Today I’m looking at four FTSE 250 (INDEXFTSE: MCX) giants trading far too cheaply.

Looking good!

Exploding demand for new cars makes dealership giant Lookers (LSE: LOOK) a hot pick for stock seekers in my opinion.

Latest data from the Society of Motor Manufacturers and Traders showed vehicle sales rise 2.5% during May, with demand continuing to grow, despite consumer concerns over the result of today’s EU referendum. And I expect robust economic conditions to keep fuelling demand for Lookers’ cars.

Lookers has seen its share value slump by a quarter in 2016, making it terrific value at the present time. Expected earnings growth of 7% and 6% in 2016 and 2017 results in mega-low P/E ratings of 8 times and 7.6 times, respectively.

And Lookers also carries neat dividend yields of 2.7% and 2.9% for these years.

Try harder

Like Lookers, construction play Galliford Try (LSE: GFRD) has also endured a tumultuous time so far in 2016 — the stock has shed 20% of its value since New Year’s Eve.

Investors remain concerned by a slowing construction industry with May’s PMI survey slumping to 51.2, the lowest reading for almost three years. Still, a likely Remain vote in today’s political run-off is likely to reinvigorate the sector, providing a welcome boost to Galliford Try and its peers.

Indeed, the City expects earnings at Galliford Try to head 12% higher in the period to June 2016, and by a further 20% in 2017. Consequently the firm sports P/E ratings of just 9.4 times and 7.7 times for these years.

And income chasers should be wowed by dividend yields of 6.6% and 8.3% for this year and next.

Travel wise

The impact of terrorist attacks in Egypt, Turkey and Tunisia has weighed on Thomas Cook (LSE: TCG) in recent months.

The travel operator has seen its share price dive 44% since the start of the year. But I believe this represents a great time to pile-into the firm, particularly as strong economic conditions bolster bookings for Thomas Cook’s other destinations.

The number crunchers expect earnings at the firm to edge 2% higher in the period to September 2016, before exploding 26% next year as extensive restructuring pays off. Consequently Thomas Cook trades on earnings multiples of just 7.2 times and 5.5 times for these periods.

And this expected growth will drive the dividend yield from 2.3% this year to a brilliant 3.8% in 2017, according to City forecasts.

On a roll

I also believe Greggs (LSE: GRG) provides plenty of value at present prices, the jam tart and sausage roll seller having shed 18% of its share value since the start of January.

Regardless of the results of today’s referendum, and subsequent impact on the health of the British economy, I expect Greggs’ low-price grub to keep flying off the shelves. And massive product and shop-front investment should keep hungry shoppers flocking through its doors.

The City expects Greggs to enjoy earnings growth of 2% and 7% in 2016 and 2017, respectively. And I reckon subsequent P/E ratings of 17.4 times and 16.1 times provide splendid value given the baker’s terrific defensive qualities.

And juicy dividend yields of 2.9% and 3.2% for these years provide an added sweetener.

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Royston Wild has no position in any shares mentioned. 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.