We are back at it again, investment at cost or asset at cost does not equal value. The only thing you can rely on the statement above is the earning figure and not what "it is valued." And even with that, it is hard to figure its intrinsic value.
The average P/E is just the sum of a basket of stocks' P/E divide by the total amount of stocks in questions. 1 stock in that basket might have a P/E of 1 or lower while other stocks in that basket might have way higher P/E ratios but are appropriate for that particular companies based on their fundamentals. Therefore, you can't rely much on the average. Like I said, if that's the case, this stock is no brainer $10-$20 worth which is not and people are not that stupid.