cer target valuation

[Dow Jones]: Goldman Sachs JBWere cuts Centro Properties (CNP.AU), Centro Retail (CER.AU) ratings to Sell from Hold in advance of Dec. 15 debt-line expiry. Also cuts CER FY09 and FY10 EPS estimates by 8.9% to 11.5 cents and by 19% to 10.7 cents on higher vacancies and interest rate expense assuming it extends its credit. Keeps 29 cents target on CNP, 14 cents on CER. CNP last trade 6.8 cents, CER 6.7 cents.

Why would GSJBW estimate EPS for CER "assuming it extends its credit" at 11.5 cents...and give a target valuation of 14 cents?

That's a P/E ratio of 1.22!

??