2 dirt-cheap FTSE 250 shares to consider buying in July!

These top FTSE 250 shares are on sale right now. And our writer Royston Wild thinks they could be too cheap to miss given their huge growth potential.

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The FTSE 250 has performed pretty poorly during the post-pandemic era. At around 20,294 points, today it trades a whopping 16% below the record highs it punched in August 2021.

Political and economic turbulence in Britain have been a drag on the UK’s second-biggest share index. This is no surprise — just over half of its cumulative earnings come from these shores.

But as a long-term investor, I think grabbing a slice of the FTSE 250 today could be a good idea. Since its inception in 1992, it has delivered an average annual return of 11%.

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Buying cheap shares

Past performance is no guarantee of future returns. But that impressive return implies that getting exposure — by buying individual shares, an index tracker fund, or both — could be a sound investing strategy.

One shrewd way to play this could be to focus on buying cheap FTSE 250 shares. The theory is that undervalued companies can provide market-beating returns when investors eventually wise up to their mispricing and push them higher. It’s a strategy that’s proved lucrative for investors time and again.

With this in mind, here are two dirt-cheap shares I’d consider buying in the coming days.

NCC Group

Created with Highcharts 11.4.3NCC PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.co.uk

The rush towards US tech stocks means that many homegrown contenders still look enormously cheap. This is the case with NCC Group (LSE:NCC), even after substantial recent share price gains.

City analysts reckon earnings here will soar 54% this fiscal year (to May 2025). And so the company trades on a forward price-to-earnings growth (PEG) ratio of 0.4.

A quick reminder: any reading below one suggests that a stock is undervalued.

NCC, which manufactures cybersecurity products, has suffered as tough economic conditions have prompted tech firms to curtail spending. However, sales rebounded 6% at constant currencies in the second half of last year from a 9.4% decline in the first half.

Could the company be at the start of a strong and sustained recovery? I think the chances are high, reflecting our increasingly digitalised lifestyles and the growing threat from cybercriminals. Buying its shares at today’s low prices could be a masterstroke.

Bank of Georgia

Created with Highcharts 11.4.3Lion Finance Group Plc PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.co.uk

Investing in emerging markets can often involve great risk. This is certainly the case with Bank of Georgia Group (LSE:BGEO) today. Rising civil unrest and political turbulence in Georgia poses a risk to profits at cyclical businesses like this.

But as with any stock, I have to weigh up the potential rewards of owning Bank of Georgia against its risks. And on balance, I think the share has considerable investment potential, driven by soaring demand for banking products.

Most recent financials showed adjusted pre-tax profit surge 22.5% during January to March. A blend of low product penetration in Georgia and a strong economy mean there’s scope for earnings to keep soaring, too.

What’s more, I think the bank’s rock-bottom valuation more than reflects the current troubles in the country. The firm trades on a forward price-to-earnings (P/E) ratio of 3.5 times, which in my opinion provides a wide margin of error.

With investors also offered a 7.1% dividend yield, I think Bank of Georgia might be one of the FTSE 250’s best bargains.

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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 assessed. Consider taking independent financial advice.

Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. 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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