I'm not a huge fan of P / E ratios myself — at best, it's a rather
blunt valuation tool, and at worst, it can be downright dangerous.
In practice these are fairly
blunt tools that tell me «1 cent a point for American miles is a really good deal» but that I'm not going to spend 2 cents unless there's a very specific scenario — like a few points at the margin to top off an account for an award I've put on hold — where it makes sense (and in that scenario, my
valuation of each point is higher since they're helping me to save with a real redemption).