I think cheap and expensive is relative to the...

I think cheap and expensive is relative to the alternatives.

there are some better offers out there in the world, but there are also plenty of worse offers.

without using any detailed valuation methods it seems the price is reasonable if future expectations are met. Although MCE is one of my favourite stocks, I exited my position recently because there is another company I like that is trading at half the p/e of MCE.

I suspect (based on magic like hunches and inklings) that if the full year earnings aren't impressive, the stock price will suffer. I am looking for an entry around $5.