Are there any cheap ASX blue-chip shares left on the Aussie share market today?
It's no secret that the ASX market has been on a tear in the last few months. Fears over the coronavirus seem to have abated on the market and both the ASX and global markets have been shaking off and pushing higher.
In fact, just in the last couple of days, the S&P/ASX 200 Index (INDEXASX: XJO) has set new all-time highs and has nearly broken through the 7,200-point threshold.
It's not just ASX growth shares that are surging either. Blue-chip shares have done a lot of the heavy lifting.
Woolworths Group Ltd (ASX: WOW), Commonwealth Bank of Australia (ASX: CBA) and Wesfarmers Ltd (ASX: WES) have been amongst the best performing blue-chips in 2020 so far – with Wesfarmers, in particular, surging close to 15% in value since the beginning of January.
Commonwealth Bank pushed over $90 a share for the first time since 2015 last week, and it was probably only CBA shares going ex-dividend this week that has stalled this momentum.
Woolies too is close to all-time highs and seems to be closing in on the $50 level – almost unthinkable just four years ago when the stock was around $20 a share.
And we haven't even mentioned CSL Limited (ASX: CSL) yet – likely soon to be the biggest company on the ASX.
CSL was asking around $185 just one year ago – but today is commanding a price tag of around $340. That's an 84% rise in one year for a 'blue-chip' share.
Where have all the bargains gone?
So, are there any ASX blue-chips that are even close to cheap in today's market? Well, the simple answer is 'not really' in my view. The more complicated answer is you might be able to get a reasonable price on a blue-chip, but not terribly cheap.
Coles Group Ltd (ASX: COL) is one company I think is asking a fair value right now. At an earnings multiple of 18.21, it looks a lot cheaper than its rival Woolworths (on 38).
Ditto with Telstra Corporation Ltd (ASX: TLS).
Medibank Private Ltd (ASX: MPL) has taken a hit today as well after reporting some less-than-stellar earnings.
Miners aren't everyone's favourite companies, but South32 Ltd (ASX: S32) hasn't enjoyed the same kind of gains that its bigger cousins BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) have recently and isn't looking too expensive right now (although there are reasons for that).
Foolish takeaway
The way I see the ASX blue-chips right now is that they are mostly expensive – and the ones that aren't are priced accordingly for a reason. Thus, it's tricky to find bargains out there in today's market – so don't think you're alone!
