What are your thoughts on using the P.E Ratio to value a stock?

I feel that you should take a look at the P/E ratio of the general industry that the company is in. In general, you can't beat the industry, and over time, each company will gravitate towards the general P/E of the industry (i'm sure there are outliers here and there). It's generally based on the market's sentiment of how much growth they anticipate in that industry/company over time.

I think P/E ratio at the very most is just a initial check of whether the business is over-valued or not. However with that said, I don't look at P/E ratio at all. There are certain deeper metrics to look at such as growth rate, earnings, EV/EBIT, cash & debt status, management behaviour etc.

There are certain stocks trading at high P/E but that does not mean it is overvalued if you consider their growth rates and future growth potential .