The company's low P/E is due to its recent three-year growth being lower than the wider market forecast. Investors expect the recent limited growth rates to continue, reducing the stock's value. If recent medium-term earnings trends continue, it's hard to see the share price rising strongly in the near future.

Despite the low P/E ratio, investors may be wary due to the company's recent earnings decline and the expectation that it may underperform the broader market. The recent medium-term earnings trends are contributing to its low P/E.