Ann: Profit FY20 Expected Up 2.5 Times, page-24

Yep - thats what the market as a collective does - it doesn't base its prices on what is happening right now it does its best to forecast as long term as the conditions at the time will allow - its not always right but as all punters know - its right even when its wrong. So while there are detractors about the metrics and what the P/E might or might not be right now - that is not what the market is looking at - its the 18mos time you are talking about @Mac Dreezy. But I am not sure about the normality bit - I think life will be a tad different for some.