In the last two years, the International Consolidated Airlines Group (LSE:IAG) share price, has surged 165%. Yet despite that enormous run, the shares still trade on a price-to-earnings (P/E) ratio of just 7.9. And with all that in mind, it isn't so surprising that the average consensus from institutional analysts suggests that the IAG share price will continue to rise from here, reaching 523p by this time next year. And the stock market has unsurprisingly baked this uncertainty into the share price. That's why IAG shares are trading at a seemingly cheap P/E ratio today.