ViacomCBS Inc. shares have lagged the S&P 500 in the last year, with a 12-month loss of 11 percent. ViacomCBS’s stock has had a wild ride in 2021, but investors may be wondering whether there’s any value in ViacomCBS shares after the pullback. Earnings A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value. For comparison, the S&P 500’s PE is currently at about 30, nearly double its long-term average of 15.9. ViacomCBS’s PE is 6.3, less than a fourth of the S&P 500 average as a whole. Growth Looking ahead to the next four quarters, the S&P 500’s forward PE ratio looks much more reasonable at just 21.3. ViacomCBS’s forward earnings multiple of 7.8 is still less than half the S&P 500’s, making ViacomCBS look undervalued. ViacomCBS’s forward PE ratio is also less than …