Novoray's high P/E ratio is concerning despite positive earnings growth, as it forecasts lower growth than the broader market. This, coupled with a weak earnings outlook, suggests a potential share price decline, posing significant risk to shareholders.

Novoray's declining ROCE trend doesn't inspire confidence for the stock's future prospect. Although this may be tied to reinvestment efforts for long-term growth, the continued return shrinkage raises concerns.

While Novoray's growth prospects look promising, its current share price seems to reflect this, trading above industry multiples. It suggests potentially unsuitable timing for investment, and current shareholders may consider selling.