True... but the Wuhan acquisition is yet to be included into actual operating results and any return of sales to YUM brands in China will need to be factored as well (was a drag last quarter). Hopefully they are able to keep Grillin' Mates and related products humming along nicely to minimize the drop off of Spring holiday baking/cooking sales.
MKC has history of high P/E because they are a pure play on the space, solidly run and have proven their ability to increase sales and revenues over the long run. One of the few companies to actually show solid results in the '07-'09 frame. That in itself earns them a higher valuation because of the people trying to get behind the stock.