For cyclicals in general - Since these are asset heavy business, i use P/Bv. I check what multiples the company and its peers were trading at the bottom and top of the previous cycles. Gives me an idea of how much the market is generally willing to pay for such cyclical bets and i see if there has been any change in industry structure since the last time (Eg: Even in bad times its unlikely that sugar firms will trade at the valuations that they used to as sugar is no longer just about sugar) Valuations matter a lot here because stock will start tanking before the cycle turns. Personally I think its still early days for paper.Its best to have a basket approach when investing in cyclicals. Hope this helps 
Disc: Invested