RE: RE: My take Frankly, I'm ok if the P/E stays where it is until the end of 2014. Cash flow per share will likely almost triple (production almost triple, share float increased by 15% or so?) and therefore profits should be up considerably. Frankly, with depletion and tax credits gumming up the profit statements, I prefer to look at cash flow multiples. IMHO, IAE should be trading at 3x future 12 month cash flows based on production of 14kb/d, which would place the SP around $3-4 with further upside coming from GSA.