Are these FTSE 100 shares (including a 5.7% dividend yield) too cheap to miss?

I’m searching for the best cheap FTSE 100 shares to buy today. Should I buy these three Footsie firms on account of their cheap valuations?

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Antofagasta’s (LSE: ANTO) a FTSE 100 share I’m paying close attention to because of its exceptional all-round value. Firstly, the blue-chip copper miner changes hands on a forward price-to-earnings growth (PEG) ratio of just 0.1. And I know that any sub-1 reading suggests a stock could be undervalued. The company boasts a chunky 4.7% dividend yield too.

Concerns over future Chinese consumption have ratcheted up this week as property giant Evergrande edged closer to default. This threatens to smack the entire commodities-hungry Chinese economy and not just the retail sector. China sucks up more than 50% of all produced copper.

This is a danger I believe is more than reflected in Antofagasta’s cheap share price of £14, however. I’d actually buy the company’s shares because I expect copper demand to take off as electric vehicle build rates boom. Vast amounts of metal are needed to make the cars and the related infrastructure to help them run. Miners like Antofagasta are in the box seat to exploit this trend.

Another FTSE 100 bargain share?

I think Tesco’s (LSE: TSCO) share price also looks cheap on paper. At a price of 283p the FTSE 100 supermarket also trades on a forward PEG ratio of 0.1.

For a firm with its immense market clout, and more specifically its key position in the fast-growing online grocery segment, this might seem too good to be true. The boffins at Statista reckon sales here will rocket 43.8% during the five years to 2024. Projected growth for online grocery is higher than any other part of the retail industry.

I still fear for Tesco as competition grows, though, and particularly from discounters like Aldi and from Amazon. These companies are expanding their operations online and in the real world to try to grab Tesco’s crown. I’m also concerned by the threat of rising costs in response to soaring inflation and worker shortages. Indeed, strike action is looming at the retailer’s depots in a dispute over wages. It also faces spiralling product costs worsened by supply chain issues.

5.7% dividend yields

I’d be more content to park my cash with Barratt Developments (LSE: BDEV). I already own shares in this FTSE 100 housebuilder and I’m considering upping my stake given the strength of Britain’s housing market. According to Halifax , house prices in the UK rose 3.4% between September and November. This was the fastest rate of growth since 2006.

These figures illustrate how robust the underlying health of Britain’s housing market is. Full-fat Stamp Duty has returned in recent months. But a myriad of factors continue to push buyer demand through the roof, from ultra-low interest rates and generous mortgage products from lenders, to ongoing Help to Buy support for first-time purchasers.

I don’t think Barratt’s low share price reflects the strength of trading conditions today. It trades on a forward PEG ratio of just 0.5. On top of this, at a current price of 727p the builder sports a monster 5.7% dividend yield. I expect this cheap UK share to continue strongly, even though building materials shortages could send costs higher and dent its margins.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be considered so you should consider taking independent financial advice.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Royston Wild owns shares of Barratt Developments. The Motley Fool UK has recommended Amazon and Tesco. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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