With a median price-to-earnings (or “P/E”) ratio of close to 13x in Poland, you could be forgiven for feeling indifferent about yarrl S.A.’s (WSE:YRL) P/E ratio of 12.7x. While this might not raise any eyebrows, if the P/E ratio is not justified investors could be missing out on a potential opportunity or ignoring looming disappointment.

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For instance, yarrl’s receding earnings in recent times would have to be some food for thought. One possibility is that the P/E is moderate because investors think the company might still do enough to be in line with the broader market in the near future. If not, then existing…