Which of the following statement about P/E is NOT true?

1) All else being equal, a firm will have a higher P/E if its plowback ratio is higher.

2) All else being equal, a firm will have a lower P/E if its required rate of return is higher.

3) All else being equal, a firm will have a higher P/E if its ROE is higher (assuming plowback ratio is positive).

4) All else being equal, a firm will have a lower P/E if its beta is higher.