Justified and Trailing P/E

CFA Level II Equities
#1

If a company grow at a positve % pa indefinitely, why is Justfied Trailing P/E > Justified Leading P/E by a factor or (1+g) in the numerator?

I would have expected Leading P/E to be higher than Trailing P/E given that the company is experiencing growth. What am I missing?

Help please!

#2

Yeah the formula is counter intuitive, but the results do make sense

You expect earnings to grow. Leading P/E will be calculated with the same price but a higher number in the denominator than the used for Trailling P/E, so it is expected for Leading P/E to be lower in the case of rising earnings

#3

Thanks!