2 great value ASX shares near 52-week lows I'd buy today

Share prices of ASX businesses change all the time. Sometimes there's a sustained decline, giving us an opportunity to buy into underrated businesses.

Amid all of the recent volatility, some stocks have fallen so far that they are now at (or near) 52-week lows.

I'm not expecting economic conditions to be as weak as they are now forever. Therefore, some of the sold-off stocks could be excellent opportunities. With that in mind, I've got my eyes on the following two businesses.

PLS Group Ltd (ASX: PLS)

In the past six months, the PLS Group share price has dropped more than 50%, which is a huge decline in a relatively short amount of time.

ASX mining shares are notoriously volatile because of how much the resource price can change. Operating costs don't typically change much, so that additional revenue (or reduction of revenue) dollars also translates into a big change in the net profit.

It's understandable that the lithium price can swing widely, given predictions of significant growth in both lithium supply and demand, but they're unlikely to rise in unison.

The lithium price rose significantly (121%) during FY26, and I think the outlook remains very positive because electric vehicle demand is likely to grow. Those vehicles will need replacement batteries in the future. Stationary battery storage systems could also boost growth in demand in the coming years.

I think the sell-off has been overdone.

Plus, the company recently announced it was investing to increase Pilgangoora production and lower operating costs, which could give the ASX share a significant net profit boost when that's complete.

On a two or three-year view, I think this ASX share could deliver strong returns.

Nexgen Energy (Canada) CDI (ASX: NXG)

Another ASX share reaching towards 52-week lows is Nexgen, a uranium business with a project that's currently in progress in Canada. The Nexgen share price has dropped around 35% in the past six months.

It's working on the 100%-owned Rook I project in the southwestern Athabasca Basin of Saskatchewan. It owns a number of "highly prospective" exploration uranium properties.

Not only could Rook I become an extremely cash flow positive project, but it's possible that other attractive minerals nearby could add to the company's potential in the future.

The ASX share also owns just over a quarter of IsoEnergy, which is involved in acquiring, exploring and developing uranium in Canada, the USA and Australia.

Fund manager L1 Group Ltd (ASX: L1G) estimates that the business could generate around C$2.8 billion of operating profit (EBITDA) each year, assuming a US$80 per pound uranium price. According to Trading Economics, the uranium price is currently around US$90 per pound.

I think the business is currently undervalued based on its plans and the current uranium price alone, let alone the additional developments it could unlock.

The post 2 great value ASX shares near 52-week lows I'd buy today appeared first on The Motley Fool Australia.

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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