Market price = Fundamentals * appeal for the stock.
For MSFT, Fundamentals are stellar. Marker appeal is horrible. Market appeal declined faster than earnings improved. 60% decline in market appeal will still result in 30% PE contraction if appeal for the stock goes down by 40%.
MSFT one year price decline of 15% comes from = 24% eps increase * 32% appeal collapse. MSFT today = 1.24 * .68 of 1 year ago or 0.85x of $30. Makes sense?