Got it - I misinterpreted your original point and I thought you were specifically pointing to some companies.
I think the rest of my argument still holds, more availability of cash = increase value. (I actually just noticed that the top comment says basically the same.)
It isn't some companies, it's most of the public companies containing substantial invested capital. The S&P 500 earnings multiple has gone up ~60% since 2011. Currently near 25 times, it's at roughly the second highest non-recessionary level in US history.