I love investing in ASX shares when they've been significantly sold down, meaning they could be great value. I think certain businesses trading close to 52-week lows can be particularly appealing.
Of course, there's a reason, or reasons, why the business has fallen that far. The business, industry or entire ASX share market may be suffering.
I think the below two ASX shares could be great buys at cheap valuations.
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AGL Energy Ltd (ASX: AGL)
AGL is one of the largest energy retailers and energy generators in Australia with a large customer base and a significant portfolio of energy-related assets.
Australia will always need energy, and the energy transition will make it even more important that customers can access the power they need. AGL is investing in batteries and other areas that can help it sell energy at times of the day when it's not competing with solar power.
There are also significant drivers of demand for electricity energy from electric vehicles and data centres. At a recent investment conference, AGL said:
Today, operational data centres account for approximately five terawatt hours of energy demand in the NEM – this is expected to double once projects under construction are operational and ramp up to full capacity, with a further 25 terawatt hours of forecast demand should all projects currently in development in the NEM come to fruition – a combined forecast of 34 terawatt hours which is enormous.
Sometimes share prices are volatile, but I don't think it makes a lot of sense for the AGL share price to be down 18% in the past year. According to the projection on Commsec, the AGL share price is valued at less than 9x FY26's estimates earnings, which I'd describe as very cheap.
MA Financial Group Ltd (ASX: MAF)
This ASX share describes itself as a global alternative asset manager specialising in private credit, real estate and hospitality.
The company is reporting pleasing growth. In its most recent quarterly update, the business reported assets under management (AUM) of $14.8 billion, an increase of 44% year-over-year.
However, total AUM was down 3% over the quarter largely due to the previously flagged sale process of the Marion shopping centre.
It also noted a strong first quarter of transactional activity in asset management, benefiting performance and transaction fees.
2026 first quarter gross and net flows into unlisted funds from high net worth and retail investors were slightly ahead of the 2025 first quarter.
It also said that Finsure managed loans were up 27% to $179 million, with record gross monthly loan applications of $11 billion.
Finally, the MA Money loan book was up 138% year on year to $6.2 billion in the first quarter of 2026.
Overall, the ASX share's core metrics are performing well, and the sell-off could be a buy-the-dip opportunity.
Therefore, the 46% decline this year could be a long-term buying opportunity.
According to Commsec's projections, the MA Financial share price is valued at 13x FY26's estimated earnings and less than 11x FY27's estimated earnings.
