implied pe ratio of new company on issue

Tell me if I'm wrong.

I figure the implied PE Ratio of the new stock to be 6 or less depending on how much you deduct from the $667M forecast EBIT for Interest and Tax.

$M
Equity/Price 1786

Debt 3762

Assets 5548

EBIT 667

Interest & Tax 367

NPAT/Earnings 300

Price/Earnings Ratio 6

Given the industry standard ranges from 9 to 12, does this suggest that the stock could open up to 50% higher than the issue price or even higher.

Looking optimistically to the sky

Seahawk