The market may be nearing its record high, but that doesn't mean there aren't cheap ASX shares out there for investors to buy.
For example, the team at Bell Potter recently identified two ASX 200 shares that it thinks are being undervalued by the market at present.
Let's see what it is saying about these shares:
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CAR Group Ltd (ASX: CAR)
CAR Group is an ASX 200 share that is highly rated by Bell Potter. It operates leading online automotive classifieds platforms across Australia and offshore markets. These platforms benefit from strong network effects, where buyers attract sellers and vice versa, reinforcing market leadership over time.
Bell Potter believes CAR Group can continue growing earnings through pricing power, product enhancements, and international expansion. Even when vehicle sales volumes fluctuate, the company's dominant platforms and recurring revenue streams help support long-term value creation.
Commenting on the company, the broker said:
CAR is trading around two-year lows at a P/E of ~28x, despite a defined product rollout map to drive value from its market-leading networks in its large, addressable markets, which includes C2C payments, pay-per-lead model, regional expansion and scope to develop market-based legacy advertising practices, underpinning a steady growth profile in our forecast EPS through FY26e-FY28e.
Bell Potter has a buy rating and $42.20 price target on its shares.
Elders Ltd (ASX: ELD)
Elders provides a very different type of exposure, one tied to Australia's agricultural sector.
This ASX 200 share offers a range of services to farmers, including agency, livestock, wool, real estate, and financial products. This diversified model allows Elders to benefit from activity across multiple parts of the rural economy rather than relying on a single commodity or season.
Bell Potter's positive view reflects Elders' scale, national footprint, and strong position in agribusiness services. As conditions normalise across parts of the agricultural cycle, the broker believes Elders is well placed to deliver earnings resilience and attractive returns over time. It said:
We see encouraging signs for FY26e, with livestock turnoff values up ~35% YOY through 1Q26TD, stable to rising crop protection active ingredient values and modestly higher fertiliser price indicators. A more normal selling pattern in FY26e, delivery on SYSMOD and backward integration initiatives, sector activity tailwinds and consolidation of Delta are expected to drive high double-digit EPS growth in FY26-27e. This view does not look reflected in the current share price, with ELD trading at ~11x FY26e EPS.
Bell Potter has a buy rating and $9.45 price target on its shares.
