Bechtle (BHTLF) [ETR:BC8] has released its full Q3 financial figures on November 13. The figures were slightly ahead of our expectations as well as the markets, we reckon. Following the results, the stock climbed to €113.25 (+7%) and settling at this level. Given such a positive stock reaction, we believe investors are overlooking the visibly softer growth dynamics going forward. We see rising downside pressure on the stock price, as current valuation levels are way ahead of its peers and historic levels. For instance, forward-looking peer multiples for P/E at 17.2x and EV/EBIT