Slight confusion on P/Es confusion, computing, question, correct, current

mouse123

Over thought, and now I am confused.

When we are computing the justified Trailing or Leading P/E ratio, and we want to decide where the stock is, over or undervalued, one way is to multiply the Trailing P/E to E0 or current earning or trailing earnings, and the Leading P/E to Leading earning or forward earnings...right ?

Assuming I am correct in my statement above, my question is: Is the intrinsic value based on Leading or Trailing the same? if not, which one will we consider when we attempt to determine whether the stock is over or undervalued?

I hope that made sense. Thank you.