Three things will be working for usa) stock buy-back will reduse the float and lower the P/E ratio of the company all else being equal
b) the tax reduction that will likely offset the reduction of re-imbursement rates
c) increase in top and bottom line, i.e., revenues and profit, that will further lower the P/E ratio. This will likely occur partly by organic growth and partly by acquisitions. Great prospects for CRH.