Sunday’s (5 April) ISA deadline has a habit of concentrating the mind. Investors don’t want to miss out on using their ISA allowance for the year. But this year, there’s an added dimension. UK stocks have been caught in a broad sell-off, dragged lower by Middle East war anxiety, oil price volatility, and a general retreat from risky assets such as stocks or high-yield bonds.
For long-term investors with cash at the ready, market weakness might actually be an opportunity rather than a reason for caution. Here are two UK-listed names I think deserve a close look.
UK aerospace
Melrose (LSE:MRO) is absolutely worth paying closer attention to. Many investors may not even realise that it’s a FTSE 100 company.
Spun out as a pure-play aerospace components business, the company holds a sole-source position for 70% of the products it produces. That means customers simply can’t go elsewhere. It’s genuine pricing power.
The business is currently undergoing a transformation and cash flow has just turned positive — something management called an inflection point. EPS grew nearly 70% in 2025 and is forecast to grow a further 14% in 2026 and 23% in 2027 — yet the shares trade on just 12.4 times forward earnings with a price-to-earnings-to-growth ratio of 0.9.
It’s not just me however. The stock’s down 28% from its 52-week high, and the analyst consensus price target sits more than 40% above the current price.
A risk to flag is the balance sheet. Net debt stands at £1.74bn. That’s manageable while aerospace demand holds up, but it does mean Melrose has less room for error than some investors might like.
A Georgian bank
TBC Bank‘s (LSE:TBCG) even less well-known but arguably more interesting from a valuation standpoint. It’s a Georgian bank — a dominant retail lender in one of Europe’s fastest-growing economies — with expanding operations in Uzbekistan.
The headline numbers are super-strong. The forward price-to-earnings is just 4.9 times.There’s a PEG ratio of 0.4 and a dividend yield of 7.37%, backed by a cover of 2.76 times and growing at a compound annual rate of over 17%. Revenue’s grown at nearly 25% annually over recent years, and return on equity sits at 23.8%.
What’s more, TBC’s largely insulated from the risks that started impacting Western banks in February — concerns about AI-driven white-collar job losses, mortgage stress, falling consumer confidence. Georgia and Uzbekistan are growing economies driven by demographics and rising consumer spending rather than knowledge-economy employment.
As with every investment, there are risks. Geopolitical exposure in the Caucasus, proximity to a war zone, Georgian lari currency fluctuations, and relatively thin analyst coverage with only four brokers following the stock.
Personally, I think these are all baked into the price.
My take
Neither of these is a guaranteed winner — no stock ever is. However, they’re two quality companies currently trading at a discount to fair value. I think they’re both worth considering.
