In the last few months there has been a lot of talk about whether the Australian stock market is overvalued and it’s really not too hard to see why. After all at just under 17x earnings the market is trading far and away above its historic average of 15x earnings.

But with interest rates at record lows, some may argue that these stretched valuations are completely justifiable. But for those that simply can’t justify paying 56x estimated FY 2017 earnings for Domino’s Pizza Enterprises Ltd. (ASX: DMP) for example, here are a couple of shares which I think could be dirt cheap right now.

Dicker Data Ltd (ASX: DDR)

At just 11x trailing earnings and providing a fully franked 4% dividend paid quarterly, this founder-led wholesale distributor of computer hardware, software and related products looks to be great value in my opinion. The company’s first quarter is traditionally its weakest, but you certainly wouldn’t have guessed that this year. Sales grew 11% in the quarter, thanks to the company being able to realise full value from new vendors introduced last year. A strong second quarter could be the catalyst to send its share price higher in my view.

Money3 Corporation Limited (ASX: MNY)

The shares of this fast growing credit provider for personal and car loans are changing hands at just under 11x estimated full year earnings. With management expecting full year profit to grow 36% to $19 million thanks to strong growth in its secured automotive loan business, this could be a great time to add them to your portfolio. Another reason to invest in my opinion is its growing dividend. According to CommSec, analysts expect the company to raise it for a fourth year running this year, providing investors with a fully franked 3.7% dividend.

But before you make an investment, I would recommend taking a quick look to see if you own one of these three wealth-destroying ASX shares.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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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.