The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) may have had a difficult start to the year, but in recent months it has certainly kicked into gear.

But during this time some shares unfortunately went the other way, much to the horror of their respective shareholders. Three shares in particular stood out with steep declines. Could they be bargain buys now?

Asaleo Care Ltd (ASX: AHY)

Shareholders of this personal care and hygiene company have had an incredibly difficult time in the last 30 days. During this period its share price dove a massive 41% as a result of a disastrous earnings update.

Due to competitive pressures and higher input costs management was forced to downgrade its full year earnings guidance. The company behind the Sorbent and Libra brands now expects full year underlying net profit after tax to drop 15% and earnings per share to be 9% lower year on year.

Unless pulp prices were to suddenly drop significantly, I would not unfortunately consider Asaleo Care to be a bargain despite the huge drop in its share price.

Flight Centre Travel Group Ltd (ASX: FLT)

The share price of Flight Centre is down by around 25% from its mid-March high of $44.84, with the majority of these declines stemming from a profit downgrade released to the market in May.

Previously Flight Centre had been forecasting full year underlying profit to increase between 2% and 4%, but May’s downgrade revealed it expects a decline of 2% to 5% on last year’s result of $366 million.

Personally, I believe its shares have been incredibly oversold and could represent one of the biggest bargains on the ASX. With a strong international business, plenty of potential growth, no debt, and a great management team, I feel Flight Centre shares could be a fantastic investment at just 13x trailing earnings.

G8 Education Ltd (ASX: GEM)

The share price of this leading childcare operator has plunged by around 14% since early June, which I believe makes it great value now for a long-term investment.

The company has been growing exceptionally well through its acquisition strategy. With around 471 centres in Australia and 18 in Singapore, there’s still a lot of room for further growth in my view. Management has indicated previously that it believes there is an addressable market of 4,000 centres in Australia alone.

Perhaps the biggest draw to G8 Education for many investors is its dividend. According to CommSec, its shares are expected to provide a fully franked 6.8% dividend this year. This huge yield is one of the best available and is a full 260 basis points higher than the market average. Better yet, analysts expect it to continue to grow for the next couple of years at least.

Lastly, before making an investment in these or any other shares I would highly recommend you check to see if you own one of these three rotten ASX shares. They might be best swapped out before they ruin your portfolio.

3 Rotten Shares to Sell, and 1 to Buy Today

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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.