Shares in cinema company Cineworld (LSE: CINE) are down by 5% today despite the company reporting that it expects its full-year performance to be in line with expectations.

Following a fourth quarter that was boosted by the release of blockbuster films such as the latest James Bond and Star Wars iterations, Cineworld’s total revenue for the year increased by 12.3% and this included the performance of the Cinema World chain that was acquired in 2014.

Looking ahead, Cineworld remains optimistic on its prospects for 2016, with a number of new blockbuster films on the horizon likely to boost sales growth this year. In fact, the company’s bottom line is forecast to rise by 9% in the current financial year, which is ahead of the wider market’s growth rate. However, with Cineworld trading on a price-to-earnings (P/E) ratio of 16.4, its shares don’t appear to offer good value. Therefore, it may be prudent to await a keener share price before piling in.

Cheap or risky?

One stock that does appear to offer a very cheap share price is Glencore (LSE: GLEN). Its shares have tumbled by 75% during the last year as commodity prices have slumped. Realistically, further falls can’t be ruled out and as such, investors in Glencore should be prepared to experience additional pain in the short run.

Looking further ahead, Glencore could be an appealing buy for less risk-averse investors. That’s at least partly because it trades on a price-to-earnings growth (PEG) ratio of only 0.8, but also because its turnaround strategy appears to be moving in the right direction. For example, in its recent update Glencore stated that measures being taken to reduce its debt levels were ahead of schedule and that it remains free cash flow positive even at lower commodity price levels.

Certainly, Glencore is a risky buy and its shares are likely to remain volatile over the medium term. However, for investors who are bullish on long-term commodity prices, now could be a good time to buy a slice of the company while it’s trading at a relatively low ebb.

Long-term buy

Meanwhile, utility company Pennon (LSE: PNN) is a far lower risk opportunity than Glencore, with its financial performance being relatively consistent and resilient. It’s expected to increase its earnings by 9% in the next financial year and with it offering a yield of 4.2%, its income outlook appears to be very healthy. This is further evidenced by the planned rise in dividends of 6.8% next year, which indicates that the company’s management is reasonably confident in Pennon’s medium-term outlook.

On the horizon for water services companies such as Pennon is the liberalisation of the water services market in 2017. This is a major shake-up for the industry and while costs will be put under the microscope and a more competitive era is likely to begin, Pennon appears to be well-placed to overcome the change in its operating environment.

However it does bring uncertainty, so capital gains may be held back somewhat over the medium term, although Pennon still appears to be a strong long-term buy even when this is factored-in.

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Peter Stephens owns shares of Pennon Group. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.