What stock looks expensive on P/E but cheap once you actually understand the business?

In 2023, I bought Nvidia stock. Looking back, I should have bought way earlier. I knew the company had a strong moat, a great management team, a strong market position, and a great product, but I was always worried that the valuation was too high, which at times, it really was.

One of those contributing factors was the PE ratio, which often was over 50. However, the company's growth and the factors I mentioned above did a lot of the heavy lifting to make a high PE ratio make sense.

For me, it was when DeepSeek came out that I seized the opportunity to finally build a position.

With that being said, I am curious which stocks you are looking at right now that look expensive purely from a PE ratio, but when you look deeper, the valuations are actually attractive?