In recent weeks there have been a number of analysts calling the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) expensive. It’s not hard to see why with the market trading at just under 17x earnings, making it one of the highest levels in the last decade according to Bloomberg.

But considering that over in the United States the S&P 500 is trading at 24x earnings, I personally don’t think we have anything to worry about at present. But for those that are concerned by this I believe these three dirt cheap shares could be good additions to your portfolio.

Ansell Limited (ASX: ANN)

It hasn’t been a great year for shareholders of this leading provider of health and safety protection solutions, but things have been improving. Its share price is down by around 13% in 2016. At 14x forecast full year earnings I believe Ansell is good value today for investors with a long-term horizon. Thanks to its operations across the world and products that require regular replenishment, I believe the company will grow steadily over the next decade. In my opinion this makes it a strong candidate for a buy and hold investment.

Bendigo and Adelaide Bank Ltd (ASX: BEN)

This regional bank is the cheapest of all Australian banks based on book value. Currently its shares are changing hands at just 0.9x book value or 1.3x tangible book value, making it a great option for investors looking for exposure to the banking sector in my opinion. In addition to this its shares also provide a strong dividend. Currently it is expected to pay an estimated fully franked 6.9% dividend in FY 2017, according to CommSec. One catalyst that could potentially take the share price higher this year is its application for advanced accreditation from APRA. If this is granted it will allow the bank to lend far more on the same level of capital it holds at the moment – potentially boosting its earnings growth.

Flight Centre Travel Group Ltd (ASX:FLT)

The share price of Flight Centre has come under a lot of pressure in the last three months and dropped by around 25%. Whilst the company is having a tough year and expects profit to drop by 2% to 5% thanks to softening demand, I believe that a number of headwinds it is facing such as the Australian election and the Zika virus are only temporary. With its shares trading at just 13x forecast full year earnings, I believe this is a great price to buy shares at. Much like Bendigo and Adelaide Bank, Flight Centre pays a solid dividend estimated to be a fully franked 4.7% this year.

Finally, if you're on the look out for even more investment ideas then these three blue chip shares could be just what you're after. Each offers a solid dividend and could provide share price gains in the months ahead.

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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.