Despite the FTSE 100 hitting fresh record highs on almost a daily basis so far this year, not all companies in the UK stock market have done as well. With some stocks at 52-week lows, there can be some opportunities for investors to pick up value shares that look cheap. Do the two below ideas hit the mark? I think so.

Building it up

First up is Rightmove (LSE:RMV). The stock is down 35% over the past year, with most of the decline occurring in recent months. Part of the concern came late last year, with a strategy pivot to invest heavily in AI as part of a digital upgrade plan for the coming years. This shift is meant to modernise the business and support future growth, but ultimately will slow near-term profit growth. This remains a risk going forward.

Although I understand the share price movements, I think that for long-term investors, it now makes the stock look like good value. In the years to come, I expect this AI investment to pay off handsomely, rewarding patient holders of the stock.

Further, the company has a dominant market position. It’s the largest online UK property portal, with a commanding market share by some distance. This means estate agents almost have to be on its platform. This network effect gives it pricing power and a strong competitive protection, especially during periods like this, when the share price is under pressure.

Looking ahead, further cuts to the UK base rate should stimulate demand for cheaper mortgages and therefore help the property market later this year. With this lens on the future, I think the current sell-off in the stock market looks overdone.

Read all about it

Another stock that could be seen as good value is Bloomsbury Publishing (LSE:BMY). Down 32% in the past year, the company currently has a price-to-earnings (P/E) ratio of 10.60. Although it’s not in the FTSE 100, the index’s average P/E ratio is 18, for comparison. So on that basis, I can already see why it could be termed a value share right now.

The fall has been triggered in part by company updates detailing softer consumer book sales, although it was always going to be hard to follow an exceptionally strong previous period. Yet, it did enough to raise concerns that momentum was slowing rather than accelerating.

Another factor has been recent UK macroeconomic uncertainty, which weighs more on small-cap domestic shares like Bloomsbury.

Yet when I look ahead, I think there’s plenty to be optimistic about. The academic and professional publishing division has shown strong growth. In December, it inked an AI licensing deal with Alphabet enabling it to use tools to develop AI-driven platforms and personalised learning services. This has huge potential going forward, and digital products offer higher-margin revenue streams for the company.

It will also continue to benefit from the vast catalogue of intellectual property it owns, including works from the past. Should any of these be spun out into a movie or a theatre show, it would stand to gain financially.

I don’t think the market is appreciating the growth potential, particularly with the Alphabet deal. I believe both Bloomsbury and Rightmove could be considered by investors as value opportunities at the moment.