Good discussion Asger. I like to look at 5 to 10-year averages for earnings and free cash flow. So I always calculate the current price to long-term earning average and the same for P/FCF, rather than just the most recent. This helps me understand how the business is priced today compared to its historic ability to generate earnings and cash flow.
As you discuss, this is far from the only thing I look at, but it does help set the stage for further analysis.