So after a topsy-turvy year, the S&P/ASX 200 Index (ASX: XJO) is almost back where it started.
In this environment, it can be confusing to work out which ASX shares to buy.
Helpfully, some experts this week picked out three dividend stocks that are looking like great value at the moment:
Dividend shares worth less than what the holdings are worth
Bell Potter private wealth advisor Chris Watt, who rates it as a buy, said the trust invests in farm assets like "almond orchards, vineyards, cattle, cotton and macadamias".
The sell-off this year leaves the Rural Funds share price at an absolute bargain basement level.
"Rural Funds was recently trading at a 38% discount to its market net asset value," Watt told The Bull.
Plus there's a nice bonus for those willing to dip their toes in right now.
"In our view, a buying opportunity exists for an undervalued stock recently trading on [an] attractive dividend yield above 6%."
'Good value' and 'appealing capital returns'
It's fair to say Santos Ltd (ASX: STO) shares have been a disappointment considering the buoyant energy market since Russia's invasion of Ukraine started in February last year.
The stock is at about the same level now as when those tanks rolled in and since 20 October — it has tumbled 11.4%.
Seneca Financial Solutions advisor Tony Langford is backing the energy producer because of its current corporate manoeuvring.
"In September, Santos announced it had executed a binding sale agreement with Kumul Petroleum Holdings to sell a 2.6% participating interest in Papua New Guinea LNG (PNG LNG) for $576 million and the assumption of about $160 million of project finance debt."
Santos also agreed to a call option for Kumul Petroleum to grab another 2.4% stake and finance debt in the future for $524 million.
"The sale agreement is conditional only on the approval of the Papua New Guinea competition regulator on or before December 31, 2023."
Langford also noted Santos increased its oil production last quarter by 2% compared to the previous three months.
"We believe the stock provides good value at these levels on top of appealing capital returns."
This company can raise prices in line with inflation
As a toll road operator in Australia's three largest cities, Transurban Group (ASX: TCL) has pretty sweet pricing power.
"Earnings are defensive with a high portion of toll revenue linked to the consumer price index," said Watt, who is recommending it as a buy.
Business is booming with more and more people returning to the office.
"The company reported record full year traffic across its portfolio in fiscal year 2023, up almost 20% on the prior year," Watt said.
"It also owns toll roads in the US and Canada."
Transurban shares currently pay out a mostly unfranked 4.5% dividend yield.