RE:P/E = 3 Nothing hidden here, IMHO it's been the BUYBACKS. Buybacks are NEGATIVE for the company and depending on Share Price of the buyback it can be Positive or Negative for SHARE VALUE.
What's good for the Company. What's good for Share Value. While the 2 are related they are different.
Buybacks are NEGATIVE for the company. You are taking CASH to buy PAPER SHARES and basically lighting those shares on fire. That Capital is GONE. This action does nothing to help the company grow or earn more money.
At current share price I think buybacks are POSITIVE for share value based on Book Value and Projected future earnings (P/E).
All just my opinion.