It is trading at 50 times EPS using 1999 earning of 0.98. But if you use forward PE of estimated earning of 1.45 for yr 2000, then PE is 32.8. Which is quite the same as their historical PE level. But for yr 2001, estimate earning will be 1.75, another 20% increase.
For the short term, whether it is high or low depends on whether the market still consider it a growth company. (For the long term should ask whether it is still a growth company) If yes, then it can still go much higher. If No, then it can drop a lot as in the case of P&G.