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Global Index Briefing: MSCI Forward P/Es - Yardeni Research

Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. March 6, 2019. Dr. Ed Yardeni 516-972-7683. Joe Abbott 732-497-5306. Mali Quintana 480-664-1333. Please visit our sites at thinking outside the box Table Of Contents Table Of Contents Major Regions 3-4. Advanced Economies 5-6. Major Europe Economies 7. Emerging Economies 8-9. Countries A-Z 10-32. March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Major Regions Figure 1. 25 25. MSCI Forward P/E. (weekly). Forward P/E*. Capped at 20 Emerging Markets ( ). 20 EMU ( ) 20. Japan ( ). UK ( ). US ( ). 2/28. 15 15. 10 10. 5 5. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020. * Price divided by 12-month Forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv. Figure 2. 30 30. Forward P/E: WORLD MSCI. Forward P/E*. 25 All Country World ( ) 25. EAFE ( ).

Table Of Contents Table Of ContentsTable Of Contents February 27, 2019 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com Yardeni Research, Inc. Major Regions 3-4 Advanced Economies 5-6 Major Europe Economies 7

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Transcription of Global Index Briefing: MSCI Forward P/Es - Yardeni Research

1 Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. March 6, 2019. Dr. Ed Yardeni 516-972-7683. Joe Abbott 732-497-5306. Mali Quintana 480-664-1333. Please visit our sites at thinking outside the box Table Of Contents Table Of Contents Major Regions 3-4. Advanced Economies 5-6. Major Europe Economies 7. Emerging Economies 8-9. Countries A-Z 10-32. March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Major Regions Figure 1. 25 25. MSCI Forward P/E. (weekly). Forward P/E*. Capped at 20 Emerging Markets ( ). 20 EMU ( ) 20. Japan ( ). UK ( ). US ( ). 2/28. 15 15. 10 10. 5 5. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020. * Price divided by 12-month Forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv. Figure 2. 30 30. Forward P/E: WORLD MSCI. Forward P/E*. 25 All Country World ( ) 25. EAFE ( ).

2 Emerging Markets ( ). US ( ). 20 20. 15 2/28 15. 10 10. 5 5. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Page 3 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Major Regions Figure 3. 26 26. Forward P/E: WORLD MSCI. 24 24. 22 22. 20 20. 18 18. 16 16. 2/28. 14 14. Forward P/E*. 12 All Country World ( ) 12. US ( ). 10 10. 8 8. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: MSCI. Figure 4. 28 28. Forward P/E: WORLD MSCI EX-US. 26 26. 24 24. 22 22. 20 20. 18 18. 2/28. 16 16. 14 14. 12 12.

3 Forward P/E*. All Country World Ex US ( ). 10 US ( ) 10. 8 8. 6 6. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Page 4 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Advanced Economies Figure 5. 60 60. Forward P/E: ADVANCED ECONOMIES MSCI. 55 55. 50 50. Forward P/E*. 45 EMU ( ) 45. Japan ( ). 40 United Kingdom ( ) 40. United States ( ). 35 35. 30 30. 25 25. 20 20. 15 15. 2/28. 10 10. 5 5. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Figure 6. 30 30. Forward P/E: ADVANCED ECONOMIES MSCI.

4 25 25. 20 20. 15 15. 2/28. 10 Forward P/E* 10. Canada ( ). EAFE ( ). United States ( ). 5 5. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Page 5 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Advanced Economies Figure 7. 60 60. Forward P/E: ADVANCED ECONOMIES MSCI. 55 55. 50 Forward P/E* 50. Germany ( ). 45 Japan ( ) 45. United Kingdom ( ). 40 United States ( ) 40. 35 35. 30 30. 25 25. 20 20. 15 15. 2/28. 10 10. 5 5. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S.

5 Figure 8. 60 60. Forward P/E: ADVANCED ECONOMIES MSCI. 55 55. 50 50. Forward P/E*. 45 EAFE ( ) 45. Europe ( ). 40 Japan ( ) 40. 35 35. 30 30. 25 25. 20 20. 15 15. 2/28. 10 10. 5 5. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Page 6 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Major Europe Economies Figure 9. 18 18. Forward P/E: EUROZONE MSCI. Forward P/E*. 16 France ( ) 16. Germany ( ). Italy ( ). Spain ( ). 14 14. 2/28. 12 12. 10 10. 8 8. 6 6. 4 4. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020. * Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.

6 Source: Thomson Reuters I/B/E/S. Page 7 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Emerging Economies Figure 10. 30 30. Forward P/E: EMERGING ECONOMIES MSCI. Forward P/E*. 25 25. Emerging Markets ( ). EM Asia ( ). EM Eastern Europe ( ). 20 EM Latin America ( ) 20. 15 15. 2/28. 10 10. 5 5. 0 0. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Figure 11. 40 40. Forward P/E: BRIC MSCI COMPOSITES. 35 35. Forward P/E*. 30 30. Brazil ( ). Russia ( ). 25. India ( ) 25. China ( ). 20 20. 15 15. 2/28. 10 10. 5 5. 0 0. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share.

7 Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Page 8 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Emerging Economies Figure 12. 40 40. Forward P/E: EMERGING ECONOMIES MSCI. Forward P/E*. 35 China ( ) 35. India ( ). Indonesia ( ). 30 Korea ( ) 30. Taiwan ( ). Turkey ( ). 25 25. 20 20. 15 15. 2/28. 10 10. 5 5. 0 0. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Figure 13. 26 26. Forward P/E: EMERGING ECONOMIES MSCI. 24 24. 22 Forward P/E* 22. Argentina ( ). 20 Brazil ( ) 20. Mexico ( ). 18 18. 16 16. 14 14. 12 12. 10 2/28 10. 8 8. 6 6. 4 4. 2 2. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20.

8 * Price divided by 12-month Forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Page 9 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Countries A-Z. Figure 14. 30 30. ARGENTINA MSCI VALUATION MULTIPLE*. Forward P/E ( ). 25 25. 20 20. 15 15. 10 2/28 10. 5 5. 0 0. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by Forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter. Source: I/B/E/S data by Refinitiv. Figure 15. 25 25. AUSTRALIA MSCI VALUATION MULTIPLE*. 20 20. Forward P/E ( ). 15 2/28 15. 10 10. 5 5. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by Forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.

9 Source: I/B/E/S data by Refinitiv. Page 10 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Countries A-Z. Figure 16. 20 20. AUSTRIA MSCI VALUATION MULTIPLE*. Forward P/E ( ). 15 15. 10 10. 2/28. 5 5. 0 0. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by Forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter. Source: I/B/E/S data by Refinitiv. Figure 17. 25 25. BELGIUM MSCI VALUATION MULTIPLE*. Forward P/E ( ). 20 20. 15 15. 2/28. 10 10. 5 5. 0 0. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by Forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter. Source: I/B/E/S data by Refinitiv. Page 11 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc.

10 Countries A-Z. Figure 18. 15 15. BRAZIL MSCI VALUATION MULTIPLE*. 14 14. 13 13. 12 Forward P/E ( ) 12. 2/28. 11 11. 10 10. 9 9. 8 8. 7 7. 6 6. 5 5. 4 4. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by Forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter. Source: I/B/E/S data by Refinitiv. Figure 19. 28 28. CANADA MSCI VALUATION MULTIPLE*. 26 26. 24 24. 22 22. 20 Forward P/E ( ) 20. 18 18. 16 16. 14 2/28 14. 12 12. 10 10. 8 8. 6 6. 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20. * Price divided by Forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter. Source: I/B/E/S data by Refinitiv. Page 12 / March 6, 2019 / Global Index briefing : MSCI Forward P/Es Yardeni Research , Inc. Countries A-Z. Figure 20. 25 25. CHILE MSCI VALUATION MULTIPLE*.


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