Haynes – Piotroski and worries

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Haynes’ (LSE:HYNS) share is less than five times its earnings when eps is taken as the average over the last 9 years.
For a company to have such a low price relative to its proven earnings must mean that Mr Market thinks that it will never again produce the 9-year average eps of 23.8p.
This level of pricing normally occurs to companies that are in, or headed for, financial distress, but Haynes has been profitable every year (if you ignore the exceptional costs last year).
So the P&L does not indicate financial distress. What about the other Piotroski factors?
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