Multiples are the fictions that permit the eye of the beholder to be reflected in price. From 28 x earnings at the high to 17 x at the print low March 23. Now roughly 20
The caveats are that the underlying earnings will change by a rate that will reflect economic reality managed by the cosmetics of the intrepid bean counters. One thought is that index earnings will be 30 % lower so multiples based on the trail are 30 % higher. But that is before the quarter end beauty contests, murk of related parties, and magical one time items.
For entertainment halfway back to the highs is an aspiration before the pause refreshes
Comments