Are these 2 value items worth buying, or should you avoid them?

Two value stocks currently on my radar exist Centrica (LSE: CNA) and British Food Related (LSE: ABF).

Let's dive deeper to help me decide if I should buy or avoid stocks.

Centrica

British Gas owner Centrica has enjoyed a good spell in recent times, largely due to high gas costs.

Shares are down 28% over the past 12 months. This time last year, they were trading at 163p, compared to 117p currently.

Shares look cheap at a price-to-earnings ratio of nearly six. In context, i FTSE 100 the average index is close to 12.

Thanks to the stellar performance, Centrica has significantly strengthened its balance sheet, which could help it face future volatility, as well as renewable energy initiatives.

However, it seems that the purple episode is over. Half-year results released in July showed profit levels of almost £1bn, compared to the same period last year. Market conditions have improved somewhat.

The cyclical nature of stocks like Centrica is risky. They can be good when things go their way, like when gas prices go up. However, when things go wrong in the macro economy, there is a risk that earnings and returns can be affected. Also, the competition in the market is more intense than ever.

Still, it's hard to ignore Centrica's dominant market position, as it serves close to 10m customers. Plus, the 3.5% dividend yield makes the investment case sweeter. However, I understand that benefits are never guaranteed.

Overall, I don't think Centrica shares are an obvious choice for me. I won't rush to buy any stocks today, just because I would like to see what happens next in the fuel price saga, which is linked to economic and political turmoil.

British Food Related

Associated British Foods operates in the defense sector through its food division. Also, it has great growth on the retail side of things with its growing Primark brand, which cannot be ignored.

Shares are up 3% over the 12-month period, from 2,097p this time last year, to current levels of 2,177p.

Using a different metric to value the shares, they trade at a price-to-earnings growth (PEG) ratio of 0.5. Any reading below one indicates a currency value.

I personally believe that a lot of the company's future prospects depend heavily on how well Primark does. However, it is important to note that the fashion and retail market is very competitive, and the fact that it involves razor thin margins at times as well. I will keep an eye on this as income and returns can be affected.

However, Primark's popularity seems to be growing, and performance seems to be doing the same. So much so that the business is expanding strongly to the US and Europe. This is an exciting development that could push earnings and stocks higher.

Finally, a 3% dividend yield helps the investment case.

Of the two stocks, ABF looks like a good opportunity to buy cheap stocks right now, with the goal of good growth in the coming years. I can buy more shares when I can.