Why is VLS valued so low?

Historically, it appears VLS traded on a PE ratio of around 14 to 19; say 16 average

Since the Covid general market low in March 2020, it appears VLS has not recovered its former valuations

The current PE ration at $1.50 is around 10.6' with market cap of $79M

The company appears very solid with:

1. very good balance sheet with no debt; lots of cash; receivables & inventory larger than payable & contract liability

2. excellent operating cashflow,  generally matching or exceeding net profit

3. pays a fully franked dividend, which should be around 5.2% before tax at the current share price

4. doing share buybacks the last few years

5. all directors live in Australia; majority of sales in Australia & Malaysia

since there are no detailed posts on this forum, hard to work out what is going here with the low valuation

note: financial year ends on 31/12