3 cheap FTSE 250 growth shares to buy right now

As equity markets worldwide have been falling, I have been looking for FTSE 250 growth shares to buy right now.

I am looking for companies that appear cheap compared to their potential. I am also looking for corporations with strong competitive advantages. In theory, I think these advantages should help the businesses pull through the current period of economic uncertainty. 

Here are three FTSE 250 growth shares that I would buy for my portfolio right now. 

Cheap growth 

The first company on my list is the financial services and trading group IG (LSE: IGG). Over the past couple of years, the corporation has been expanding its global footprint, buying up businesses in regions such as the US with its vast cash resources. It has also tried to entice new customers with a stockbroking offering here in the UK. 

If the company continues to pursue this growth, I think it could achieve steady earnings growth over the next few years. It certainly has the resources to do so. It has no debt and a net cash position of nearly £700m. Still, its growth is far from guaranteed. Competition in the financial services sector and regulatory headwinds could hit IG’s expansion plans. These are the top risks facing the FTSE 250 enterprise. 

The stock is trading at a forward price-to-earnings (P/E) multiple of 11.5, which looks cheap in my eyes. It also offers a dividend yield of 5.3%. 

FTSE 250 value

My second growth investment could be a bit controversial. British Gas owner Centrica (LSE: CNA) has always attracted criticism for increasing customer prices. It is likely to face even more pressure later this year when the energy price cap is expected to jump to nearly £2,000 for an average household. 

However, from an investor’s point of view, this price hike will be good news. It will help the company cover the cost of supplying electricity and gas. At the same time, Centrica’s oil and gas production arm may reap a windfall from high energy prices. 

The one risk that could spoil the party is further government regulation. More regulations or a windfall tax could force the company to give up any excess profits. 

Despite this potential headwind, I would buy shares in the FTSE 250 firm as it currently trades at a relatively attractive forward P/E of just 10. 

Spending splurge

A combination of lockdown savings and rising home prices have inspired UK homeowners to spend significant sums on home improvements over the past two years. 

This spending splurge has generated a windfall for window and door producer Tyman (LSE: TYMN). Profits have more than doubled since 2019. 

And the City expects growth to continue as the company works through its order backlog. The business is also spending some of its windfall to expand production and enter new regional markets. One challenge the group will have to overcome is rising costs. These could raise the cost of goods for consumers, potentially putting some buyers off. 

Even after taking this challenge into account, I think the stock looks cheap right now. It is trading at a forward P/E of 12.2, while the shares offer a dividend yield of 3.3%. With further growth on the horizon, I would acquire the FTSE 250 stock from my portfolio today.