Chart, page-5813

my theory is the following.

Price to Earnings ratio is expressed as a multiplier (15, 20, 30x), which when multiplied by the earnings per share (EPS), provides us with intrinsic value.

P/E ratios are derived from the assumption of future earnings potential, which we're seeing dwindle at the moment due a lack of announcements and by association, shareholder confidence.

as confidence declines, expectations decline, lower P/E ratios are assigned and thus a lower intrinsic value results.

it may very well be that business is booming and we're all fearful for nothing, only time will tell.