I love finding ASX shares that are trading at a cheaper price than what I think they're really worth.
The ASX share market is close to its all-time high, but there are still some businesses trading at bargain prices.
There are plenty of companies that seem fully valued to me, so they don't appeal. But, there are a few ASX shares I think are excellent buys today.
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Bailador Technology Investments Ltd (ASX: BTI)
I think businesses that are growing quickly are the ones that are most likely to deliver good returns. Typically, it's software businesses that are able to deliver the best growth because there are no physical limitations to their growth, such as requiring more stores, more warehouses, more manufacturing and so on.
This business is an investment company that focuses on relatively small, compelling technology companies. Pleasingly, there a number of attributes that businesses need to have to be in this portfolio, including having a proven business model with attractive unit economics, international revenue generation, a huge market opportunity and the ability to generate repeat revenue.
This has led to a portfolio that includes Siteminder Ltd (ASX: SDR), DASH, Updoc, Access Telehealth, Expedition Software, Rosterfy, PropHero and Hapana.
The ASX share's portfolio of companies as a group is seeing strong revenue growth, which is helping grow their underlying value and helping this ASX share pay solid dividends to shareholders as well to unlock franking credits.
Why is Bailador a bargain ASX share? It's because it reported pre-tax net tangible assets (NTA) of $1.79 per share at 30 June 2025, with a post-tax NTA of $1.64 per share. That means it's currently trading at a discount of 29% to the most recent post-tax NTA.
Duxton Water Ltd (ASX: D2O)
This business is focused on providing water access to farmers in exchange for lease income thanks to a portfolio of water entitlements.
A few months ago, the business paid its 16th consecutive and increasing dividend of 3.71 cents per share as it continues to secure new leases with new and existing farmers.
The company revealed in its latest monthly update that lease yields have risen considerably over the past few months, with it now seeking to achieve lease yields of approximately 5% per year.
In the 12 months to June 2025, the business achieved a total return of 16.6%, which is based on the net asset value (NAV) movement, plus the dividends.
Water prices could increase further if the level of water demand stays strong. According to Duxton Water, in the 2024/2025 water year, the VIC Murray catchment zone recorded 1,165 GL of seasonal water use, the highest in 12 years.
The business reported it had a post-tax net asset value (NAV) of $1.65 per share at 30 June 2025. That means at the current Duxton Water share price, it's trading at a 7% discount to the post-tax NAV.
