Forget short-term pain. Consider these 3 FTSE shares for long-term gain!

Purchasing FTSE 100 and FTSE 250 shares when markets are dropping isn’t for the faint of heart. But for daring investors who don’t follow the herd, the returns can be considerable when share prices recover.

I’ve picked out three great UK shares I think could surge from current levels: Coca-Cola HBC (LSE:CCH), GSK (LSE:GSK), and Greggs (LSE:GRG). Want to know why they could deliver blockbuster returns over the long haul?

Sparkling outlook

Coca-Cola HBC bottles and sells some of the world’s most popular drinks across Europe and parts of Africa. It’s slumped 8% in value over the last month, greater than the broader FTSE 100’s 5% decline.

Like other consumer goods producers, it’s dropped on fears of surging inflation. But is the stock market overreacting here? I think so.

Rising prices will push Coca-Cola’s cost base higher and dent consumer spending, sure. Yet the company has a stellar record of passing these extra costs onto shoppers even when they’re feeling the pinch. The likes of Coke, Sprite, and Schweppes remain in high demand at all points of the economic cycle, such is their incredible brand power.

Coca-Cola HBC’s price-to-earnings (P/E) ratio has dropped to 17.5 times, well below the 10-year average of 21-22. Despite the significant threats posed by competitors, I think this is a top dip buying opportunity to consider.

Another FTSE faller

Pharmaceutical stocks like GSK are among the most resilient to outside conditions. So why has this FTSE 100 company slumped 12% over the past month?

Maybe this can be explained away by the broader risk aversion sweeping stock markets. GSK’s share price surge in 2025 has left it especially vulnerable to such conditions.

I’m confident the drugs giant will surge back once investor confidence improves. US vaccine demand remains problematic, but growth is strong in other areas like HIV and oncology. The company is accelerating its product pipeline too to drive future profits.

Today GSK shares trade on a forward P/E ratio of 10.6 times. That’s fractionally below the 10-year average.

Set to rise?

Greggs’ sales have been staging a modest recovery of late. But inflationary pressures and tough conditions for UK consumers pose a threat to that uptick. Latest data showed UK wages rise at the slowest pace for five years.

The market is therefore re-rating Greggs shares again, and its price has dropped 6% over the past week. As an investor here myself, I’m thinking of topping up my holdings. The P/E ratio has slipped to 12.5 times from the long-term average of 22-23.

I’m confident the baker will come roaring back even if sales backpedal again in the near term. There is still considerable scope to expand in the delivery and evening segments, two of the fastest growing channels. The FTSE 250 firm is also focusing its ambitious store expansion drive on more lucrative franchise and transport hub stores to drive future earnings.

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Royston Wild has positions in Coca-Cola Hbc Ag and Greggs Plc. The Motley Fool UK has recommended GSK and Greggs Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.