Remember when talking about PE that it is the context of historical earnings. If future earnings decrease, then the PE rises.
In my opinion there is risk when considering 'cheap' PE for cyclical companies (and SSM is definitely cyclical) and the 'cheapness' is because of cyclical high earnings.
The collective knowledge of the market inherently knows that earnings has peaked and hence the share price is declining.
A decision to buy involves more trying to estimate the earnings two years + into the future than comparing historical earnings to the current share price.
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