You seem to be using a PE of 38/39 as something of a constant. If so, what Is your justification?
This is fine as long as growth continues at more or less the same rate but if investors believe growth is likely to slow (even a bit) you could reasonably expect the PE to come down.
A PE in the teens might represent a mature company with modest growth expectations while a PE in the 20s might represent a stock with quite decent growth expectations.
A stock with a PE in the high 30s pretty much bakes in high expectations. As soon as those future growth prospects start to dim that's going to impact the forward PE which is presumably where we are now.
I value my shares higher than the current price but $14? Not so sure about that.
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