"Second, there is no linear relationship between the variables "%growth yoy" and "Share Price", in fact the variables don't even move in the same direction (compare 2019 to 2020 with 2020 to 2021). No correlation."
That maybe the case in certain scenarios but not in all of them. Markets, specially in the situation in which PNV finds itself in, are forward looking and yoy figures may certainly be used to validate one's expectations. We are there to conquer a dominant position in a existing market and the question maybe this: Yes, there has been a covid-19 factor negatively impacting, but what about the current strategy, specially when having in mind that the covid-19 pandemic seems to be here to stay?
It may well be the case that it is the best one, but if that is the case then expectations may have to be scaled down.
PNV - Banter and General Comments, page-6174
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