Evolution AB - $EVO - En route towards multiple expansion

Investors seems to be missing the forest for the trees. Short term noise have built an impression that Evolution deserves to trade at 12 times earnings. But remember, the P/E multiple is not only a component of growth. Market valuations of sectors varies over time, and there is no permanent anti-ESG underperformance. If so, any quant with a screen would outperform the market. I foresee a clear path towards multiple expansion, despite modest expectations for company performance. In this analysis, I try to explain what the returns could look like over 5 years.