The trailing twelve months PE multiple of 16x is less than the industry average of 22x.

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Again another indication that meaningful expansion of the PE multiple could be difficult.

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The chief argument I hear being made against this being a secular bull is that no prior secular bull has ever begun from a PE multiple above ten on the broad market.

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Therefore with the shares trading at about a 10x PE multiple the company can essentially create a 10% return on the money when it buys back shares while only losing 1% in interest.

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With a PE multiple of 18x before the slide in the pre-market, almost no earnings growth (currency can impact this) and guidance below expectations the shares should be under pressure until there is more clarity and a return to growth.

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Much like Manhattan apartment brokers who resist putting their best properties on a central listing service, PE firms use performance measurements like multiple of investment or internal rate of return that make it virtually impossible to compare one fund against another unless they started the same time and have had similar cash inflows and outflows.

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