The Vena Contracta Effect
As fluid flows through a valve restriction, velocity increases and pressure drops (Bernoulli's Principle). The lowest pressure point occurs slightly downstream at the Vena Contracta. This pressure ($P_{vc}$) can drop far below the outlet ($P_2$), and is governed by the valve's Pressure Recovery Factor ($F_L$).
Globe valves ($F_L \approx 0.9$) have shallow dips, while Ball/Butterfly valves ($F_L \approx 0.5$) have deep dips that risk crossing below the vapor pressure line.