It's fair to say that there aren't many S&P/ASX 200 Index (ASX: XJO) shares left on our market that could uncontestably be described as cheap. With the ASX 200 still very close to all-time highs, many prominent ASX 200 shares are also at elevated levels.
But that doesn't mean there aren't still cheap ASX 200 shares out there waiting to find a new home in a portfolio. So today, let's talk about two such shares that I think are looking interesting at current prices.
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2 cheap ASX 200 shares that might be too good to ignore today
CSL Ltd (ASX: CSL)
A few years ago, CSL could seemingly do no wrong. This ASX 200 healthcare stock exploded from around $100 a share in 2016 to more than $300 by early 2020.
But the company has done nothing but go sideways since. Today, it is sitting at just under $250 a share, down almost 13% in five years.
Part of this fall is price-to-earnings (P/E) ratio compression. Five years ago, CSL was just too expensive for its price. Investors just seem to be waiting for its earnings to catch up with its earnings multiple.
More recently, investors seem concerned that the company is in the firing line when it comes to the Trump Administration's abrasive trade policies.
Yet CSL is still growing at a healthy clip. Back in February, this ASX 200 share revealed that it enjoyed 5% growth in revenues over the six months to 31 December to US$8.48 billion. Net profits after tax rose by an even greater 7% to US$2.04 billion.
Given CSL's defensive nature and its dominance of the global blood plasma medicine space, I think this blue-chip stock is a rare opportunity for investors looking for cheap ASX 200 shares today.
Woolworths Group Ltd (ASX: WOW)
Next up, we have another blue-chip ASX 200 stock in Woolworths, which has also been a lacklustre share market performer in recent months. In contrast to the broader market, its shares are down by about 10% over the past 12 months.
Today, the company trades at a P/E ratio of 23.48 and a dividend yield of 3.09%. Those are both numbers we haven't seen attached to Woolworths shares for a very long time – prior to 2025, anyway.
Woolworths is facing some headwinds, which account for its miserly share price performance. The company has lost some market share to arch-rival Coles Group Ltd (ASX: COL) over the past year or so and continues to face investor questions over its underperforming New Zealand operations and Big W chain.
Despite this, I think Woolworths' future looks bright. Management is investing in a turnaround plan. And despite the recent market share losses, the company still has a commanding lead in the Australian grocery market. I am also optimistic about the investments Woolworths has made in automation and online delivery.
As such, I consider this company a cheap ASX 200 share today and well worth a second look.
