@LeonLevy,
Trouble is, the "E" in that P/E ratio has proved to be decidedly slippery over the past 12-18 months.
But your chart does tell a telling story, namely that at its current level the stock is pricing in meaningful further deterioration in earnings (by ~25%) , which I'm not sure will eventuate to the extent implied by the current valuation multiple (absent any major extraneous shock event).
.
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