These FTSE 250 stocks all change hands on ultra-low price-to-earnings (P/E) ratios. Which should I consider buying for my portfolio today?

TBC Bank

TBC Bank (LSE:TBCG) is the largest retail bank in Georgia. It has the scale and the brand recognition to capitalise on its rapidly expanding market, and it’s making the most of the opportunity — latest results showed net profit up 7.4% in the three months to March.

It also operates a full digital bank in neighbouring Uzbekistan, another country with low banking penetration and enormous scope for growth. The IMF expects the Georgian and Uzbekistani economies to swell 7.3% and 5.9% in 2025, continuing the rapid growth of recent years.

I don’t think these opportunities are reflected in TBC Bank’s rock-bottom P/E ratio of 6.4 times. I certainly believe it has greater earnings potential than UK-focused FTSE 100 banks like Lloyds and NatWest, firms that command higher valuations.

Rising geopolitical tension around Eastern Europe and Eurasia bears keeping an eye on. This could impact investor sentiment and weigh on the share price. But at the moment things still look rosy for this emerging markets bank.

Wizz Air

While industry rivals International Airlines Group (IAG) and easyJet have soared, budget airline Wizz Air (LSE:WIZZ) shares have remained grounded.

Not even a modest P/E ratio of 6.1 times is tempting bargain hunters. I’m one of those who is happy to stay on the sidelines.

A focus on Central and Eastern European markets provides substantial long-term growth potential. But the business also operates in an ultra-competitive marketplace where other enduring problems (like volatile fuel costs and possible strike action by aviation staff) can hammer earnings.

Nearer term, I’m concerned about softening holiday spending as consumers continue to feel the pinch. Furthermore, engine problems that have grounded a large portion of its fleet threaten to continue over the next few years.

I believe the cheapness of Wizz Air shares fairly reflects its high risk profile.

Bluefield Solar Income Fund

Renewable energy stocks have had a tough time in recent years. Rising construction costs, higher interest rates, and changing US policy have driven valuations lower across the sector.

Bluefield Solar Income Fund (LSE:BSIF) is one such share that’s fallen sharply in recent years. This means it now trades on a mega-low P/E ratio of 5.6 times.

For long-term investors, I think this is an attractive dip buying opportunity to consider. The fund has more than 200 solar assets in the UK, a region in which government support for renewable energy remains favourable. Importantly, these projects cover 16 counties across the length and breadth of Britain, which reduces the risk that bad weather in one area will significantly impact the whole portfolio.

As well as having that low earnings multiple, Bluefield Solar offers an enormous 9.2% forward dividend yield. Like TBC Bank, I’ll consider buying this value share when I next have cash spare to invest.