I believe there are a few S&P/ASX 300 Index (ASX: XKO) shares that look like they're trading at very cheap prices for the level of net profit they could generate in the coming years.
The two businesses I'll cover have compelling growth plans to drive their earnings higher in the coming years, even if that means investing significantly in the near term.
One of the businesses I'll highlight is one of Australia's leading footwear retailers, while the other is a Mexican restaurant business. I think their profit could be significantly higher in three to five years.
Accent Group Ltd (ASX: AX1)
Accent sells footwear through various businesses. It acts as the local distributor for several global brands, including Skechers, UGG, Hoka, Lacoste, Dickies, Vans, and Herschel. It also has its own businesses including: Stylerunner, Hype, Glue Store, Nude Lucy and The Athlete's Foot.
The ASX 300 share has already grown significantly in the last few years, growing from 638 stores in FY21 to 892 stores in FY25. I'm expecting further store growth from its existing brands in FY26 and I'm particularly excited by what the company could achieve following its agreement with Frasers Group to open Sports Direct stores and gain access to its brands.
Accent says the Australian and New Zealand sports market is estimated at over $5 billion, and so the company is planning to open 50 Sports Direct stores in the first six years, with a potential opportunity of 100 over time. It's expecting to open at least three physical stores by the end of FY26. This deal will enable Accent to sell Frasers-owned brands, including Everlast, Karrimor, Lonsdale, Slazenger and Hot Tuna, across Accent's stores.
According to the forecast on Commsec, the ASX 300 share could generate 10.7 cents of earnings per share (EPS) in FY26 and then grow another 31% to 14 cents of EPS. That puts it at just 10x FY27's estimated earnings.
Guzman Y Gomez Ltd (ASX: GYG)
Guzman Y Gomez is a fast-growing Mexican food business which already has more than 250 locations, with over 220 in Australia, five in Japan, 21 in Singapore and six in the US.
The business aims to reach at least 1,000 locations across Australia within the next two decades, enabling significant scaling.
In FY26, the business expects to open 32 new restaurants in Australia, with 20 franchised restaurants and 12 corporate restaurants. The company continues seeing the benefits of its larger scale. The Australia segment underlying operating profit (EBITDA) as a percentage of network sales is expected to expand to between 5.9% to 6.3% in FY26, up from 5.7% in FY25.
If network sales grow and the margin on those sales increases, that could lead to pleasing net profit growth for the ASX 300 share.
The GYG share price is down significantly since the start of 2025, as the chart below shows.
I think this lower valuation is a good time to pounce amid the significant decline following investors learning that comparable sales growth had fallen to 3.7% in the first seven weeks of the FY26 financial year. I think that's still a decent pace of expansion, plus management expect an acceleration of comparable growth through "menu innovation, daypart expansion, operational excellence, marketing and digital initiatives."
According to the forecast on Commsec, the GYG share price is valued at 52x FY28's estimated earnings.
