The pullback in ASX shares in recent months has seen some long-time reliables take big haircuts.
So some of those stocks that previously made long-term investors very wealthy are at discounted levels.
And many of those businesses have not changed. What they do, how they do it, customer demand, their balance sheets — none of those things have taken a hit due to inflation nor the war in Ukraine.
These experts have picked out 2 ASX shares to buy that are in exactly this position right now.
Seek-ing a bargain?
Ord Minnett senior investment adviser Tony Paterno loves how cheap Seek Limited (ASX: SEK) shares are right now.
The stock for the celebrated job-hunting website rocketed by more than 150% in just 20 months from its lowest point during the COVID-19 market crash.
But since its peak in November, the Seek share price has been caught up in the tech and growth stock correction.
It plummeted from above $36 to $28.12 at yesterday's close.
Paterno was triggered by information out of Seek during the recent results season.
"The result and guidance upgrade has prompted us to increase our earnings estimates for the recruitment portal, driven by continuing strength in the Australasian market," he told The Bull.
"We expect Seek to continue extracting value during the next 12 to 18 months."
Even after the latest dip, Seek shares have returned more than 340% over the past 10 years.
Buying opportunity for a stellar performer
Industrial real estate manager Goodman Group (ASX: GMG) has been a darling share in recent years.
By the end of last year, it had climbed by more than 138% in the 21 months since its coronavirus market trough.
But Goodman shares have plunged 17% this year.
Medallion Financial Group director Philippe Bui can't understand the negative sentiment.
"Across the board, the first half 2022 result looked impressive," he said.
"Management of this global industrial property group has upgraded guidance for fiscal year 2022."
This makes the current discounted share price a golden buying opportunity.
"In our view, Goodman is a business with a strong balance sheet and growth prospects," he said.
"Operating earnings per share growth is projected to be 20%. Potential for continuing margin expansion is also positive."
Goodman shares have almost tripled over the past 5 years, going from mid-$7s to $22.19 at yesterday's close.
