The problem is defining what we mean by innovation. In the strictest sense innovation is "the bringing of the new" An established company however is based on making money from what they do already. Then they talk about innovation because it sounds good. When we try and define an innovative established company we are not really making sense. What we really mean is "being clever at what they do already". The other issue is that share price is more determined by institutional investors rather than market performance. The whole concept is like judging the performance of a car based on the colour of its' engine.