MSFT:ESP whole year is 2.75$ x PE 17 = 46.75$, 33$ now is Dirt Cheap: accumulate more....
Microsoft is currently priced at around 17 times trailing earnings, but looking at more normalized earnings going forward of an estimated $2.75-- the company is priced at only a little under 11 times forward earnings.
The bottom line
Companies can have bad quarters or experience temporary problems (such as one-time items and other isolated incidents) that render their earnings weaker than normal. If these problems are simply "bumps in the road" and are not continual and are not characteristic of the company's more normalized earnings power, they may provide an opportunity for an investor to accumulate shares of a wonderful company for cheaper than it looks.