I wrote a message about this in the development ideas thread with my own thoughts, to which Thomas responded. I’ve also been wondering why share valuation multiples don’t seem to affect Inderes’ risk assessment. After high multiples have corrected downwards, shares classified in the lowest-risk category have fallen like a stone. The risk table should by no means be read as “risk” taking a stance on how likely the 12-month target price or recommendation will hold true. The current risk table doesn’t care about the share price - a share is low-risk, no matter what the multiples are, as long as the business meets certain criteria for risk-free operation. That’s how I’ve understood it. 
The target price and recommendation are, in a way, married to each other. Both are dependent on the share price. The risk assessment is separate from these in the current system, because it doesn’t look at the share price (multiples).