2 ASX shares that are absurdly cheap right now

Here's why I think WAM Global Ltd (ASX: WGB) and 1 other company are 2 absurdly cheap ASX shares right now.

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The S&P/ASX 200 Index (ASX: XJO) had a phenomenal day today, reaching an 11-week high and closing 2.93% higher at 5,780 points.

As you would expect, most ASX shares – blue chips and small caps alike – have now risen substantially off the lows we saw in March. But there are some ASX shares still out there that I think are cheap right now, perhaps even absurdly so. Here are 2 for your perusal today.

2 cheap ASX shares worth a look today

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

Soul Patts is one such company. It was hit hard in the market crash we saw in March, falling from over $23 per share to under $17 per share. Today, the Soul Patts share price is sitting at $19.01 – around 12.4% off of its lows and well below the highs we saw back in February.

But here's why I think Soul Patts is still cheap today. The company is dividend royalty for one – having delivered its investors a dividend pay rise every year since 2000. On current prices, this dividend is worth a 3.1% yield (or 4.46% grossed-up).

Secondly, this company has substantial stakes in other ASX businesses. Its shares of TPG Telecom Ltd (ASX: TPM) alone are worth approximately $1.93 billion. Its stake in Brickworks Limited (ASX: BKW) is worth another ~$930 million.

Given Soul Patts' market capitalisation is just $4.55 billion, it's my view that the market is under-pricing this conglomerate. Thus, it's a cheap ASX share well worth considering today.

WAM Global Ltd (ASX: WGB)

WAM Global is another ASX share that I consider to be undervalued. In fact, I'm certain. How? Well, WAM Global is a Listed Investment Company (LIC), which means it invests in a portfolio of other shares on its investors' behalf. The value of this portfolio is periodically disclosed to the ASX and, as of 30 April, stood at $2.25 a share.

Given the WGB share price is today sitting at $2.05, we can reasonably assume that this is an undervalued company.

Now, WAM Global is a relatively new company that only invests in stocks from international markets. It's possible investors are taking into consideration the lack of performance track record and currency and sovereign risk and adjusting the share price accordingly. But Wilson Asset Management itself has a long history of delivering market-beating returns for its investors, and I'm confident that this cheap ASX share is an undervalued opportunity today.

Motley Fool contributor Sebastian Bowen owns shares of WAMGLOBAL FPO and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns shares of and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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