what bernanke has done, page-29

Yes, I appreciate all that Loki. I quite understand that it is a company specific measure but by the same token, it can be seen in averages across a range of well established producers with a good growth profile, the PE is consistent. I was not valuing any of the companies according to their respective PEs. But they can be compared where there sector specific profile is similar, investors do it every day. There PEs are all calculated on the same basis of present price of historical earnings. Comparisons can be made providing anomalous company situations as you refer to are taken into consideration.
I believe that SLR will trade at a high PE for a long time due to its management and fantastic growth profile. My point was a "what if" ... that once the revenues from its 400koz pa production become "historical earnings" viz, 2014/15 and if a high PE continues to be attributed by investors due to growth expectations, then the sp will be multiples of the current sp.
Cheers
Paddyboy