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What indicator (or combination of those) could be used to roughly estimate the cheapness of a convertible bonds ?

Like the price/earning ratio for equities.

Thanks, Max.

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The above gives you the value of the option in the convertible bond. Next step, look at the price of an exchange-traded option to see what the embedded convertible bond option is worth. That can tell you if the convertible bond is over or under priced - compare the market value of the option to the implied price of the option (scaling prices to the same number of shares).

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For a rough estimate you can compare the value against a straight bond (one without options).

$$\textrm{Premium over straight value} = \frac{\textrm{Convertible bond price}}{\textrm{Straight value}} - 1.$$

Taken from the CFA Level II curriculum Volume 5.

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