I believe that there are a number of advantages to using the metric of “current yield / average yield” as the basic metric instead of the traditionally used P/E metric, when valuing the individual company. When the current yield is higher than the historical yield percentage, it is often a signal that the individual stock is undervalued.
The P/E metric, while obviously useful, is based on 2 quite variable components as both the stock price and the earnings-per-share are quite volatile and also subject to a number of accounting practice risks, which the actually paid-out amount per share just is not.
This is the case in particular with the group of companies that have earned a place on the Dividend Aristocrats / Dividend Kings lists. These companies have managed to pay out uninterrupted and increasing dividend amounts per share over decades, through recssions, crisis and pandemics.