In other words, volume declines seem to be priced in, so better than expected figures (in terms of numbers of cigarettes sold) could cause shares to head north at a brisk pace. Even if volumes do continue to fall, the expectation of this may not cause shares to fall by a large amount. In terms of whether shares offer good value, Imperial Tobacco currently trades on a price to earnings (P/E) ratio of 11.2. This looks a tad low for an attractive income stock that has defensive properties and a very reliable (and visible) revenue stream, meaning shares appear to offer good value on an absolute basis. However, when compared to the wider index and to the consumer goods industry group (to which Imperial Tobacco belongs) things become a lot more interesting. They trade on P/Es of 15.5 and 15.7 respectively, highlighting the good value that Imperial Tobacco offers on a relative basis too.