Valuation, valuation, valuation

I will post early and often about this topic. How to value a company? A common, fast and easy indicator is PE ratio. It is the price we pay for a dollars worth of earnings in a share of company stock. If PE=12, we are paying $12 for $1 worth of earnings-and earnings mean everything especially earnings growth, past and projected future. We want this number low, preferrably below 15. Why pay more for a company's ability to make money and return value to shareholders? Its like buying when there is a sale-waiting for a dip in the share price while the earnings are still the same. This is only the tip of the valuations iceberg. Please post your thoughts on other factors affecting valuation.