Should I buy these FTSE 100 shares for my ISA for 2022?

Is Tesco’s share price too low to ignore? Or should I buy this FTSE 100 growth stock instead? Here’s what I think of these UK shares heading into 2022.

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I’m looking for top FTSE 100 stocks to buy for 2022. Should I purchase these two blue-chip UK shares for my Stocks and Shares ISA?

Is Tesco too cheap to miss?

Tesco’s (LSE: TSCO) share price looks hugely attractive to me right now. City analysts think earnings at Britain’s biggest retailer will rise 175% in the financials year to February 2022. Consequently, it trades on a forward price-to-earnings growth (PEG) ratio of 0.1.

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It’s my opinion however, that this low multiple reflects the rising risks to Tesco’s profits. It’s not just the problem of intensifying competition that makes me fear for the FTSE 100 firm in 2022. It’s the possibility that supply chain problems will worsen as new post-Brexit customs checks come into force, pushing up costs and raising the prospect of empty shelves.

The post-Brexit blues

To illustrate these problems, the IMF commented this week that “trade with the EU has dropped significantly” following Brexit. It added that “we expect there will be more impact ahead as the custom checks are going to be introduced in UK in the beginning of next year.”

This threatens to be a bigger problem for sellers of perishable goods like supermarkets as the time spent at ports lengthens.

There are reasons I like Tesco shares. I’m attracted by the grocer’s exceptional online operation, one that should reap massive rewards as food shoppers switch rapidly online. I also think the supermarkets could thrive in 2022 should the pandemic roll on (or even worsen) and people stay at home in large numbers.

A better FTSE 100 share?

However, the risks facing Tesco next year and beyond mean I won’t be adding its shares to my Stocks and Shares ISA. I’d much rather build my holdings in support services provider Bunzl (LSE: BNZL).

Now Bunzl isn’t as cheap as Tesco’s share price. City analysts think earnings here will slip 1% in 2022. This leaves it trading on a forward price-to-earnings (P/E) ratio of 19.9 times, far above Tesco’s average of 13.5 times for the short-to-medium term. But, as they say, “you get what you pay for”. And I think Bunzl’s a much better bet than the FTSE 100 grocer to deliver big shareholder returns.

Rock-solid

Quite simply, I believe Bunzl is one of the most robust FTSE 100 shares out there. It supplies a broad range of essential products to multiple industries across various continents. This diversification has underpinned a long record of sustained annual earnings growth, insulating it from weakness in one or two sectors and territories.

Indeed, these qualities make it a particularly great stock for me to buy, given the hugely-uncertain outlook for the global economy for 2022. However, I don’t just like Bunzl because it’s brilliantly boring. I’m actually excited by the company’s ongoing commitment to building growth through acquisitions. So far in 2021, it’s made 13 new acquisitions following two new deals last month.

Bunzl’s share price could suffer if M&A activity fails to deliver the anticipated rewards. But, all things considered, I think this is one of the best FTSE 100 stocks to buy in the current climate.

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Royston Wild owns Bunzl. The Motley Fool UK has recommended Bunzl 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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