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Investing in growth stocks can be a bumpy ride during tough or uncertain economic periods. They can slump in value when corporate earnings come under pressure and market confidence declines.
Purchasing growth-focused shares at a discount can provide a buffer against price volatility. Paying less for a company’s shares provides a margin of safety against future drops. It also provides attractive entry points for dip buyers — this can provide support and fuel a rebound when investor sentiment improves.
With this in mind, here are two cut-price UK shares for investors to consider in September.
Building back stronger
Brickmaker Ibstock‘s (LSE:IBST) share price has tumbled a sizeable 27% over the last 12 months. For long-term investors, I think this represents an attractive dip-buying opportunity.
Building materials suppliers remain at the mercy of inflationary pressures than can impact interest rates and homebuyer affordability. But I’m optimistic the recent sales recovery Ibstock has enjoyed can continue as inflation tracks broadly lower — latest financials showed its sales up 12% in January-June as housebuilding improved.
I certainly feel Ibstock can grow strongly over the long term as Britain’s population rapidly grows and home construction picks up across the country.
Even after its share price drop this year, the FTSE 250 company — at first glance at least — doesn’t appear all that cheap. Its forward price-to-earnings (P/E) ratio is 18.6 times for 2025.
But dig a little deeper and Ibstock shares look much more appealing from a value angle. City analysts expect earnings to rebound 56% in 2026 as market conditions improve, pushing its P/E ratio much lower to 11.9 times.
This also means the firm’s price-to-earnings growth (PEG) ratio is just 0.1. Any reading below one suggests a share is undervalued relative to expected profits.
Go for gold
Gold stocks like Pan African Resources (LSE:PAF) can be perfect shares to buy in difficult or uncertain times.
They still carry risk given the unpredictable nature of metals mining. However, the potential for supersized gains can offset these risks for many investors. Pan African has risen 137% in value over the past year.
By comparison, the gold price itself has risen a still-impressive-but-lower 43%. Fixed costs can mean miners’ profits can take off when revenues rise, leading to breakneck returns during gold bull markets.
City analysts expect Pan African’s earnings to surge 73% in the current financial year (to June 2026). This reflects the robust outlook for bullion prices and expected production ramp-ups — group output is tipped at 275,000 to 292,000 ounces this year, up from the 197,000 ounces expected in financial 2025.
Remember though, there are no guarantees the company will hit this target. Last year’s lower-than-predicted output underlines the uncertainty that I described earlier.
Yet with a forward P/E ratio of 5.3 times, I think Pan African shares enjoy a degree of protection from wild price swings if operational issues emerge. In fact, with the company also trading on a sub-1 PEG of 0.1, I think there’s scope for substantial price appreciation if it hits targets and gold prices stay robust.
