Global Index Briefing: MSCI Forward P/Es Yardeni Research, Inc. May 21, 2018 Dr. Ed Yardeni 516-972-7683 [email protected]Joe Abbott 732-497-5306 [email protected]Mali Quintana 480-664-1333 [email protected]Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box
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Global Index Briefing: MSCI Forward P/Es - · PDF fileGlobal Index Briefing: MSCI Forward P/Es Yardeni Research, Inc. March 7, 2018 Dr. Ed Yardeni 516-972-7683 [email protected]
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France (14.6)Germany (13.1)Italy (12.4)Spain (12.5)
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* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
Figure 9.
Major Europe Economies
Page 7 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
AUSTRALIA MSCI VALUATION MULTIPLE*
Forward P/E (15.3)
Figure 15.
Countries A-Z
Page 10 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
BELGIUM MSCI VALUATION MULTIPLE*
Forward P/E (16.2)
Figure 17.
Countries A-Z
Page 11 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
CANADA MSCI VALUATION MULTIPLE*
Forward P/E (14.4)
Figure 19.
Countries A-Z
Page 12 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
CHINA MSCI VALUATION MULTIPLE*
Forward P/E (12.6)
Figure 21.
Countries A-Z
Page 13 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
DENMARK MSCI VALUATION MULTIPLE*
Forward P/E (17.6)
Figure 23.
Countries A-Z
Page 14 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
FINLAND MSCI VALUATION MULTIPLE*
Forward P/E (17.4)
Figure 25.
Countries A-Z
Page 15 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
GERMANY MSCI VALUATION MULTIPLE*
Forward P/E (13.1)
Figure 27.
Countries A-Z
Page 16 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
HONG KONG MSCI VALUATION MULTIPLE*
Forward P/E (15.7)
Figure 29.
Countries A-Z
Page 17 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
INDIA MSCI VALUATION MULTIPLE*
Forward P/E (17.9)
Figure 31.
Countries A-Z
Page 18 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
IRELAND MSCI VALUATION MULTIPLE*
Forward P/E (16.0)
P/E capped at 40 due to extreme values.
Figure 33.
Countries A-Z
Page 19 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
ITALY MSCI VALUATION MULTIPLE*
Forward P/E (12.4)
Figure 35.
Countries A-Z
Page 20 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
KOREA MSCI VALUATION MULTIPLE*
Forward P/E (8.6)
Figure 37.
Countries A-Z
Page 21 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
MEXICO MSCI VALUATION MULTIPLE*
Forward P/E (15.2)
Figure 39.
Countries A-Z
Page 22 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
NEW ZEALAND MSCI VALUATION MULTIPLE*
Forward P/E (21.6)
Figure 41.
Countries A-Z
Page 23 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
PAKISTAN MSCI VALUATION MULTIPLE*
Forward P/E (8.8)
Figure 43.
Countries A-Z
Page 24 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
PHILIPPINES MSCI VALUATION MULTIPLE*
Forward P/E (17.1)
Figure 45.
Countries A-Z
Page 25 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
PORTUGAL MSCI VALUATION MULTIPLE*
Forward P/E (18.1)
Figure 47.
Countries A-Z
Page 26 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
SINGAPORE (FREE) MSCI VALUATION MULTIPLE*
Forward P/E (13.7)
Figure 49.
Countries A-Z
Page 27 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
SPAIN MSCI VALUATION MULTIPLE*
Forward P/E (12.5)
Figure 51.
Countries A-Z
Page 28 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
SWITZERLAND MSCI VALUATION MULTIPLE*
Forward P/E (16.5)
Figure 53.
Countries A-Z
Page 29 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
THAILAND MSCI VALUATION MULTIPLE*
Forward P/E (15.2)
Figure 55.
Countries A-Z
Page 30 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
UNITED KINGDOM MSCI VALUATION MULTIPLE*
Forward P/E (13.9)
Figure 57.
Countries A-Z
Page 31 / May 21, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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Countries A-Z
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