European value stocks are doing better than growth stocks right now, according to Citi analysts. “We believe European Value still has more to run with its undemanding valuations and upside to a China recovery but investors should remain cautious and consider Quality Value. For those investors [who are] less risk averse, consider Risky Value,” the analysts wrote in a Sept. 19 research note. Citi defined “quality” value stocks as those in the top fifth and fourth quintiles for three characteristics: value, low risk and quality. “Risky” value stocks, on the other hand, are those in the top fifth and fourth quintiles for value, but first and second quintiles for low risk and quality. Citi said investors “have not been particularly risk-averse,” as risky value stocks are up 8.6%, while quality value stocks are down 0.3% in the year to date. Nevertheless, the bank noted that investors appear to have been more cautious since the start of August, as quality value stocks are up 4.6%, while risky value stocks are down 0.6%. Here are some names from Citi’s two screens, which “relaxed” constraints for quality and low risk attributes. The stocks belong to a wide range of industries, including financial services, telecommunication services, consumer staples and materials. ‘Quality value’ stocks For this screen, Citi looked for stocks that scored, against a best score of 10, in the seventh or above decile for value, and in the sixth or above decile for “value low risk” and quality. The list included HSBC Holdings , which scored 9 for value, quality and low risk. Other companies from the financial services sector that made the list are Swiss insurer Zurich Insurance Group , Dutch bank ABN AMRO and Spanish retail banking group CaixaBank . British supermarket chain Tesco , tobacco company Imperial Brands and Finland’s Nokia , were among the other companies that turned up on this screen. ‘Risky value’ stocks For this screen, Citi looked for stocks that scored in the seventh or above decile for value and those in the fifth or below decile for “value low risk” and quality. French company TotalEnergies made this list, scoring 10 for value and five for quality and low risk. French bank BNP Paribas , German automaker BMW and Danish logistics company A.P. Moller Maersk also appeared on the screen and scored 10 for value. Other names include pharmaceuticals and biotech player Bayer , insurer Swiss Life Holding and media and entertainment company WPP PLC . — CNBC’s Michael Bloom contributed to this report.