The S&P/ASX 200 Index (ASX: XJO) is down another 0.5% in Wednesday morning trade, continuing a run of six consecutive days of losses. Concerns about new inflation data and a potential cash rate hike is weighing heavily on shares. Rising oil prices and continued conflict in the Middle East is also dampening investor sentiment.
But when times are tense and share prices are solemn, it does create a great opportunity for investors to snap up ASX 200 shares for cheap.
Here are three ASX 200 shares on my radar right now, and it looks like they're all trading well below fair value.
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Xero Ltd (ASX: XRO)
Xero shares are up 0.99% on Wednesday, to $80.23 a piece, after this morning giving back some of the gains from a rebound earlier this month.
The ASX 200 shares are now down a staggering 50% over the past 12 months and have lost 60% of their value since peaking at an all-time high in June last year.
The cloud-based accounting software company was caught up in the sector-wide tech sell-off and AI-related nervousness late last year (and into early 2026).
This, combined with investor concerns about the company's Melio acquisition and its potentially overvalued share price, led many to sell up.
But Xero's business model, which is often referred to as "sticky", has recurring revenue, global exposure, and good profitability.
It's also actively expanding its presence and its product suite.
Market Index data shows brokers have a strong buy rating on the ASX 200 company's shares, and tip a 89% upside to $149.77, at the time of writing.
Flight Centre Travel Group Ltd (ASX: FLT)
Flight Centre shares also tumbled this morning, down 1.52% to $10.34 per share. The travel stock is now down 31% year-to-date and 19% from this time last year.
Slower-than-expected profit growth, weak travel demand and geopolitical tensions have put pressure on the travel company's stock.
Inflation concerns and tighter cost-of-living have also seen many consumers pull back on their discretionary spending on things like travel.
The company posted its FY26 half-year report in February, blowing expectations out of the water. Flight Centre's profit before tax came in 5% ahead of market expectations, and many brokers now consider the stock as trading well below fair value.
As travel disruptions and fuel supply concerns ease, travel stocks like Flight Centre could rebound quickly.
Brokers rate the ASX 200 travel company's shares as a strong buy and tip a 66% upside to $17.18 a piece, at the time of writing.
James Hardie Industries PLC (ASX: JHX)
James Hardie shares are also red on Wednesday, down 0.67% to $30.5 each. The shares are now almost 17% lower than this time last year.
James Hardie shares have suffered an incredibly volatile run over the past 12 months.
The fibre cement producer and marketer's shares have crashed on three separate occasions over the past year, following an acquisition announcement, a disappointing Q1 FY26 result and a general drop in investor sentiment.
But the company has a dominant presence in the US. Its scale gives it pricing power and a strong competitive advantage that peers cannot match.
The business continues to improve, too, with some solid growth expected ahead. In its Qs FY26 results, James Hardie posted a 30% increase in net sales and a 26% hike in EBITDA. It also raised its FY26 guidance to reflect the stronger result.
Brokers rate the ASX 200 shares as a strong buy and tip a 38% upside to $42.24, at the time of writing.
