Where do you get a realistic PE of 12. I'm not being critical of...

Where do you get a realistic PE of 12. I'm not being critical of DWS here - just thoughts on valuation of IT service companies. If they stop growing the analysts won't pay PE of 12.

If you say PE of 12 then you are saying current level of profits are somehow locked in 12 times over - havent got time to look but i'd be interested to know PE for Accenture, Bearing Point and so forth. Those Tier 1's spend a lot more time and money building and systemising (word?) a knowledge-base and perpetuating their IP (ie their money making assets) than DWS does. Is there any evidence that DWS has built any internal systems that properly capture IP that it can leverage into the future. From what I hear - spreadsheets is the top limit.