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Hi Kenneth,
To calculate P/E and P/B, we need to find out the price that we are using. For the current year of valuation, we can use the current share price. However, for previous years, what is the price value that is normally used, and typically where is a good source to obtain such price data?  
Take the highest and the lowest in that year if you’re benchmarking the valuation historically. You can use Yahoo!Finance (refer to the closing price). 

Is it important to consider previous year’s P/E and P/B as a benchmark? 
Usually, I do it for the past five years. It offers me a good gauge how market is valuing the company.

Also, it was mentioned in the course that the CAGR for 3 areas are compared. One of it is cash flow. I am thinking that cash flow should refer to Operating Cash Flow, so would like to check if I am right?!
Yes, you’re right! Use cashflow if you find earnings are distorted, i.e. non-cash items, depreciation, etc.