given the two numbers in the vignette - you cannot calculate the justified P/E ratio. But what they want you to do is to use the formula you know for the P/E ratio and determine the way the P/E would reduce when any of the parameters that determine P/E - viz volatilty reduces, growth increases or correlation of US with the world increases.
growth increases - (r-g) decreases - so P/E increases - bcos (r-g) is in the denominator.
correlation with world increases - risk increases - so required return r should increases - so P/E drops …ANS
volatily reduces - risk reduces - so required return r drops - (r-g) decreases - P/E increases.
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