Iluka Resources Limited (ASX:ILU) shares have continued their recent momentum with a 30% gain in the last month alone. Not all shareholders will be feeling jubilant, since the share price is still down a very disappointing 27% in the last twelve months.

Although its price has surged higher, given about half the companies in Australia have price-to-earnings ratios (or “P/E’s”) above 19x, you may still consider Iluka Resources as a highly attractive investment with its 9.1x P/E ratio. Nonetheless, we’d need to dig a little deeper to determine if there is a rational basis for the highly reduced P/E.

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Iluka…