The sell-off of S&P/ASX 200 Index (ASX: XJO) shares amid tariff uncertainty has created a number of appealing opportunities.

I love investing in businesses during times like this because we can get more assets for our money. A better valuation and a more appealing dividend yield are attractive in my book.

There's a business that seems particularly appealing to me. It recently released an update that caused a sell-off. While not ideal, I think this is an excellent, longer-term opportunity, and I believe the market is undervaluing the business' asset base.

Brickworks Ltd (ASX: BKW)

The company may be best known for its building product operations in Australia and the US. It's those two divisions that aren't performing strongly right now amid weak construction activity, high interest rates, and an uncertain outlook.

The Australian building products' operating profit (EBITDA) in the first half of FY25 is expected to be broadly in line with the prior corresponding period. The North American building products' operating profit (EBITDA) will be significantly lower, impacted by an impairment, plant shutdowns to control inventory, delays to recent efficiency initiatives, and a weakening outlook.

The Brickworks share price is 8% lower than it was on Monday following the disappointing update regarding its US operations. In the last 12 months, the ASX 200 share has dropped 24%. I think this decline makes it look very appealing because of the significant asset holdings on its balance sheet.

Brickworks noted that the property trust's value has not significantly changed, while net trust income and property EBITDA are up compared to last year. The ASX 200 share owns various property assets, including significant industrial assets (such as large warehouses).

At 31 July 2024, the net asset value (NAV) of Brickworks' share of the property trust assets stood at just over $2 billion.

Brickworks also owns 25.7% of Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), the diversified investment house which has a large portfolio across various industries and asset classes. The current market value of those Soul Patts shares – after the recent sell-off – is approximately $3 billion.

The property trust and Soul Patts assets alone make this seem like a very appealing time to invest in Brickworks shares, ignoring any value attached to the building product businesses.

With a recent RBA interest rate cut, I think the prospects for the Australian building product segment are improving. Plus, a rate cut should help increase the value of the industrial properties that Brickworks owns half of.

I think this is the most attractive that Brickworks shares have looked since 2020, so I'm getting ready to invest more into the ASX 200 share.