OOpeek or is it the Oracle of HC,Don't PE's tend to be forward...

OOpeek or is it the Oracle of HC,

Don't PE's tend to be forward looking? Check out the past financials of any fast growing company(particularly biotech) and you will see 40 is not too high. From memory COH and CSL in the early days were between 40-80. Sure sales this half are expected to be flat(may surprise on the upside for a change), but going on past performance and beyond this half, the actual current P/E(not the commsec variety which is only adjusted once reports are released twice a year)would be considerably less than quoted 38ish as sales would have increased during the half.
Good luck using your online brokers info for FA analysis....It's probably why you missed CST at under $1.80 because it would have been showing CST to have an almighty P/E of 80 whereas the average annual P/E would have been closer to mid 20's.

Cheers