With the Australian share market hitting a record high recently, you might think that now is a difficult time for value investors.
But while their options may be somewhat limited, that doesn't mean there are no ASX value shares to buy right now.
For example, three ASX shares that could be good options for value investors this month are listed below. Here's what you need to know about them:
Accent Group Ltd (ASX: AX1)
The first ASX value share to look at is Accent Group. It is a footwear-focused retailer that operates over 800 stores across brands including Platypus, Stylerunner, and The Athlete's Foot.
The team at Bell Potter thinks that the company's shares are great value at present. For example, the broker is forecasting earnings per share of 13.1 cents in FY 2024 and then 15.3 cents in FY 2025.
Based on the current Accent share price of $1.82, this means they are trading at just 14x FY 2024 earnings and 12x FY 2025.
In addition, the broker is expecting some big dividend yields to sweeten the deal further. It is forecasting fully franked dividends per share of 13 cents in FY 2024 and then 14.6 cents in FY 2025. This represents dividend yields of 7.1% and 8%, respectively.
Bell Potter also sees a 37% upside for its shares with its buy rating and $2.50 price target.
Qantas Airways Limited (ASX: QAN)
Goldman Sachs sees a lot of value in this airline operator's shares.
In fact, the broker has stated previously that "QAN is not priced for a generic recovery, let alone prospects for improved earnings capacity."
In addition, last week it noted that "QAN's current market capitalisation and enterprise value are 10% below and 11% below pre-COVID levels."
Goldman currently has a buy rating and a $8.05 price target on its shares. This suggests a potential upside of 45% for investors from where its shares trade today.
Woolworths Group Ltd (ASX: WOW)
Finally, another ASX value share to look at is Woolworths.
While its shares may not necessarily seem cheap compared to market average multiples, they could be when comparing to historical multiples.
That's the view of analysts at Goldman Sachs, which think investors should be snapping up its shares while they are down.
The broker notes that the "stock is trading below its historical average (since 2018), and we see this as a value entry level for a high-quality and defensive stock."
Goldman has a buy rating and a $40.40 price target on its shares. This implies a potential upside of 27% for investors.
