Arcam AB fka AMAVF

[mauser96]

from that link

P/E ratio
2013 286
2014 240
2015 E 74
2016 E 50

So it seems that good reason that price of AMAVF isn't following earnings is that the P/E is shrinking

their 2015 estimated earnings = $2.41
2016 estimated earnings= $3.48
If indeed there turns out to be a 40% growth rate, , the stock deserves a high P/E.

Arcam is still in at's infancy, it could grow in the 30% or better range for many years, in double digits for at least a decade.