were slammed by the cost-of-living crisis, which drove up mortgage rates and worsened affordability issues. They were also hit by the end of the Help to Buy scheme in 2023, and the cladding fire safety scandal that followed the Grenfell tragedy. This year looked more promising with inflation and mortgage rates expected to fall. Instead, they’re rising due to Iran.

Can this FTSE 100 stock bounce back?

As a result of all this, the shares look cheap. Today, the forward price-to-earnings ratio sits around 10.2. That’s pretty low. The trailing dividend yield is a bumper 6.5%.

A word of warning. The forecast yield is 5.5%. On 11 February, Barratt Redrow cut its interim dividend by 9% to 5p per share. That followed a 13.6% decline in adjusted pre-tax profit to £199.9m. The forecast yield is 6.1% in 2027, but we’ll see. Dividends are never guaranteed. Yet I still think it’s worth considering for brave investors willing to take the long-term view. So what’s swung my decision?

Barratt Redrow boasts a strong balance sheet with net cash of around £550m to £650m. At some point the investment cycle will swing and when it does, its shares could recover at speed. No guarantees though. Things could get worse before they get better. But I think this stock could form part of an ISA portfolio, for those keen to build a generous second income, and with luck, grab some share price growth as well.

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Despite the Iran War, 2026 has (so far) been another solid year for the stock market. The FTSE 100 index is up 3% since 1 January. Yet a lot of quality blue-chips still offer terrific all-around value.

We’re talking about companies with high dividend yields while also trading at heavily discounted valuations, whether measured by:

• Price-to-earnings (P/E) ratio.
• Price-to-earnings growth (PEG) ratio.
• Price-to-book (P/B) ratio.

Here are two that I’ve spotted: Admiral Group (LSE:ADM) and Barratt Redrow (LSE:BTRW). Want to know why I believe they’re hot bargains to consider?

Value to salute

Admiral offers the dual-benefit of a low historical P/E ratio and a FTSE-beating dividend yield. Its earnings multiple for 2026 is just 12.8 times. That may not exactly be rock-bottom but it’s significantly below the 10-year average, which is 16–17.

Meanwhile, the payout yield is a chunky 5.5%.

Admiral does face mounting risk as inflation rises, pushing up claim costs . But I think the insurer is better placed than many other UK shares to weather this storm.

Why? Its focus on the ultra-stable general insurance market, where revenues remain reliable across the economic cycle. This is especially so in the motor segment, where Admiral leverages its enormous brand power to generate most its earnings.

Crucially, Admiral has other qualities it can use to grow profits despite cost pressures. According to Hargreaves Lansdown notes, these include “its data-led underwriting approach and strong reinsurance relationships.”

Another top FTSE bargain?

The risks to Barratt Redrow have risen sharply since late February. Hopes of interest rate cuts to boost the housing market have disappeared. Now the focus is on potential rate hikes, and the danger this poses to FTSE 100 housebuilders.

Yet I can’t help but think Barratt’s valuation remains too low. I’m drawn in by its 5.5% dividend yield for this financial year. Arguably, it’s even more impressive on other value metrics, including:

• A forward P/E ratio of 10.4, below the 10-year average of 15–16.
• A PEG ratio of 0.1
• A P/B ratio of 0.5.

For the final two ratios, a reading below 1 suggests a share is undervalued. So do the potential rewards of buying Barratt shares at the current price outweigh the risks?

I think so. Over the long term, I believe the stock could snap back as the soaring UK population drives demand for new homes and with it property prices. Estate agent Savills expects average home values to rise more than 22% over the next five years as the market picks up momentum.

Barratt’s enormous land bank puts it in a strong position for when conditions rebound too. It expects to have a hefty 7,000–9,000 plots at the end of this fiscal year.

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The Footsie has rallied over the last year, yet it’s still possible to pick up brilliant bargains. Many top companies still offer high dividend yields after years of underperformance. Others have declined sharply in value, in turn pushing their dividend yields to enormous levels.

Barratt Redrow (LSE:BTRW) and M&G (LSE:MNG) are a couple that have caught my eye. For this year, their dividend yields surge above the 3% FTSE 100 average. One of them is tipped to supercharge dividends over the near-to-medium term as well.

Want to know why they’re on my watchlist?

Multi-year lows

Things were looking pretty good for Barratt Redrow a few months ago, with interest rates falling and homebuyer affordability improving. But with the Iran war driving inflation higher, the Bank of England looks set to raise lending rates when more cuts had been anticipated.

The result is Barratt’s shares have toppled to 13-year lows. At these levels, I think the FTSE builder’s worth serious attention, despite the heightened risks. Its price-to-book (P/B) ratio — which values the share relative to balance sheet assets — has sunk to 0.4, below the value watermark of 1. That’s also miles below the 10-year average of 1.1.

I already have exposure to Barratt and the current dangers it faces. But given the massive dividend yields it’s also carrying, I think it’s still highly attractive from a risk-reward perspective. This is 5.7% for this financial year to June 2026, and 6.1% for fiscal 2027.

For this year, a reduced dividend is tipped by City analysts. But importantly, Barratt is cash rich following its merger with Redrow in 2024, and therefore looks in good shape to meet payout forecasts. Net cash is expected to be £550m-£650m at year’s end.

7.3% dividend yield

M&G isn’t expected to experience any dividend pressure, despite also being sensitive to inflationary and economic pressures. It enjoys a powerful combination of capital-light operations and reliable cash flows, which have delivered consistent dividend growth since 2019, when it split from Prudential.

With limited growth potential, M&G has put dividends and share buybacks at the centre of its capital allocation strategy. For this year and next, it means gigantic yields of 7.1% and 7.3% respectively. With a forward price-to-earnings-to-growth (PEG) ratio of 0.2 — also below the bargain watermark of 1 — it offers brilliant all-round value in my view.

So what are the risks of buying M&G shares? With cyclical operations, its share price can underperform during tough economic conditions. But I’m confident it will keep rising over the long term as the financial services market steadily expands. In the meantime, I can expect a steady flow of rich dividend income.

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It’s a perfectly valid strategy to target struggling shares. I do it regularly. The aim is to bag them at a reduced price, and get a higher yield too. It’s the same as going shopping in the sales. Stocks are cheap, so fill your boots. The rewards can be huge, if you get it right. I’ve just been checking out the broker forecasts for Barratt Redrow, and they’re eye-popping.

Eighteen analysts offer one-year share price forecasts, and they produce a consensus target of 415p. Today, the shares trade at 244p. If those forecasts are correct, the shares could rocket 70% in a year.

Can this stock really grow 70% in 12 months?

That’s a brilliant potential return, and there’s more. Barratt Redrow is forecast to yield almost 6% this year. So that’s a total return of 76%, which would transform a £9,995 investment (after trading charges) into a thumping £17,591. So should investors leap in with both feet?

First, a word of caution. Broker forecasts are just educated guesses. Also, some of those may have been made before the Iran war, when the outlook was brighter.

Also, just because a stock has plunged by more than a third, as Barratt Redrow has, doesn’t mean it can’t fall by another third, or more. Its shares are down 47% over 12 months, and 68% over five years. In fact, they’re trading at a 13-year low. So is Barratt Redrow a horribly run company?

Nope. It’s simply that housebuilders are being battered across the board. Rival Persimmon is the second worst performer on the FTSE 100, while Berkeley Group Holdings, Taylor Wimpey, Vistry Group and others are all tumbling.

They’ve been hit by the cost-of-living crisis, rising interest rates, the end of Help to Buy, the post-Grenfell fire-safety cladding scandal, and the rising cost of materials and employer taxes.

2026 was the year they were expected to come good, as inflation eased, mortgage rates fell and the economy picked up. That changed when the US bombed Iran.

So is this a brilliant bargain?

A good company hit by bad news elsewhere – isn’t that a trigger signal to buy? To a degree, yes. But the problem is, when a company is at the mercy of wider events, turning things around isn’t easy. Basically, Barratt Redrow needs lower inflation and interest rates, and a thriving UK economy, where buyers have money in their pockets. Instead, we have a rocketing oil price.

It’s cheap, with a forward price-to-earnings ratio of just 9.7. There’s a brilliant yield, but dividends have been choppy lately, as my table shows. The interim 2025 dividend was cut too, from 5.50p to 5p, a drop of 10%. I’m sure the final one will be trimmed too.

In my view Barratt Redrow is a thrillingly high-risk/high-reward stock, and well worth considering on those terms. But investors have to be brave, and patient.

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Stock markets will always be volatile. But they always bounce back from short-term setbacks. We’ve already had three this decade: the pandemic, the Ukraine energy shock, and US tariffs. Every time, shares slumped but quickly recovered. Investors who bought the dips were handsomely rewarded. So are we looking at another buying opportunity? I think we are.

A great time to go bargain-hunting

Over the last decade, the average Stocks and Shares ISA returned on average 9.5% a year, research from Investing Insiders shows. So what about the average Cash ISA? Returns averaged just 4% a year. So what does that mean in pounds and pence?

Nine years ago, on April 6, 2017, the ISA contribution limit was raised to £20,000. Let’s say an ISA investor tucked away a lump sum £18,750 that month.

Now let’s assume they got that average 9.5% annual total return from shares. Today, their money would be worth £42,435. If they’d got 4% from an admittedly-less-risky Cash ISA, they’d only have £26,687. That’s a big performance gap, and it will only widen the longer they invest. This shows how taking on a bit more risk can be a lot more rewarding. 

Look how far this lot has fallen!

Today, I can see plenty of FTSE 100 stocks trading at tempting valuations. The following six have all crashed more than 20% in the last three months. One is down more than 30%. I think volatility like this is a buying opportunity.

Housebuilder Barratt Redrow is down 32.3% in just three months. As my table shows, it’s been struggling for some time, down 67.2% over five years. Why has it taken such a battering?

The housebuilding sector has been hit across the board. Rival Persimmon is down 65.1% over five years. High interest rates, affordability issues, and the closure of the Help to Buy scheme in 2023 have all squeezed demand. Inflation also drove up the cost of labour and materials, and the cladding fire safety scandal triggered hundreds of millions in compensation.

This year, hopes of further interest rate cuts have been postponed by the potential oil price shock. So should investors back off? I don’t think so. All these challenges now look to me to be priced in. Barratt Redrow trades on a modest forward price-to-earnings ratio of just 10.2. Better still, its shares are forecast to yield a bumper 5.67% this year, rising above 6% in 2027.

Of course, dividends aren’t guaranteed. As the UK economy slows, the housing market could struggle for some time. I’ll be watching its progress like a hawk. But with a long-term view, I think housebuilders like Barratt Redrow look like some of the most FTSE 100 compelling income and growth opportunities to consider today, if investors are up for the challenge.

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That’s not because my Taylor Wimpey shares had done well, quite the reverse. They’ve been horrible, as has the rest of their sector. Yet for a brief happy moment at the start of the year, it looked like things were about to turn.

Inflation was on the run, and the Bank of England was expected to cut base rates to as low as 3% across 2026. Mortgage rates would duly follow, putting money into buyers’ pockets. Activity, sales and prices would all rise. Everything was coming up roses. So how do things look today?

Is this a brilliant FTSE 100 bargain?

Not so good, I’m afraid. Everything changed on 28 February, with the conflict in Iran. That’s driven up the oil price, with Brent crude around $103 a barrel today (23 April). The price could a lot climb higher if the Strait of Hormuz squeeze continues.

Inflation was expected to be 2% by the spring. Yesterday, we learned it hit 3.3% in March, and that’s expected to climb too. Interest rates are likely to follow. Lenders have been pulling mortgage deals in anticipation, and repricing them higher. Resurgent inflation will also drive up building costs.

Over the last three months, Barratt Redrow is the single-worst-performing stock on the entire FTSE 100, down more than 30%. It’s down more than 40% over 12 months and 60%+ over five years. At today’s price of 266p, it’s at levels last seen in 2013.

Years of near-zero interest rates after the financial crisis had already stretched affordability to the max. Since then, we’ve had Brexit, the pandemic, the energy shock, cost-of-living crisis, inflation, rising employers’ National Insurance, the cladding fire safety scandal and the end of the Help to Buy scheme. It’s been a perfect storm for housebuilders, and it’s stormy again today.

Is that dividend to die for?

Yet on 15 April, Q3 results showed a pretty solid performance. Net private reservation rates rose 6% in the three months to 29 March. The board expects underlying pre-tax profits to rise 16% this year to £568m, in line with forecasts. It’s almost completed its £100m share buyback.

Barratt has a solid balance sheet, with £173m net cash position at last count, boosted by structuring the Redrow acquisition as a share offer. The trailing yield is a bumper 6.6%, although that’s forecast to slip to 5.4%. Recent dividend history has been bumpy, with cuts in 2023 and 2024, the latter by more than 50%.

The stock looks good value, with a forward price-to-earnings ratio of just 10.5. I think it’s worth considering with a long-term view, but investors must be patient. The UK economy could get worse before it gets better. Personally, I have enough exposure to this risky sector via Taylor Wimpey, and will be searching for bargains elsewhere.

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Buying has been led by Legal & General, Rolls-Royce Holdings, Lloyds Banking Group and Barclays. But we’re also seeing a resurgence in popularity for Taylor Wimpey (LSE: TW.) and Barratt Redrow (LSE: BTRW).

The two housebuilders have been through a tough time, hit by high mortgage rates and a serious squeeze on buyers’ pockets. But is their long-term resilience starting to shine through? I think it might be.

Cash cows

If dividend yields are anything to go on, I’d say both of these should be on our Stocks and Shares ISA shortlists. Analysts are predicting an inflation-busting 6.4% from Barratt Redrow for the current year. And over at Taylor Wimpey, we’re looking at a stunning 8.9%.

Companies can’t guarantee their dividends, but with forecasts like these, analysts clearly appear upbeat about the sector now. In fact, 15 out of 19 analysts I can find with recommendations on Barratt Redrow rate the stock a Buy. The others have it as a Hold, with not one on a Sell rating. Their average price target for the shares, at 430p, is a whopping 60% ahead of the price at the time of writing.

The current year looks good. With April’s Q3 update, Barratt Redrow CEO David Thomas said: “We expect the Middle East conflict to have limited impact on FY26 performance, given our strong forward sales position and advanced build programme.”

And he predicted full-year “total housing completions and adjusted profit before tax in line with consensus expectations.”

Revenue rise

Analysts appear a bit less charmed by the outlook for Taylor Wimpey. And a couple of them even think we should dump the shares. But we still have 10 urging us to Buy. The forecast price target of 117p doesn’t put quite the same premium on the stock. But it’s still 35% ahead of the latest trading.

The City’s more modest enthusiasm for Taylor Wimpey is surely partly based on 2025 full-year results released in March. The housebuilder saw revenue in the year rise 13%, but with adjusted operating profit only slightly up due to tighter margins.

And we saw a painful 54% drop in profit before tax, which was put down largely to exceptional costs. Those arose through cladding fire safety provisions and related commitments.

Still, completions rose 6%, and the board announced a new £52m share buyback.

Solid forecasts

Forecasts suggest a few years of progressive profits gains for both these housebuilders. If they’re right, we could be looking at a 150% rise in earnings per share (EPS) for Barratt Redrow by 2028, with EPS at Taylor Wimpey up 250%.

However, caution’s still needed. How many times have we seen green shoots of a housebuilding recovery, only for them to be killed off by the next crisis that comes along? It could happen again. But I do see these two as attractive considerations for a 2026 Stocks and Shares ISA.

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The FTSE 100 has climbed close to 11,000 points, slumped back below 9,700, and it’s back around 10,600 at the time of writing.

Try telling new investors the stock market is all about slow and steady appreciation of wealth — and not quick gains and losses? I’d expect a dirty look, quickly followed by a view of their back.

Take things easy

We shouldn’t worry at all if we suffer short-term losses? Coming from an experienced investor, that could easily sound a big smug. I remember when I started out. And seeing early falls was scary. In fact, even after all these years, it still is a bit.

When one of my stocks drops in price, it makes me question my decision — and I worry if I’ve hit one of my bad ones. So what should I really say to Stocks and Shares ISA beginners at times like this?

Everyone should approach investing in a way they feel comfortable. And if that means holding off when prices are up and down daily, that’s just fine. Early losses could put a newcomer off for life.

Get the cash in

But we don’t need to shun an ISA completely. We can still transfer cash over to our ISA account, with no requirement to buy shares by any deadline — or any time at all. We can take as long as we like, even years if we need it, before we decide what to actually go for.

Keeping away from an ISA can lose us the opportunity to build up some cash now, while we wait for our confidence in the stock market to settle. And every pound we can stash away today can help build up to a tidy sum by the time we retire.

When we’re ready to buy some shares, we can hopefully benefit from fallen prices. I’m drawn to house builders, like Barratt Redrow (LSE: BTRW), right now.

Barratt is down 31% so far in 2026 — and 67% over five years. It’s been hit by just about everything that’s going economically wrong with the world. High inflation leading to rising costs of construction materials? Check. Demand hit by high interest rates? Check. Hopes for rate falls evaporating? That too.

Shares going cheap

But years of share price falls have pushed Barratt’s valuation way down. We’re looking at a forecast price-to-earnings (P/E) ratio of around 10. And that would fall as low as seven by 2028, if forecasts are accurate. Now, forecasts can be wrong. But a trend like that could value Barratt at less than half the current FTSE 100 average.

Oh, and there’s a forward dividend yield of 6.6% on the cards.

The short-term outlook doesn’t appear great, I have to be honest. And we might see more falls. But as part of a diversified selection of UK shares, I really do think long-term Stocks and Shares ISA investors could to well to consider Barratt. When they feel comfortable enough to take the plunge, that is.

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And now that the Iran war and other wider macroeconomic volatility have pushed several high-conviction names to even more attractive entry points, investors could have a long list of rare buying opportunities to capitalise on.

With that in mind, here are two of the most popular expert stock picks.

1. A deep-value recovery play

First on the list is Barratt Redrow (LSE:BTRW) – the UK’s largest residential housebuilder.

Of the 19 analysts tracking the business, 16 have rated the FTSE 100 stock as either a Buy or Outperform, with only three recommending holding. And when looking at the share price forecasts, even the most pessimistic outlook suggests the stock’s trading at a discounted valuation.

That seems to directly conflict with the government’s housebuilding mandate and incoming planning reforms – a massive tailwind for the business. And when combining this with the firm’s robust balance sheet and ongoing cost synergies already ahead of schedule, it’s no wonder the consensus is bullish.

Despite this positive sentiment, the stock’s been stuck on a downward trajectory for several years now, due to inflationary margin pressure and slow speed of interest rate cuts – both of which now look likely to persist in 2026 due to the conflict in the Middle East.

A lack of confidence in the government’s ability to deliver on its home-building targets is also understandably giving investors some pause. But while there’s no denying the short-term outlook appears murky, the long-term picture seems to support a gradual recovery. And that’s something worth investigating further.

2. Quality compounder at a massive discount

Another top pick from the experts is RELX (LSE:REL). Just like Barratt Redrow, the overwhelming consensus from analysts is bullish, with 15 Buy or Outperform recommendations and only one Hold and one Sell rating as of April.

It’s the same story with analyst share price forecasts, with even the most pessimistic projection suggesting the stock’s undervalued by double digits. So what’s going on here?

As one of the world’s largest proprietary data & analytics providers, RELX found itself caught in the crossfire of the recent AI-disruption sell-off in early February.

Yet despite these concerns, AI’s so far proven to be a tailwind, not a headwind, for this business. And consequently, with the bottom line being driven higher by its own AI tools, the company now trades at its cheapest valuation not seen in years on a price-to-earnings basis.

While the initial sell-off might have been overblown, the jury’s still out on whether RELX can remain competitive in a world of cheap alternative AI-powered data analytics solutions. And with some of the group’s largest end markets like legal research already being targeted, RELX’s margins could come under pressure.

Nevertheless, with an impressive track record of outmanoeuvring competitors, betting against this industry incumbent could prove to be a costly mistake, making it another stock to consider buying in 2026.

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