2 cheap UK shares to buy right now!

Recent market volatility means many top stocks now trade at rock-bottom prices. Here are two cheap UK shares I’m thinking of investing in right now.

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I think NCC Group (LSE: NCC) is a great, cheap UK share to buy as the problem of cybercrime accelerates.

The prospect of a sharp economic slowdown threatens to harm business investment in all, or most, areas. This includes the amount spent on reinforcing IT systems from external threats.

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Yet NCC Group could hold up strongly, in my opinion, given the huge costs a company faces if an attack happens. This is an area in which corporate spending could in fact remain pretty solid.

Government statistics show that 39% of British companies were hit by a cyber attack in the 12 months to March. This resulted in an average cost of £4,200. For just medium- and large-sized businesses the figure rose to a whopping £19,400.

A cheap UK growth share

NCC provides a range of cyber-security-related services such as creating security assessments and producing software escrow agreements. And City analysts expect earnings here to keep growing strongly over the medium term.

NCC’s earnings are predicted to increase 18% and 10% in the financial years to May 2023 and 2024 respectively. This follows the 15% increase brokers think the business will report in the outgoing fiscal year.

Pleasingly, these forecasts mean the company looks exceptionally cheap at current prices. At 207p per share, NCC trades on a forward price-to-earnings growth (PEG) ratio of 0.9. A reading below 1 suggests that a stock could be trading below value.

Finally, I also like this cheap UK share because — unlike many other tech shares which invest heavily for growth — NCC also provides a dividend to investors.

For the soon-to-begin financial year and fiscal 2024, yields here sit at a healthy 2.3% and 2.5% respectively.

Retail therapy

The near-term outlook for many UK retail shares is darkening as the cost of living crisis worsens. But it’s my opinion that niche retailers like fashion business N Brown Group (LSE: BWNG) will be better placed to weather the shock.

Through its Jacamo and Simply Be brands, N Brown is a major player in the fast-growing ‘plus-size’ market. What’s more, its JD Williams division caters to shoppers within the more affluent 45-65 age range. This could be a particularly useful profit boosting division for these tough times.

N Brown’s latest financials last week show how resilient trading its business model is. Sales at the ‘strategic brands’ mentioned above rose 9.9% in the 12 months to February.

A top penny stock

Despite the problem of intense competition, I think N Brown’s niche offer makes it a great buy. And especially so at current prices of 32.2p per share.

City analysts think the penny stock’s earnings will fall 17% year-on-year. This leaves the business trading on a super-low forward price-to-earnings (P/E) ratio of 5.6 times.

I think this valuation fails to reflect N Brown’s long-term profits potential as its key demographic markets grow sharply. I think the retailer is a cheap UK share worth serious attention today.

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