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4 dirt cheap shares I know with huge dividend yields

With the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) trading at 18-month highs, finding cheap shares has become an increasingly difficult task.

This is especially the case for larger cap shares that have enjoyed quite a nice run over the past few months.

Nonetheless, there are still a number of shares flying ‘under the radar’ of most investors that trade on fairly undemanding valuations.

Here are four shares that bargain hunters may want to take a closer look at:

Pioneer Credit Ltd (ASX: PNC) – Pioneer Credit is a diversified financial services company that specialises in debt recovery. The shares trade on a price-to-earnings (P/E) ratio of just 9.6 and offer a trailing dividend yield of 5.1%. Importantly, the company expects to deliver double-digit earnings growth in FY17.

Lifehealthcare Group Ltd (ASX: LHC) – Lifehealthcare is a small-cap healthcare company that distributes high-end medical equipment across Australia and New Zealand. Its shares trade on a P/E ratio of 11.5 and offer a fully franked dividend yield of 5.3%. The company has a very bright outlook, although further weakness in the Australian dollar could become a headwind.

IVE Group Ltd (ASX: IGL) – IVE Group is a newly-listed company that specialises in print marketing. It recently announced two new acquisitions that are expected to be 20% earnings per share accretive. If IVE Group’s forecasts are accurate, the shares are trading on a P/E ratio of just 7.5 and a dividend yield of more than 7%.

FlexiGroup Limited (ASX: FXL) – FlexiGroup’s earnings growth has stalled over recent years, but the company is showing signs that it is slowly rebuilding momentum within the business. Importantly, the shares trade on an undemanding P/E ratio of 9.8 and offer a sustainable yield of 6.1%.

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Motley Fool contributor Christopher Georges owns shares of LifeHealthcare Group Limited and Pioneer Credit. 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.