The ASX has moved higher over the past year, but not every share has joined the rally.
Some quality shares have been sold down heavily, leaving them trading on P/E ratios that look far more interesting than they did in the past.
Three ASX shares I think value investors could consider buying today are named below.
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Cochlear Ltd (ASX: COH)
Cochlear has had a tough period, and I do not think investors should pretend otherwise.
The hearing implant leader recently downgraded guidance after softer-than-expected trading conditions in developed markets. That has shaken confidence and pushed the share price down sharply.
I think Cochlear now looks more interesting for value investors.
According to CommSec, the shares trade on around 18.5 times consensus FY27 earnings. For a company with Cochlear's market position, brand strength, and long-term healthcare opportunity, I think that is a much more attractive valuation than investors have usually been offered.
The near-term recovery may take time. Hospital capacity issues, weaker referral activity, and softer demand in parts of the adult and seniors market are all weighing on the business. But the long-term need for hearing solutions has not gone away.
In fact, Cochlear continues to see adults and seniors as its largest long-term growth opportunity, and it remains confident in its innovation pipeline, including next-generation implants and a totally implantable cochlear implant.
For me, this looks like a high-quality ASX share going through a difficult patch, rather than a permanently impaired business.
James Hardie Industries plc (ASX: JHX)
James Hardie is another ASX share that looks more attractive after its reset.
The building products company has been dealing with a softer housing and renovation backdrop, particularly in North America. That is never easy for a business tied to construction activity.
But at around 16 times FY27 estimated earnings, I think the market may now be offering an attractive entry point for investors willing to look through the cycle.
James Hardie remains a leading player in exterior home and outdoor living solutions. Its fibre cement products have strong positions in key markets, and the AZEK acquisition gives it broader exposure to decking, railing, and outdoor living.
The company has also been focused on cost savings, manufacturing efficiency, and integration benefits. Management has highlighted progress on cost synergies and a longer-term commercial synergy opportunity from the AZEK deal.
If US housing conditions improve and the AZEK integration delivers, James Hardie shares could re-rate meaningfully over the medium term.
Endeavour Group Ltd (ASX: EDV)
Endeavour is the most defensive-looking option of the three in my view.
The owner of Dan Murphy's, BWS, and a large hotels business has been out of favour, but it still owns a collection of well-known brands and assets with everyday relevance.
According to CommSec, Endeavour trades on under 13 times FY27 estimated earnings. That looks inexpensive to me for a business with its scale, customer base, and potential for improvement.
There are issues to work through. The liquor retail market has been competitive, and Endeavour has been investing in lower prices to rebuild momentum. But I think that strategy could support customer loyalty and market share over time.
Its hotels business also gives the company a different earnings stream, and recent updates suggest that part of the group has been performing well. Endeavour has also been working through a strategic refresh, with a focus on price leadership, hotel renewals, cost simplification, and better use of its asset base.
For value investors, I think the lower valuation and recovery potential make Endeavour shares look appealing.
Foolish Takeaway
Value investing usually requires some patience and a willingness to buy when sentiment is weak.
That is what I see with these three ASX shares.
Cochlear, James Hardie, and Endeavour all have issues to work through, but I do not think their long-term prospects have disappeared.
At today's lower valuations, I think they could offer attractive recovery potential for investors who are prepared to wait.
