Up until now you have a point. However, PRGO management just told us growth is going for single digits. That's around TEVA's neighbourhood. Not that I'm saying a ridiculuos p/e of 8 (TEVA's) is reasonable here. no no.
But... a p/e of 22 for a single digit growth company? well, that's ain't cheap buddy. Not here in PRGO nor in TEVA's. However, imo a p/e of 8 in TEVA certainly is way too low. I am willing to argue over 10-14.