TARGET 12 PE PRICE $21 worst case

SNAPSHOT
Share Price $46.30
P/E ratio 23.79
Predicted P/E 12 to 14

When the US increase rates there will be a global market reversal to low PE as investors exit from an inflated stock market.
The market has doubled due to low bank returns.
Inflation in the US and UK is around 8% with little or no wage growth.
I expect rates to rise to around 5% by December and the market to retreat to a PE ratio of around 12. The recession will reduce spending by 10 to 20% which will equally reduce company profits.

When bank rates rise to 5% the market will expect 8 to 10%

12 P/E / 23.70 P/E equals .504% as a per percentage of today's share price.
If earning remained the same a pe of 12 would be 8.3% return on investment.

$46.30x .504 total $23.33
$23.33 less 10% for the recession.
Grand total $21