Company average long term P/E = 13 ( =$530m / $41m)
Market cap = $530 m
ttm Earnings = $41 m
$161 m in cash (no debt) or $4.75 per share
Cash-adjusted P/E is 9.[ = ($530m - $161m) / $41m]
Earnings yield ( 1/PE) of 11% is too cheap.
If company has a lot of debt, you wouldn't bother about the cash-adjusted P/E.