There seems to be no stopping the FTSE 100 as demand for value stocks heats up. At 8,354 points, the UK’s premier share index is up 8% since the start of 2024. It’s also printed several new record highs in this time. Investor concerns over Britain’s economic prospects and political landscape have dented demand for blue-chip shares in recent years. This has led to talk more recently that FTSE 100 shares are massively undervalued, and driven the fresh rush for UK shares. But it’ll take longer than a few weeks of gains before analysts and market commentators change their view on the matter. Research from my Foolish colleague Zaven Boyrazian as recently as February suggested that FTSE stocks trade a whopping 33.7% below value! So the index’s bull run could have much further to go. With this in mind, here are two of my favourite blue-chip value stocks to buy today. Here’s why I’d buy them if I had spare cash to invest right now. At £27 a share, Associated British Foods (LSE:ABF) trades on a forward price-to-earnings growth (PEG) ratio of 0.4. A reading indicates below 1 indicates a share is undervalued relative to its growth prospects. As you...