Three FTSE 100 Opportunities Hiding Behind the Index Rally

Written by Sandra Leggero

Sandra Leggero has a background in financial markets, having spent more than 9 years in commodities trading for several European and Asian companies. She holds a degree in Economics from the University of Pavia and specializes in emerging markets.

, | Updated: January 6, 2026

Key Moments

The FTSE 100 has climbed more than 20% over the past 12 months and broke through the 10,000-point level in January.
Fresnillo (LSE:FRES) has surged 440% over the last year yet trades on a 2026 PEG ratio of just 0.6.
Admiral Group (LSE:ADM) and Allianz Technology Trust (LSE:ATT) are still valued below historic or asset-based benchmarks, despite solid recent gains.

Rallying Index, Lingering Value

The FTSE 100 has already moved beyond the 10,000-point mark in January, driven in part by sustained investor appetite for attractively priced, income-generating stocks. Even after a gain of more than 20% over the past 12 months, a number of large-cap UK names continue to trade at what appear to be compelling valuations.

Among the stocks still looking inexpensive are Fresnillo (LSE:FRES), Admiral Group (LSE:ADM), and Allianz Technology Trust (LSE:ATT). Recent market performance has not fully erased what some investors may see as discounts in these names, opening potential opportunities if valuations normalize.

Fresnillo: Massive Rebound, Modest Valuation

Fresnillo, a leading global silver producer and significant gold miner, has delivered an extraordinary share price performance. Over the past year, its stock has advanced 440%, reflecting the powerful moves in precious metals markets.

Such sharp gains in gold and silver prices have raised the risk of profit taking, which could trigger a notable pullback in related equities such as Fresnillo. A correction in precious metals could translate into volatility for the miner’s shares.

Even so, the same backdrop that powered precious metals in 2025 – including falling interest rates, heightened geopolitical uncertainty, and a weaker US dollar – remains in place at the beginning of the New Year. Against that environment, Fresnillo’s valuation appears undemanding, with the shares trading on a price-to-earnings-to-growth (PEG) ratio of 0.6 for 2026.

Company	Ticker	Recent Share Price Performance	Key Valuation Metric
Fresnillo	LSE:FRES	+440% over the last year	2026 PEG ratio of 0.6

Admiral Group: Income Potential at a Discount

Admiral’s stock also appears inexpensive relative to its outlook for earnings and dividends. The insurer’s forward price-to-earnings (P/E) multiple stands at 12.6 times, significantly below its 10-year average of 17 times. At the same time, the forecast dividend yield for 2026 is 6.3%, which is slightly above its long-term trend and remains a robust income level.

In 2025, Admiral’s share price increased by 15%, yet it lagged the broader FTSE 100 performance. That underperformance has been linked to investor concerns around competitive pricing pressure and its potential effect on underwriting margins. While these risks are real, the current market valuation suggests a stronger level of pessimism than some investors might consider justified.

Admiral’s strong brand recognition and solid relationships with reinsurers offer some protection in a challenging pricing environment. In addition, improving momentum in its European operations could support the business further as 2026 progresses.

Company	Ticker	Forward P/E	Historical Average P/E	2026 Dividend Yield	2025 Share Price Move
Admiral Group	LSE:ADM	12.6x	17x (10-year average)	6.3%	+15%

Allianz Technology Trust: Tech Growth at a Discount

Allianz Technology Trust has also posted solid returns, with its share price up 23% over the last year. Despite this advance, the trust’s shares, at 533p, continue to trade at a discount of nearly 10% to net asset value (NAV) per share.

This discount comes against a backdrop of strong historical performance and continued structural growth themes in technology. Since early 2016, the trust has delivered an average annual return of 20%, underscoring the strength of its strategy over multiple years.

The fund holds leading global technology names, including Nvidia, Apple, and Microsoft – described as “three companies which last year became the world’s first three $4trn companies.” With 52 positions in total, the portfolio is designed to limit the damage that any single underperforming stock could have on overall returns in a rapidly evolving sector.

The trust provides exposure to a broad range of growth themes, including AI, cybersecurity, robotics, and quantum computing. While there is a perceived risk of a potential AI-driven market bubble, ongoing digitalization trends support the prospect of continued expansion. On this basis, Allianz Technology Trust could again be one of the notable performers within the FTSE 100 in 2026.

Trust	Ticker	1-Year Share Price Performance	Price	Discount to NAV	Average Annual Return Since Early 2016
Allianz Technology Trust	LSE:ATT	+23%	533p	Near-10%	20%

Positioning Within a Strong FTSE 100 Backdrop

Even after a strong run for the FTSE 100, selected names remain priced at levels that some investors may view as attractive. Fresnillo, Admiral Group, and Allianz Technology Trust each present a distinct way to gain exposure to themes ranging from precious metals and insurance income to global technology innovation, while still trading at what appear to be discounted valuations relative to growth, history, or underlying assets.