Facebook (I'm not calling it Meta) is trading at a blended P/E of 16 for the first time since 2018.

Sentiment is about as bad as I can ever remember. The street expects a huge cash dump into R&D.

Entering in 2018 at a PE of 16 when the stock was most hated was a very timely opportunity. If $FB can sustain 15%+ EPS growth in FY23 and FY24 and it trades up to its normalized PE of 26 it's a 30% annualized ROR

So the question is does $FB over or underperform expectations and will it deserve multiple expansion?

FWIW even if the PE drops to 15 we're still looking at >10% annualized returns. Not a bad R/R