The ASX share market can be a great place to find businesses that have strong growth outlooks. Those companies could be giants worth tens of billions of dollars on the ASX or a fraction of that scale. Pleasingly, a leading fund manager has identified two businesses that are viewed as undervalued ASX shares.

In this article, the two stocks we're going to look at are within the WAM Research Ltd (ASX: WAX) portfolio, which is a listed investment company (LIC). The investment team at Wilson Asset Management are looking for the most compelling, undervalued growth opportunities in the Australian market.

With that in mind, let's look at the two ASX shares that WAM has picked out.

EVT Ltd (ASX: EVT)

WAM noted that EVT operates cinemas, hotels, restaurants, and resorts in Australia, New Zealand, Germany, and Singapore.

The company released its FY25 half-year result in February, which included normalised operating profit (EBITDA) of $99.6 million, a 3.7% increase from the prior year. Normalised net profit after tax (NPAT) grew 8.3% year over year to $31.5 million.

WAM believes the undervalued ASX share's property portfolio, valued at approximately $2.3 billion, remains a solid asset base. The investment team also noted that its entertainment division "continues to perform strongly".

Explaining why WAM is bullish on the business, the fund manager explained:

We are excited by the growth outlook in the company's entertainment segment with a strong lineup of blockbuster films to drive FY2026 performance.

Generation Development Group Ltd (ASX: GDG)

The second business that WAM talked about is Generation Development Group, which the fund manager described as a diversified financial services company with notable positions in the investment bonds, lifetime annuities, and research and ratings sectors through its brands Generation Life and Lonsec.

The investment team noted that in February, the company announced the acquisition of Evidentia Group, a leading provider of investment management and tailored managed account solutions, for $320 million.

WAM believes this acquisition solidified the business' position as a "market leader" in the managed accounts sector, with combined funds under management (FUM) of more than $25 billion.

On top of that, the fund manager noted the undervalued ASX share delivered a "strong" FY25 interim result, with revenue rising by 198% and underlying net profit after tax (NPAT) growing 152% year over year. The fund manager believes this provides a "compelling outlook for the year".