RE:If...
I think, biloshi, that your analysis is one dimensional and flawed, essentially comparing apples to oranges. I don't think that you can simply take trailing 6 mth. earnings of various cos. in totally different sectors or business models at various points of development and compare them. You need to delve much deeper into any co. and their sector when doing analysis.
There's a number of high profile cos. right now (pharmaceuticals, car finance cos., tech cos. etc.) that seemingly are trading at high price to earnings multiples but are doing so because of the trajectory growth they are showing in market share/sales/revenue that may or not yet have appeared on the bottom line. This is where the real dd is...in finding those cos. that are showing great growth that may have not yet shown up on the earnings report. VFX is a prime example such a co. It had some flat earnings reports, but delving into a new division has resulted in exponential growth in revenue that could very well cause the herd to rush in when the next few quarterlies are reported.
Having said that, there's few cos. that are attractive as NCI. Based on the growth in earnings that it has shown and should continue to show, a reasonable p/e multiple would fairly value the stock 2-3 times it current price.