Not sure if that's what you mean but that could be understood as "the price/earnings ratio has gone down to just 27 because the growth expected currently is low

Not sure if that's what you mean but that could be understood as "the price/earnings ratio has gone down to just 27 because the growth expected currently is lower than what it used to be". In 2010-2019 it was rarely above 20 and it even went below 10. The decade average was 15.