Share prices of ASX shares are always changing and this gives us the opportunity to buy businesses at good value.
Businesses don't necessarily need to be trading at ultra-low price-earnings (P/E) ratios, or a big discount to their asset value, to be a good buy and deliver good returns.
The two ASX shares I'll highlight look like really good value, in my opinion. I think they're priced too cheaply.
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Bailador Technology Investments Ltd (ASX: BTI)
I think this is one of the most underestimated businesses on the ASX. It's a company that invests in small, private technology companies that have a lot of growth potential.
Its portfolio includes DASH, Updoc, Access Telehealth, Expedition Software, Rosterfy, PropHero, and Hapana.
Bailador looks for businesses with attractive unit economics, strong growth potential, the opportunity to deliver repeat revenue, the potential for international revenue generation, and that the investment is trading at an appealing value. In FY25, Bailador's portfolio of companies delivered revenue growth of 47%, which is a strong growth rate.
Why is it such a cheap ASX share? It reported it had a net tangible asset (NTA) per share of $1.94 pre-tax and $1.74 post-tax at 31 October 2025. It's trading at a 30% discount to the post-tax NTA, which is a huge discount in my books.
As a bonus, the company has a long-term track record of selling its positions for materially more than what its balance sheet/NTA has it listed at.
Even if that discount doesn't close, the business can reward investors with a sizeable dividend yield.
Accent Group Ltd (ASX: AX1)
Accent is a cheap ASX retail share that sells footwear through a number of businesses. It owns a few different brands, including The Athlete's Foot, Stylerunner, Platypus, Nude Lucy, and more.
The company also sells a variety of global shoe brands – it operates as a local distributor for names like Skechers, Vans, Merrell, Hoka, Ugg, Herschel, Dickies, and Lacoste.
Excitingly, the business has started opening Sports Direct stores in Australia following an agreement with Frasers to sell a wider variety of sports, athleisure, and sports fashion products at affordable prices.
Accent will now be able to sell Frasers brands across its different stores, including Everlast, Karrimor, Lonsdale, Slazenger, and plenty of others. The local Sports Direct stores will also be able to sell all of the Accent and Frasers brands, as well as leading global brands like Nike, Adidas, New Balance, Puma, and Under Armour.
I think Sports Direct stores (and opening more stores of existing brands) can help drive sales and profits for the foreseeable future.
According to the forecast from broker UBS, the Accent share price is valued at approximately 10x FY27's estimated earnings. I think that looks very cheap for its potential earnings growth in the subsequent years.
