I did a small analysis on SAMP recently:
Total shares as of 2011/09/30: 156,854,190 (from the quarterly report IIRC)
Profits for quarter ending on 2011/03/31: 980,053,000 EPS = 6.25
Profits for quarter ending on 2011/06/30: 1,134,798,000 EPS = 7.23
Profits for quarter ending on 2011/09/30: 1,149,226,000 EPS = 7.33
Note that I haven't adjusted the EPS values for any new shares created after 2011/09/30 (like in the case of this scrip dividend).
In any case, for them to declare that kind of a dividend, I guess we can assume an EPS of 6 Rs. at the least for the 2011/12/31 quarter. So the EPS for the entire year would be around:
6.25 + 7.23 + 7.33 + 6.00 = 26.81
There fore, P/E = 170 / 26.81 = 6.4 (rounded)
Now, previously I was angry about the ESOP stuff they pulled off. But I was too naive to think that it had a huge effect on share-holders. IMHO this share is a very good one for current price.
Although I don't want to promote this, it could fall further, I don't know (how can I know that?). Anyway, what do experts think about the current price?