With both the S&P/ASX 200 Index (ASX: XJO) and the S&P/ASX 100 Index (ASX: XTO) approaching their record highs this week, it's been a great time to own ASX shares.
However, it's not such a great time if one is looking to deploy additional money into ASX shares. It can be hard to find stocks that are trading at cheap valuations today, particularly if they are regarded as high-quality companies by the market. We only need to look at the valuations of Commonwealth Bank of Australia (ASX: CBA) or Wesfarmers Ltd (ASX: WES) to see this in action.
But that doesn't mean all hope is lost. Today, let's discuss two ASX 100 shares that I think are looking fairly cheap this July, and that I would be happy to buy more of today.
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2 cheap ASX 100 shares to buy this July
CSL Ltd (ASX: CSL)
CSL has been one of the more disappointing ASX 100 shares in 2025. Since the start of the year, this healthcare stock has dived 14.3%, a loss that has risen to 18.3% over the past 12 months.
In fact, CSL shares have been stuck in the mud for years. Investors have had to endure a 19% loss since July of 2019. Yet this could put the company in a prime position for a cheap buy today. Despite its woeful share price performance, CSL continues to grow its revenues, earnings and profits.
One ASX broker who thinks CSL shares are cheap right now is Bell Potter. Last month, my Fool colleague covered Bell Potter's 'buy' rating on this ASX 100 stock. The broker gave CSL shares a 12-month share price target of $305. If realised, this would see the company jump more than 26.5% from the $241 levels we are seeing today.
Endeavour Group Ltd (ASX: EDV)
Another ASX 100 stock looking cheap this July is bottleshop operator Endeavour. Endeavour is famous for its industry-dominating Dan Murphy's and BWS brands. Investors have punished the company ever since it listed on the ASX in 2021. At just over $4 a share today, it remains down by more than 33% since its 2021 ASX debut.
Endeavour has had some issues, to be sure. However, operating in one of the most resilient markets, I think this company has a bright future ahead of it.
Brokers agree. As we covered just this week, broker Morgan Stanley has been telling its clients that the current Enveavour share price is a compelling opportunity. It has given this ASX 100 share a 12-month price target of $5.30, which implies an upside of almost 30% from its current price.
