After recent stock market volatility, the FTSE 100 contains lots of cheap shares. Far-sighted investors can find some real bargains out there. And they’re not all beaten-down companies either. These two stocks have flown lately. Yet they both still look great value, judging by their price-to-earnings (P/E) ratio. So what makes them so special?

While the average FTSE 100 P/E is just over 16 today, these two growth stocks are valued at less than half that. With time and compounding, they could help power a stock portfolio towards millionaire territory. The average Stocks and Shares ISA has grown by 9.5% a year over the last decade. At that rate, somebody who invested their full £20k limit would have £1.18m after 20 years. Ready to go on a bargain hunt?

Just look at these low P/Es!

Lion Finance Group (LSE: BGEO) is a stunner. It shares are up an eye-popping 980% in the last five years, a performance topped only by Rolls-Royce. But while Rolls is a household name, this one has flown under the radar. Lion Finance only rebranded from Bank of Georgia in 2025, and powered into the FTSE 100 in March. Since then, its shares have maintained their blistering momentum. They’re up 90% over one year, and 20% in the last turbulent month. Can this continue?

Despite that stellar return, Lion’s P/E ratio remains a bargain-priced 6.8. So how come it’s still such a bargain? It’s all down to that four-letter word – risk. Today, it’s focused on two eastern European countries, Georgia and Armenia. Both are in a volatile part of the world. Georgian capital Tbilisi saw mass protests over electoral fraud in 2024.

Lion has a brilliant expansion opportunity but the political backdrop means things could get bumpy at times. So should investors consider buying it? I think it’s a thrilling momentum play, but only for the brave.

Another great value growth stock

I’m sticking with the financial sector for my next value play, online trading platform IG Group Holdings (LSE: IGG). Its shares are still up 60% over five years, and 42% over the last 12 months.

IG offers spread betting, contracts for difference and share dealing services to retail and institutional investors. It tends to do well when markets are volatile, as this drives trading volumes and revenues. Unsurprisingly, it’s been doing well lately. In 2025, IG posted a 15% rise in pre-tax profit to £564m. It had juicy EBITDA operating margins of 47.3% and rewarded investors with a £125m share buyback.

How brave do investors have to be?

Yet IG Group still boasts a really low P/E of just 6.9. The rising share price has reduced the trailing yield, but it’s still a solid 3.1%. So what are the risks? IG Group can have lean times too. While it’s doing well in today’s uncertain markets, it won’t do as well when they finally calm down. Also, spread batting is risky, and there’s a lot of customer churn, as new hopefuls give it a shot, then back out once the losses rack up.

I think both shares offer compelling income and growth opportunities, at a brilliant price. Well worth a closer look, for ISA investors who are up for the challenge.