Quite good relative value on this falling knife I think.

Lowest price in the last 8 years or so was March 2020, around $27-30, depending on whether you take the intra-week or intra-day low.

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Add in roughly 20% inflation.

Subtract out 10% for devaluing patents (warning: total estimate).

Add in $12.33 earnings since then.

Subtract out $5.60 dividends since then.

Result: $36-39, depending on which 'low' you prefer to use.

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Today's price: $34.30.

IMHO: cheaper than the lowest lows of the last 8 years, but with a stronger position in terms of pipeline and finances.

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What might reverse the recent bad sentiment?

- historically, you get totally random 20-30% rallies in PFE every now and then - look at the 5 year chart

- lots of covid + new major clade BA.2.86 -> covid revenue higher than expected, for longer than expected?

-- (BA.2.86 news triggered 30% rallies in $MRNA and $BNTX recently from $95->$125)

- new GLP-3 med en route, stage 3 (has taken LLY/NVO share prices to the moon this year +50%)

-- (Pfizer's GLP-3 med is oral rather than a jab, and works faster than the competitors)

- general shortages in medicines throughout global healthcare systems should boost prices up

- aging population, cancer meds, backlog in cancer treatment, etc

- equity fund managers fleeing tech in a tech crash and looking for a safe, low-beta, busted out safe haven stock?

Lastly : I think it passes the 'PER reliably below 10x in 5 years', since it's already <10x, and ±20-25% dividends can be reinvested to effectively bring it down further.

Probably worth a punt, I think?

I hold $PFE.