With the Australian market currently trading at an average price-to-earnings ratio of over 17 it is becoming increasingly hard for investors to find value in the market.

But if you look deep enough you’ll find a few potential bargains out there. Three shares which I feel could be bargain buys today are as follows:

Money3 Corporation Limited (ASX: MNY)

Despite more than doubling in value this year this small loans provider’s shares are still changing hands at just 10x estimated FY 2017 earnings according to CommSec. In August Money3 reported an impressive 54% jump in net profit after tax to $20 million. This solid growth is expected to continue for the next couple of years at least thanks to the strong performance of its auto loans segment. Furthermore, its shares are expected to provide an estimated fully franked 3.6% dividend over the next 12 months.

Pulse Health Limited (ASX: PHG)

I personally see Pulse Health as a junior version of private hospital giant Ramsay Health Care Limited (ASX: RHC), but at the fraction of the size. This year Pulse grew underlying EBITDA by an impressive 38% thanks to the strong performance of its hospitals and day surgeries. Perhaps even more impressive is the fact that management has forecast underlying EBITDA to come in higher by between 48% to 70% in FY 2017. So with its shares trading at 15x estimated forward earnings, I believe this growing company represents great value.

RXP Services Ltd (ASX: RXP)

Although its shares are just a touch below their 52-week high, RXP Services still looks to be great value in my opinion. In August the technology consulting services company delivered full year sales growth of 61% to $127.1 million, well ahead of management’s guidance of $105 million. Whilst this is expected to slow, management still believes the strong demand for its services will result in sales growth between 10% and 15% for each of the next two years. With the company’s operating performance helping to improve margins, I feel confident that earnings will grow at an even stronger rate. At under 12x full year earnings, RXP Services could prove to be a bargain buy.

Finally, if you're still looking for even more investment ideas then look no further than these rapidly growing shares. Each could give your portfolio a lift in the next few months if you ask me.

Why These 3 Blue Chip Shares Are Set to Soar in 2016

Discover The Motley Fool's Top 3 blue chips for 2016. These 3 'new breed' shares pay fully franked dividends AND offer the prospect of significant capital appreciation. Simply click here to gain access to this comprehensive FREE investment report.

No credit card required!

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

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.