Finding value in FTSE shares this October isn’t easy, but a few names still stand out. I’ve been scanning the index for companies trading on low valuation metrics, particularly those with a price-to-earnings (P/E) ratio below 10 — a strong signal that earnings are growing faster than the share price.
And right now, three companies in particular seem worthy of a closer look.
3i Group
Private equity and infrastructure specialist 3i Group (LSE: III) is one of the FTSE 100’s most intriguing performers this year. The firm’s largest holding, Action, is a discount retail chain that’s been expanding aggressively across Europe and driving much of its growth.
The stock’s up around 21.5% in 2025, yet it still trades at a forward P/E ratio of just 6.52 — a remarkably modest valuation for a business with such a solid track record.
Plus, a quick ratio of only 3.31 indicates the group’s liabilities are comfortably covered by liquid assets — so its balance sheet’s no concern.
The main risk here is concentration. With Action accounting for a large chunk of 3i’s portfolio, any operational stumble at the retailer could ripple through to group earnings. Still, I think 3i remains a strong candidate for investors to consider while it trades at this level.
easyJet
Next up is easyJet (LSE: EZJ), which has been caught up in turbulence following a cyberattack in late September. The event shaved around 12% off the share price over the past three months, dragging the stock back to levels that appear undervalued by most metrics.
With a forward P/E ratio of 7 and both revenue and earnings up roughly 9.5% year on year, the low-cost airline’s fundamentals look stronger than its share price suggests. Operating cash flow of £1.64bn supports further growth, although the balance sheet’s a bit stretched, with debt slightly exceeding equity.
The airline faces stiff competition from Ryanair and the lingering risk of fines in Spain related to cabin luggage charges. But with demand for travel still robust and management focused on improving efficiency, I think easyJet could be a tempting recovery story for long-term investors to weigh up.
JD Sports
Finally, JD Sports (LSE: JD) looks like a beaten-down growth stock worth checking out. The sports/fashion retailer’s shares have fallen around 28% over the past year, but a £100m share buyback launched in September suggests management believes the market has overshot.
That said, the company’s debt load is £3.74bn and its liabilities are nearly double its assets. Margins are also under pressure, and if earnings don’t pick up, that could spell trouble.
Still, for investors willing to take on some risk, its valuation looks appealing. It trades at a forward P/E ratio of just 7, implying expectations of a turnaround.
It reported rising revenue but slightly lower profits in its most recent results, broadly in line with forecasts. Encouragingly, cash generation remains strong, with £853m in free cash flow.
Final thoughts
October’s market is full of bargains hiding in plain sight. 3i Group offers stability, easyJet looks primed for a rebound and JD Sports could deliver growth if it gets its finances in shape.
While none are without risk, I think these three FTSE shares are worth considering for investors hunting bargains.
