returning to PE of 18 to $ 29.66, page-2

There is a lot of nonsense in that:

1. Tech stock valuations have been the biggest beneficiary of lower interest (due to their high growth rates), but these stocks pay next to no dividends or worse, capital raisings, so it is not dividend related, it is the present value of future cash flow irrespective of whether this is paid to investors or reinvested by the company.

2. The 15% argument is ridiculous, share prices are based on future cash flow expectations not just 1 years worth of earnings, the market isn't that dumb. Stocks like Pfizer, the maker and the distributor of the most sort after vaccine is down since the pandemic started despite the short term earnings boost they will receive.

To help you, your argument is this:
- Global stock prices, including WES have been inflated due to low-interest rates increasing the value of future cash flows and your prophecy is that interest rates will increase substantially and PE ratios will return to "normal".

You may very well be right, but it's got nothing to do with WES.