To use an understatement, seems that stocks are far
from being cheap:
http://perso.wanadoo.fr/pgreenfinch/e7csimdx.htm
PS. The parameters have been recalibrated, taking into
account the evolution of the historical inflation rates and
interest rates. You are welcome to use the new parameters
in your own pricing simulations: just reach the page above
and click*pricer* or *primary PER*.