At a time when the ASX share market has performed strongly, it may be difficult to find investments that are cheaply priced. I'm going to talk about two ideas that are priced at very attractive levels.
The higher a business trades compared to its earnings, or the higher its share price is compared to its balance sheet value, the more expensive it looks.
Deciding what price/earnings (P/E) ratio a business should trade at is down to investor opinions. But, it's generally easier to look at balance sheet (or book) values because the business reports that figure every result.
The two businesses below look extremely cheap and could deliver pleasing returns, in my view.
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Bailador Technology Investments Ltd (ASX: BTI)
Bailador is an investment company that invests in technology businesses that are small and are in the growth stage of their journey.
The company targets companies that have a large addressable market, pleasing unit economics, have the ability to generate strong repeat revenue, and have good international revenue generation potential.
It's invested in areas like digital healthcare, travel, accommodation, experiences, volunteer management, fitness studio management and more.
These companies are growing at a fast and pleasing pace. In FY25, Bailador reported (weighted) portfolio company revenue growth of 47%. Virtually any ASX tech share would be delighted with that level of top line growth over one year. In three years, I think these businesses could be a lot bigger.
Why is the ASX share so cheap? At the end of September 2025, it had a post-tax net tangible asset (NTA) per share of $1.74 and a pre-tax NTA of $1.95. It's currently trading at a discount of around 30% to that post-tax NTA, which is very large considering Bailador has a history of selling investments for significantly above their NTA value.
Rural Funds Group (ASX: RFF)
Rural Funds is a real estate investment trust (REIT) that owns a portfolio of farmland across the country.
The REIT sector has generally recovered significantly this year following RBA cash rate cuts. However, the Rural Funds unit price has not risen that strongly, making it look comparatively cheap compared to the rest of the sector.
Rural Funds' farm portfolio includes cattle, almonds, macadamias, vineyards and cropping. Including the loans and other assets and liabilities, the ASX share had a net asset value (NAV) of $3.08 per unit at June 2025. That means the Rural Funds unit price is valued at a 36% discount to its underlying value.
Considering the business is benefiting from ongoing rental income growth (fixed annual increases or it's linked to inflation) and it's investing in improving the (economic) productivity of some of its farms, I think the future looks bright for the business. It also has a distribution yield of around 6%.
