. An analyst has prepared a table of the average trailing twelve-month price-to-earning (P/E), price-to-cash flow (P/CF), and price-to-sales (P/S) for the Tanaka Corporation for the years 2014 to 2017.

Year P/E P/CF P/S 2014 4.9 5.4 1.2 2015 6.1 8.6 1.5 2016 8.3 7.3 1.9 2017 9.2 7.9 2.3 As of the date of the valuation in 2018, the trailing twelve-month P/E, P/CF, and P/S are, respectively, 9.2, 8.0, and 2.5. Based on the information provided, the analyst may reasonably conclude that Tanaka shares are most likely:

A. overvalued.

B. undervalued.

C. fairly valued.