CCLTF: Well, to see if the valuation is 'accounting' for potential housing-market risk...All we need to do is compare it to the valuation of other companies that have high exposure to the housing market.
I don't know any real-estate developers trading at 3-4x P/E, do you? ;). Other markets heavily impacted would be home appliances / furniture / stores-that-sell-those-products / etc.
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