2 beaten-up ASX 200 shares I'd buy right now

I think these stocks look really good value.

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I'm seeing many fine opportunities in S&P/ASX 200 Index (ASX: XJO) shares that have fallen in price and now look really good value.

Companies that have experienced significant share price declines in a relatively short period of time could be 'buy the dip' ideas.

Ideally, these should be companies delivering good underlying operational growth. This should allow them to deliver good returns for shareholders over the long term, whether they return to their former price/earnings (P/E) ratios or not.

With that in mind, these are two ASX 200 shares that look really appealing to me.  

Webjet Ltd (ASX: WEB)

Webjet is an ASX travel share. It's one of the largest (online) travel agents in Australia and also one of the largest business-to-business (B2B) travel operations in the world with its WebBeds segment.

The Webjet share price has fallen by 20% since 31 July 2023, as we can see on the chart below.

The company is still seeing strong growth from the surge in post-COVID travel, which the market may be underestimating considering international travel is still recovering to its former capacity.

Webjet has done considerable work, particularly within WebBeds, to utilise more technology and automation to increase efficiencies and profit margins.

Once the travel industry is back to strong volumes, I think Webjet will be able to demonstrate good profitability.

According to projections on Commsec, the ASX 200 travel share is valued at 21 times FY24's estimated earnings and under 17 times FY25's estimated earnings.


This company is heavily focused on green commodities that can help with decarbonisation, namely nickel, copper, lithium, and cobalt.

I like looking at ASX mining shares that have gone through significant declines due to the cyclical nature of commodity prices. Bear in mind though, there's no knowing how long those cycles may be.

Since mid-July 2023, the IGO share price has declined by 40%, as we can see on the chart below.

I particularly like the collection of commodities that IGO is exposed to, given electrical vehicle demand is expected to keep ramping up in the years ahead.

There is less demand for lithium right now, which is why the lithium price has dropped off over the last few months. However, I think the projected shortfall in lithium in future years could reignite this sector in 2024.

If Chinese demand picks up again, I suspect the IGO share price could bounce quite nicely.

According to the projections on Commsec, the ASX 200 share is valued at eight times FY24's estimated earnings with a possible grossed-up dividend yield of around 5%.

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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