A lot of good points – thanks for that! I’ll just comment that I personally wouldn’t worry about it dropping all the way to a P/E of 10. Even if we assume zero growth, I believe a company generating such defensive and steady cash flow would be valued at a higher multiple. That would also be a very low valuation compared to its history. Even now, in a fairly bearish sentiment, the P/E is around 15. I would think that a P/E of 10 would require a significant rise in interest rates in addition to zero growth. I do follow news and discussion regarding Elisa closely, as it is one of my largest investments (approx. 3% of my portfolio), but I’m not very worried yet.
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