PetSmart is trading within its historically normal price-to-cash earnings and price-to-sales ranges as the market has finally rewarded PETM for its steady growth.
At the same time implied (annualized) volatility, reflecting the oil market's expectations about price fluctuations, is running around 45%, 15 points above normal levels.
The stock is very near the high end of its historically normal ranges of both price-to-cash earnings and price-to-sales, which suggests the market has already priced in quite a bit of fundamental improvement.