In typical cyclical industry P/E
When the EPS is high, then the P/E becomes less but the high EPS is not sustainable hence the PE rerating does not happen in case of cyclical industry. Eg – J K paper
When the EPS is low(earning destroys), then the P/E becomes high(It is not due to rerating of PE).
Eg – Tata Steel
Everything is cyclical but paper and steel are deeply cyclical.
Cement is not too much cyclical.
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