EOH shares fell to their lowest level in three years as they traded at 9 600c after a high of over 16 000c last year. At current levels the stock trades at a cheap historic price-toearnings (P/E) ratio of around 13.5 times, but the company is facing challenges regarding its growth strategy. Historically, EOH has grown organically and via aggressive acquisitions, using its shares to buy businesses. The problem now is two-fold. Cheaper shares mean less bang for a buck when buying businesses. Second, at its large size, acquisitive growth is much more difficult to achieve. This is because it needs big deals to make a difference to profits and the bigger the deal, the higher the risks. Results are due mid-September and I would wait to see what they look like before making any decisions on whether to buy or sell.