When observing the trend of the price of EMC stock, notice the large span between the high price and the low price of each year. During 1991 and 1992 there was a three-fold difference between the high price and the low price during each year. 1993 had a four-fold difference. The high price was double the low price in both 1994 and 1995. Volatility may cause lower expectations for increases in earnings multiples.
Investors also lower multiple expectations for other reasons.
Additional reasons may be the vagaries of pricing pressure, competition, and the economy. There doesn't appear to be any reason to adjust it. Therefore, it must be done manually. Include this task in your list of adjustments to secondary judgments. EMC was either still a memory vendor or in the middle of reengineering itself during those two years of deficits, so heavy capital investment is probably a major part of the answer.