According to reports on Bloomberg at the start of the month, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is starting to look expensive. Well that’s the view of analysts from Deutsche Bank, who pointed out that the average price-to-earnings ratio on the index has now risen to the highest level in the last 10 years.

Personally, I don’t think it is time to panic. But for those that are a little concerned with things, I have picked out three shares which I believe are dirt cheap right now. They are as follows:

Dicker Data Ltd (ASX: DDR)

Dicker Data is wholesale distributor of computer hardware, software and related products led by its founder and CEO David Dicker. The company has had an incredibly strong start to the year, with year-on-year first quarter revenue growth of 11% to $268 million. Mr Dicker put the strong result down to the company being able to realise full value from new vendors introduced last year. For the full year the company expects net profit after tax to come in at $24.5m, up 11% on FY 2015’s result. This would mean the shares are trading at just 12x estimated FY 2016 earnings. Great value in my opinion.

Metcash Limited (ASX: MTS)

Although calling a share which is just a fraction away from a new 52-week high “dirt cheap” may seem odd, I believe on a peer comparison Metcash is still looking very cheap. At 11x estimated FY 2016 earnings, Metcash is trading at quite a discount to rivals Wesfarmers Ltd (ASX: WES) and Woolworths Limited (ASX: WOW) which trade at around 19x estimated FY 2016 earnings. I believe Metcash could be a good long-term investment, but it might be best to wait until after its full year results have been released next week to see how things are coming along.

SAI Global Limited (ASX: SAI)

SAI Global is a global risk management company worth taking a closer look at. Its shares came under a spot of selling pressure recently after it downgraded its full year revenue guidance by $15 million to between $565 million and $575 million. Its management team blamed the downgrade on a stronger Australian dollar, slippage of new business into the next fiscal year, and softer-than-expected trading results in the Asia-Pacific and European segments. Although this was disappointing, I believe the shares have dropped to a level that makes them a great investment today. At just 12.5x estimated FY 2016 earnings, they could make a great addition to your portfolio.

Finally, if you're looking for more investment ideas then I would highly recommend these three new breed blue chip shares. Each pay a solid fully franked dividend and could provide shareholders with share price gains in the future, in my opinion.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. I contribute to The Motley Fool as a freelance writer and the thoughts and opinions in this post are my own, not that of The Motley Fool’s.