@integrator, The benefit of quick, back-of-the-cigarette box calculations is that they are exactly that: quick. Trouble is, they are often wrong. In this particular case, your calculation is wrong by a factor of close to 100%. Don't forget to adjust for the seasonality in the business, as well as the capital structure of the company. Do that, and your P/E looks somewhat different. More like 8x.
(20min delay)