A2M 1.23% $6.56 the a2 milk company limited

Yes, the question is indeed valid. I have prepared a graph with...

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    lightbulb Created with Sketch. 26
    Yes, the question is indeed valid. I have prepared a graph with both linear projection (red line) and exponential trendline (dotted line). Both show a decaying YOY growth rate. However, your friend is right about forward PE of 27 in 2021. Offcourse the PE will go down as the growth slows down. Below is the graph, which is self explanatory (I will be happy to stand corrected on any mathematical errors).
    atm(2).jpg
    You may also like to see below the DCF value assessed by shareclarity.com
    20200210_222931.jpg
 
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