That said, my original point was that we're looking at a financial ratio, and the first rule of applying financial ratios is that they are useless in a vacuum.

That said, my original point was that we're looking at a financial ratio, and the first rule of applying financial ratios is that they are useless in a vacuum. We don't know the fundamental valuation of the company. I didn't say it's inherently under- or over-valued, just that the ratio is meaningless.