With the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) trading at 18-month highs, finding cheap shares has become an increasingly difficult task.
This is especially the case for larger cap shares that have enjoyed quite a nice run over the past few months.
Nonetheless, there are still a number of shares flying 'under the radar' of most investors that trade on fairly undemanding valuations.
Here are four shares that bargain hunters may want to take a closer look at:
Pioneer Credit Ltd (ASX: PNC) – Pioneer Credit is a diversified financial services company that specialises in debt recovery. The shares trade on a price-to-earnings (P/E) ratio of just 9.6 and offer a trailing dividend yield of 5.1%. Importantly, the company expects to deliver double-digit earnings growth in FY17.
Lifehealthcare Group Ltd (ASX: LHC) – Lifehealthcare is a small-cap healthcare company that distributes high-end medical equipment across Australia and New Zealand. Its shares trade on a P/E ratio of 11.5 and offer a fully franked dividend yield of 5.3%. The company has a very bright outlook, although further weakness in the Australian dollar could become a headwind.
IVE Group Ltd (ASX: IGL) – IVE Group is a newly-listed company that specialises in print marketing. It recently announced two new acquisitions that are expected to be 20% earnings per share accretive. If IVE Group's forecasts are accurate, the shares are trading on a P/E ratio of just 7.5 and a dividend yield of more than 7%.
FlexiGroup Limited (ASX: FXL) – FlexiGroup's earnings growth has stalled over recent years, but the company is showing signs that it is slowly rebuilding momentum within the business. Importantly, the shares trade on an undemanding P/E ratio of 9.8 and offer a sustainable yield of 6.1%.
