This FTSE 100 Limited company paid a dividend of €0.3 with an annual yield of 9.8%.

Buying cheap stocks is my greatest joy right now. Both the FTSE 100 again FTSE 250 indexes are loaded with stocks that trade in a way, below value.

Take it Phoenix Group (LSE:PHNX) for example. It doesn't just look cheap when it comes to predicted benefits. Its profit margin is approaching double-digit percentages.

Phoenix is ​​not a household name as such Legal & General or Aviva. But it's certainly no small feat in the financial services sector, which has a market capitalization of £5.5bn.

The business – which offers savings and retirement products in the UK – has almost 12m customers on its books. And right now, its shares look like a good deal to me.

Too cheap to ignore?

Its forward price-to-earnings (P/E) ratio of 12.2 times doesn't look that impressive. However, dig a little deeper and the company looks like a bargain in the context of potential profits.

Forecasted earnings growth of 37% through 2024 leaves Phoenix at a price-to-earnings growth (PEG) ratio of 0.3 times. Any reading below 1 means that the assignment is not important.

Meanwhile, the dividend yield on their shares is a whopping 9.8%, reflecting a forecast of 54p per share in 2024.

Not only is this miles above the forward 3.5% FTSE 100 average. It also beats the corresponding yield on Aviva, Legal & General, and IM&G shares.

A bright future

Of course, these attractive PEG ratios and products are based on broker forecasts, none of which can be guaranteed.

For example, Phoenix's earnings may fall short of the benchmark if tough economic conditions disrupt demand for the financial product. They may also disappoint if the global stock market sinks.

However, as a patient investor I am prepared to take a little risk in the near future if the long-term picture is compelling enough. And in Phoenix's case, the profit picture is extremely bright, driven by increased demand for annuities and other retirement products.

10%+ dividend yield

I believe the company will continue to pay large and growing dividends from 2024 onwards.

I mentioned earlier that the dividend yield on Phoenix Group shares is just falling into double-digit territory. Well, that's not entirely true. It remains below 10% in 2024. But forecasts for dividend growth, to 55.9p and 57.3p in 2025 and 2026 respectively, drive yields to 10.1% and 10.4%.

Also, benefits are not guaranteed. But I haven't been bet on Footsie's company yet. It has a good record of growth in shareholder payouts, as the chart above shows.

Phoenix's strong balance sheet puts it in a good position to continue to increase profits. Average shareholder coverage was 168% as of June, with an eventual target of 140-180%.

And the company remains on track to achieve total revenue of £4.4bn over the three years to 2026. Although not without risk, I think Phoenix is ​​the best FTSE deal to consider right now. And especially for investors who don't have money.