Last week we looked at ASX stocks with high PE multiples, and this week we’re taking a look at ASX Stocks With low PE multiples. Low P/E multiples are often treated as shorthand for value, although the reality is more nuanced. A compressed multiple can reflect genuine undervaluation, where the market underestimates the durability of earnings, or it can be optically cheap, where accounting mechanics inflate the denominator. Depreciation cycles, capital‑return programs, one‑off gains, and temporarily elevated margins can all distort EPS and create the illusion of value. The analytical task is to determine whether the low multiple is a function of structural earnings power or non‑repeatable artefacts.
The ten companies below screen as low‑multiple names where the earnings base is, broadly, genuine. Each carries its own risk architecture, but (as was the case last week) none rely on accounting distortions to impact the look compared to what underlying figures would depict.
Note: Data was accurate as of April 16, 2026.
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10 ASX Stocks With Low PE Multiples
1. Pepper Money (ASX:PPM)
Price: A$1.97 | Forward EPS: ~A$0.21 | Forward P/E: ~9.4x
Pepper Money sits at the intersection of genuine earnings power and macro‑driven scepticism. As a diversified non‑bank lender, Pepper operates across mortgages, auto finance, and personal lending, giving it a broader credit footprint than many peers. The forward P/E of ~9.4× is not artificially depressed by one‑off gains or capital‑return mechanics; instead, it reflects the market’s concern about arrears and credit‑quality deterioration in a rising‑rate environment. Investors have become increasingly sensitive to early‑stage indicators of stress in non‑bank portfolios, particularly in segments exposed to variable‑rate borrowers and lower‑income cohorts.
In our view, Pepper’s earnings base is structurally sound. The company benefits from scale, diversified origination channels, and a funding model that has proven resilient through multiple cycles. The discount is therefore sentiment‑driven rather than accounting‑driven. The key question is whether credit losses normalise at a manageable level or whether the cycle turns more sharply. If arrears stabilise, the current multiple could prove overly conservative. If the macro backdrop deteriorates, the market’s caution will look prescient. Either way, the low P/E is a genuine reflection of perceived risk, not an optical artefact.
2. FleetPartners (ASX:FPR)
Price: A$2.44 | Forward EPS: ~A$0.36 | Forward P/E: ~6.8×
FleetPartners trades on a genuinely low multiple for a business with contracted revenue, recurring cash flows, and a defensible competitive position in fleet leasing and novated leasing. The ~6.8× forward P/E is not the result of accounting distortions; it is a direct expression of two structural uncertainties. First, residual‑value risk remains a persistent overhang. The used‑vehicle market has normalised from the extreme tightness of the pandemic period, and investors remain wary of the potential for end‑of‑lease vehicles to be returned at lower‑than‑expected values. Second, the EV transition introduces long‑term uncertainty around fleet economics, depreciation curves, and customer preferences.
Despite these headwinds, FleetPartners’ earnings base is fundamentally real. The company benefits from scale, long‑term customer relationships, and a business model that converts operating cash flow into predictable earnings. The market’s discount reflects uncertainty rather than distortion. If EV economics stabilise and residual‑value volatility moderates, the current multiple could unwind. If volatility persists, the discount may remain embedded. In our view, the valuation is a genuine reflection of perceived risk rather than an artefact of inflated EPS.
3. Credit Corp Group (ASX:CCP)
Price: A$10.76 | Forward EPS: ~A$1.39 | Forward P/E: ~7.7×
Credit Corp’s ~7.7× forward P/E reflects a business with genuine earnings power but heightened uncertainty around the US debt‑purchasing cycle. CCP has long been regarded as a disciplined operator in the Australian market, with strong underwriting, conservative provisioning, and a track record of counter‑cyclical purchasing. The expansion into the US has introduced both opportunity and risk. Investors are concerned about rising credit losses, competitive intensity, and the potential for US underperformance to overshadow the Australian franchise.
Importantly, CCP’s earnings are not flattered by one‑off gains or capital‑return programs. The low multiple is a direct expression of credit‑cycle risk. The company’s model is inherently cyclical: earnings expand when debt‑purchase pricing is attractive and collections are strong, and compress when consumer stress rises. The current discount reflects the market’s view that the US cycle may be turning more sharply than expected. If CCP can demonstrate stable collections and disciplined purchasing, the multiple could re‑rate. If losses accelerate, the discount will look justified. Either way, the valuation is grounded in genuine earnings, not optical artefacts.
4. GQG Partners (ASX:GQG)
Price: A$1.70 | Forward EPS: ~A$0.25 | Forward P/E: ~7×
GQG’s ~7× forward P/E is anchored in real earnings, although the market remains sceptical about the durability of flows following the Adani controversy. Fund‑management businesses often screen cheaply when investors question the stability of funds under management (FUM), and that dynamic is visible here. The company has a strong performance track record across several strategies, but the reputational impact of the Adani exposure has created a persistent overhang.
The earnings base is not distorted by capital returns or depreciation cycles; it is a straightforward management‑fee model with operating leverage. The discount reflects sentiment rather than accounting. Investors are effectively pricing in the risk that outflows could accelerate or that performance fees may be less reliable in a more volatile market environment. If GQG can demonstrate stable FUM and consistent performance, the multiple could expand. If flows remain fragile, the discount may persist. In our view, the valuation is a genuine reflection of perceived reputational and flow risk rather than an optical distortion.
5. Aeris Resources (ASX:AIS)
Price: A$0.38 Forward EPS: ~A$0.16 Forward P/E: ~2.4×
Aeris trades at one of the lowest multiples in the group, with a ~2.4× forward P/E that appears extremely cheap on a headline basis. The key question is whether this reflects genuine undervaluation or the market’s assessment of operational risk. In our view, the earnings base is real, but the discount is a direct expression of execution uncertainty and mine‑life risk at Tritton. Commodity producers often appear optically cheap at the top of the cycle, although in this case the risks are operational rather than accounting‑driven.
Aeris faces a complex operating environment: declining grades, capital‑intensive development requirements, and the need to extend mine life through exploration success. The market is effectively pricing in the possibility that forward earnings may not be sustainable without significant reinvestment. The low multiple is therefore a genuine reflection of risk rather than an artefact of inflated EPS. If Aeris can demonstrate consistent production, cost control, and mine‑life extension, the valuation could re‑rate meaningfully. If operational volatility persists, the discount will remain embedded.
6. West African Resources (ASX:WAF)
Price: A$3.01 | Forward EPS: ~A$1.03 | Forward P/E: ~2.9×
West African Resources trades at ~2.9× forward earnings, a level that reflects strong underlying profitability but significant geopolitical risk. The company operates in Burkina Faso, a jurisdiction that has experienced political instability, military coups, and ongoing security concerns. The market applies a substantial discount to reflect these risks, even though the operational performance of WAF’s assets has been consistently strong.
The earnings base is genuine: production is stable, costs are competitive, and the company has demonstrated strong cash‑flow generation. The low multiple is not a function of accounting distortions; it is a straightforward jurisdictional risk premium. Investors are effectively pricing in the possibility of operational disruption, regulatory uncertainty, or security‑related interruptions. If WAF can continue to operate without incident and deliver on its development pipeline, the valuation could expand. If geopolitical risk escalates, the discount will remain justified. In our view, the low P/E is a genuine reflection of risk rather than an optical artefact.
7. Metro Mining (ASX:MMI)
Price: A$0.07 | Forward EPS: ~A$0.01 | Forward P/E: ~7×
Metro Mining’s ~7× forward P/E reflects a small‑scale, commodity‑exposed business with genuine earnings but limited investor appetite due to liquidity constraints and operational volatility. The company operates in the bauxite market, which is inherently cyclical and sensitive to Chinese demand, freight rates, and global aluminium production. The earnings base is real, although the company’s small size amplifies volatility and limits institutional participation.
The low multiple is not the result of accounting distortions; it is a direct expression of scale, liquidity, and commodity‑price sensitivity. Metro’s ability to generate consistent earnings depends on stable production, cost control, and favourable market conditions. If bauxite prices strengthen and production remains steady, the valuation could re‑rate. If volatility persists, the discount will remain embedded. In our view, the low P/E is a genuine reflection of risk rather than an optical artefact.
8. Helia (ASX:HLI)
Price: A$4.82 | Forward EPS: ~A$0.60 | Forward P/E: ~8×
Helia is the one company in the group where the concept of “optical cheapness” is most relevant. The ~8× forward P/E is grounded in genuine earnings, although the company’s substantial capital‑return program—buybacks and special dividends—can distort simple valuation screens. Mortgage‑insurance earnings are inherently cyclical, tied to housing‑market conditions, LVR lending volumes, and claims experience. As high‑LVR lending normalises, underlying earnings are gradually declining, even as capital returns inflate apparent yield and compress the multiple.
In our view, Helia’s valuation is a blend of genuine earnings power and structural decline. The company remains well‑capitalised, with a strong balance sheet and disciplined risk management. However, the long‑term outlook for LMI demand is uncertain, particularly as lending standards tighten and the housing market becomes more regulated. The low multiple reflects both the capital‑return overlay and the market’s expectation of declining earnings. It is not purely optical, but the capital‑management program complicates interpretation. One final point: This is not the first time Helia has been on a list of companies with low PE multiples. Read from that what you will.
9. Helloworld Travel (ASX:HLO)
Price: A$2.20 | Forward EPS: ~A$0.25 | Forward P/E: ~8.8×
Helloworld’s ~8.8× forward P/E reflects a business tied closely to travel volumes, corporate contracting, and the pace of post‑pandemic normalisation. The earnings base is genuine, although the company remains exposed to macro conditions, consumer confidence, and airline capacity. Travel agencies often trade at modest multiples due to their sensitivity to external shocks, and that dynamic is visible here.
The low multiple is not the result of accounting distortions; it is a direct expression of uncertainty around the sustainability of recovery earnings. Helloworld has benefited from the rebound in travel demand, although investors remain cautious about whether this momentum can be maintained. If travel volumes stabilise and corporate contracting remains strong, the valuation could expand. If consumer confidence weakens or airline capacity tightens, the discount may persist. In our view, the low P/E is a genuine reflection of risk rather than an optical artefact.
10. Grange Resources (ASX:GRR)
Price: A$0.29 | Forward EPS: ~A$0.04 | Forward P/E: ~7.3×
Grange Resources trades at ~7.3× forward earnings, a level that reflects genuine profitability but significant exposure to iron‑ore pellet pricing and steel‑market volatility. The company operates in a niche segment of the iron‑ore market, producing high‑grade pellets that command a premium but remain sensitive to global steel demand, Chinese policy settings, and freight dynamics.
The earnings base is real, although inherently cyclical. The low multiple is not the result of accounting distortions; it is a straightforward commodity‑risk discount. Investors are effectively pricing in the possibility of weaker pellet premiums, cost inflation, or operational variability. If pellet pricing remains stable and production is consistent, the valuation could re‑rate. If volatility persists, the discount will remain embedded. In our view, the low P/E is a genuine reflection of risk rather than an optical artefact.
