PE Band Valuation uses forward Price-to-Earning i.e forecasted earnings in the P/E calculation.
Different price bands are made according to the forward P/E and the stock is plotted against them to understand where it lies at any point in time. This template can be used to understand what are the different forward P/E multiples range that the stock can lie on the basis of the historical performance. The current stock price can be checked where it lies on the P/E Band and hence the upside/downside can be determined