Next 12 months expectations, page-35

That tends strongy to be the case since during growth, revenue is a lagging indicator and a premium estimated. Unlike the opposite where a discount is applied. Plus there is the inherent capitalisation and intrinsic worth of assets. Hence why companies at inception despite having negative earnings and an infinite PE have a finite price. Conversely for an established company with a stable revenue flow and limited innovation should see their PE dictated moreso by the return on investment as a function of their fixed capital base.