Low P/E plus low P/B: why the two fields belong together
A single valuation metric can be distorted by one unusual quarter. Pairing two fields that behave differently is what makes the obvious exceptions surface first.
What each field measures
P/E is price against earnings per share and swings hard with a single period's profit. Price-to-book is price against book value per share and moves more slowly. One reflects earnings, the other the balance sheet; using both keeps a single field from carrying the whole conclusion.
The template and how to adapt it
The low-P/E value template filters for a P/E between 0 and 12 with price-to-book no higher than 1.5, sorted by P/E ascending. The zero lower bound exists to exclude negative values from losses and invalid data. Change the range, add yield or volume conditions, and save your own definition.
A low P/E is not the same as cheap
Cyclicals print their lowest P/E at the peak of an earnings cycle—right before the turn—and one-off non-operating income compresses the ratio the same way. A low price-to-book can instead reflect doubts about asset quality or years of weak returns. Screen output is a research starting point, not advice; check the source of earnings, the position in the cycle, and the debt structure.