I think you'll find the P/E ratio is applied to a company's profit after tax, ie after the assets employed have been amortised and write-offs taken. You have suggested applying a P/E ratio to the after tax cash flow, a measure not used by analysts.
In the early years, a project may not generate an accounting profit but still have a healthy EBITDA.
KFE Price at posting:
1.5¢ Sentiment: None Disclosure: Not Held
