Picking stocks based on value can be a great way to find undervalued companies with strong fundamentals. One popular metric used for this is the price-to-earnings (P/E) ratio. Here are some tips on how to use P/E to pick stocks in different industries along with the average P/E ratios for each industry (note this can vary widely based on the maturity stage of the company):

1. Technology: P/E ratios in the technology industry are often higher than the overall market average. The average P/E ratio for technology industry is around 25. Look for companies with a P/E ratio that is lower than the industry average(25) and a strong track record of revenue and earnings growth.
2. Healthcare: The healthcare industry is known for its stability and steady growth. The average P/E ratio for healthcare industry is around 20. Look for companies with a P/E ratio that is lower than the industry average(20), and a strong pipeline of new products and services. Also, pay attention to the regulatory environment, it can affect the industry.
3. Consumer Goods: Companies in the consumer goods industry typically have stable and predictable earnings. The average P/E ratio for consumer goods industry is around 20. Look for companies with a P/E ratio that is lower than the industry average(20), and a strong brand and reputation. Also, pay attention to the trends in consumer behavior, it can affect the industry.
4. Financial Services: The financial services industry can be affected by changes in interest rates, regulations, and economic conditions. The average P/E ratio for financial services industry is around 15. Look for companies with a P/E ratio that is lower than the industry average(15) and a strong track record of earnings stability.
5. Energy: The energy industry is affected by fluctuating oil and gas prices. The average P/E ratio for energy industry is around 20. Look for companies with a P/E ratio that is lower than the industry average(20) and a diversified portfolio of assets. Also, pay attention to the global energy market and the political environment, it can affect the industry.
6. Mining: The mining industry is affected by fluctuating commodity prices and global demand. The average P/E ratio for mining industry is around 15. Look for companies with a P/E ratio that is lower than the industry average(15) and a diversified portfolio of resources.
7. Retail: The retail industry is affected by consumer spending and competition. The average P/E ratio for retail industry is around 20. Look for companies with a P/E ratio that is lower than the industry average(20) and a strong online presence.
8. Real Estate: The real estate industry is affected by interest rates, economic conditions, and population growth. The average P/E ratio for real estate industry is around 15. Look for companies with a P/E ratio that is lower than the industry average(15) and a strong portfolio of properties.
9. Transportation: The transportation industry is affected by fuel prices and global demand. The average P/E ratio for transportation industry is around 15. Look for companies with a P/E ratio that is lower than the industry average(15) and a diversified portfolio of assets.
10. Manufacturing: The manufacturing industry is affected by global demand and competition. The average P/E ratio for manufacturing industry is around 15. Look for companies with a P/E ratio that is lower than the industry average(15) and a strong track record of revenue and earnings growth.

Keep in mind that P/E ratio should not be the only metric used when picking stocks. It should be used in conjunction with other metrics such as return on equity and debt-to-equity ratio to get a better understanding of a company’s financial health and future growth potential.

It’s also important to consider the specific factors that affect each industry, such as weather conditions, commodity prices, consumer spending, and competition, and to do your own research before making investment decisions. Additionally, it’s worth noting that P/E ratios can vary widely depending on the company, sector and macroeconomic conditions, so it’s crucial to look at the company’s historical P/E ratio and compare it to its competitors and industry average.