Don't forget we're talking about a company that has returned...

Don't forget we're talking about a company that has returned triple digit growth in EPS over the last few years. It won't get close to that for FY2016 but it is by no means on an expensive P/E by any reasonable estimation. Quality of management in addition to their consistency of returns and low risk could easily justify a P/E of 40 in my opinion. Look at Dominos, it's on a P/E of almost 80 and I doubt they will have results as strong as MFG in the short or long term. The media is yet to fully capture the success story of this company, but in time if MFG continues with such impressive returns it could easily become a market darling such as DMP demanding an even higher premium.

There's an argument to be made either way, but I'm tentatively optimistic about the short and long term state of the market and in particular the Dow too. I don't see any major headwinds that make this stock appear even close to overvalued yet. I doubt the next set of results will stun like FY2015, but I am still optimistic on current valuation that it will continue the steady ride up.