How to pitch a tactical short?

What is the best framework to pitch a tactical short (i.e. stock is trading at an elevated multiple on elevated expectations on FY2 earnings -> you see an opportunity to short into 4QFY1 results as investors realize visibility on FY2 earnings is not what it was). 

Would you pitch this as temporary multiple contraction on same elevated consensus FY2 earnings? or would you factor in multiple compression and your bear case FY2 earnings? 

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