If I was looking to invest now, I'd conclude that Tesco shares are overpriced on an expected P/E of 22 for the year just ended in February, dropping only to 16.5 based on 2016 forecasts. That's still significantly above the FTSE average, and with the slashed dividend set to yield only 1.5% by 2016 and with more years of intense price competition ahead of us, I simply wouldn't buy Tesco now.