While studying a paper company, I observed that paper industry is one of the cheapest sector currently (P/E of 5 to 6). In past too, sector usually traded cheap at average P/E of 7 to 8. While I understand this is cyclical industry but so is steel or cement (& in my view cyclicality in steel is much more than paper) but still they trade at relatively higher multiple. Could someone please guide how to interpret this?