Shares such as Afterpay Ltd (ASX: APT) and Kogan.com Ltd (ASX: KGN) currently trade on sky high multiples.
While many would argue that they fully deserve to trade at these levels, for some investors, these shares are just too expensive for their tastes.
The good news is that not all shares are trading at such a premium. In fact, some could even be described as cheap at current levels.
Two ASX shares which could be good options for value investors are listed below:
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Healius Ltd (ASX: HLS)
Healius is a healthcare company that provides services to medical and health professionals through its network of medical centres and pathology centres across Australia.
It has been a very strong performer in FY 2021, with growth being exhibited across the business. This was particularly the case in its Pathology business, which has been benefiting from strong demand for COVID-19 testing.
While its shares are not necessarily conventionally cheap, analysts at Goldman Sachs believe it should be classed as a value share.
The broker explained: "Trading at 10.2x pre-AASB EBITDA (or 6.0x post-AASB) for +8% EBITDA CAGR (FY21-24E), HLS is one of the few value-oriented stocks in the ASX healthcare sector, and we believe it should be considered a core holding ahead of CY21. We expect consensus upgrades and multiple re-rating to drive further stock performance through the mid-term."
People Infrastructure Ltd (ASX: PPE)
People Infrastructure is a leading workforce management company that provides innovative solutions to workforce challenges. Although it was negatively impacted by the pandemic, it was still a strong performer in FY 2020. It delivered an impressive 49.2% increase in normalised EBITDA to $26.4 million.
While no updates have been provided for its performance since the release of its results, analysts at Morgans are very positive on its future. They recently put an add rating and $4.05 price target. The broker is also forecasting a dividend of 11 cents per share and earnings per share of 22 cents in FY 2021.
Based on the latest People Infrastructure share price, it is trading at 16x forward earnings and offers a fully franked 3.2% dividend yield.
