But perhaps the most important aspect of this is how the stock price reacts in relation to the pink income valuation line that represents fair valuation based on its dividend income.

FORBES: Is There a Margin-of-Safety With Vornado?

The bottom line: PE should be seen in relation to the level and the direction of interest rates rather than in relation to its historical level.

FORBES: Is a Low PE a False Buying Signal for US Stocks?

The CHC says it had decided not to refer these changes to the health minister either, but it "has reservations in relation to the availability of capital investment for the proposed new primary care developments in line with the timescales and the implementation plans of the health board".

BBC: North Wales NHS: Green light for baby care proposals