Dare you miss these titanic FTSE 250 value stocks?

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House building site

FTSE 250 (INDEXFTSE: MCX) housebuilder Bellway(LSE: BWY) was recently dealing 4% higher in Tuesday trade following the release of terrific trading numbers. The Newcastle-based business saw revenues surge 26.7% during the 12 months to July 2016, to £2.24bn. This blowout result drove pre-tax profit 40.6% higher to £497.9m.

Bellway saw home sales detonate 12.5% in the last fiscal year, to 8,721 units, while the firm's order book rang in at 4,644 homesteads as of July, up from 4,568 at the same point in 2015.

Understandably the company remains upbeat over the health of the UK housing market, chairman John Watson commenting that: "The long-term outlook continues to be positive, supported by strong customer demand, a substantial forward order book and favourable trading conditions across all areas of the country where Bellway operates."

As the construction play notes, Britain's decision to exit the EU has thrown some uncertainty into the mix. But I believe the housing sector's severe supply/demand should keep homes prices nicely supported well into the future.

The City expects Bellway to endure a rare earnings dip in the year to July 2017, a 5% fall currently anticipated. But a consequent P/E rating of 7.8 times -- some distance below the bargain benchmark of 10 times -- makes the builder irresistible value.

And I believe a chunky dividend yield of 4.3% seals the investment case.

Packaging star

Diversified packaging specialist Smurfit Kappa (LSE: SKG) is also a great pick for both growth and income investors, in my opinion.

The company is a particularly decent selection for those seeking to insulate themselves from any severe Brexit pains for the domestic economy in the near term and beyond, its extensive international network spanning 34 countries across Europe and North and South America. And the Dublin business remains committed to expanding its global footprint to keep sales volumes booming higher.

Smurfit Kappa made its first foray into Latin American powerhouse Brazil back in January, the business having snapped up paper packaging specialists Industria de Embalagens Santana and Paema Embalagens for a combined EUR186m.

And the firm is widely tipped to make further acquisitions sooner rather than later thanks to its gigantic cash flows.

Smurfit Kappa is expected to swallow an 11% earnings decline in 2016, the result of higher material costs and currency-related pressures. However, this is likely to prove a road bump in the firm's long-running growth story, rather than a terminal slide, if proved correct. Indeed, a return to form is predicted from 2017, when a 5% bottom-line uptick is expected.

These projections create P/E ratings of just 10.3 times and 9.9 times. And Smurfit Kappa also cooks the competition in the dividend stakes -- the company carries yields of 3.6% and 3.7% for 2016 and 2017 respectively, trumping the blue-chip average of 3.5%.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.