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Take SAB.

Per LSE. (Last available and latest published results)

Earnings =157,35 pence p.share (financial year ended 31/3/2013)
Price       = 3460p  (29/3/2013)
PE           = 22

LSE Now.

Earnings = 157,35 pps (as above because latest)
Price       = 3272 pps (i.e. lower than then)
PE           = 20,79

In SA.

Price     = 524.00 (Was lower @485.00 on 31/3/2013 as opposed to LSE price on 31/3/13 which was higher).

But our PE here in SA = ±30

All due to exchange rate weakening, which caused an increase in stock price.

So, I reckon that those analysts who harp on the terrible overvaluation of such stocks may be somewhat misled