Global Index Briefing: MSCI Forward P/Es Index Briefing: MSCI Forward P/Es Yardeni Research ... 2006...
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Global Index Briefing: MSCI Forward P/Es Yardeni Research, Inc. May 2, 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
Transcript of Global Index Briefing: MSCI Forward P/Es Index Briefing: MSCI Forward P/Es Yardeni Research ... 2006...
Global Index Briefing:MSCI Forward P/Es
Yardeni Research, Inc.
May 2, 2018
Dr. Ed Yardeni516-972-7683
Joe Abbott732-497-5306
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
Major Regions 3-4Advanced Economies 5-6Major Europe Economies 7Emerging Economies 8-9Countries A-Z 10-32
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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MSCI FORWARD P/E(weekly)
Forward P/E*
EMU (14.0)Emerging Markets (11.8)
US (16.5)
Japan (13.3)UK (13.7)
Capped at 20
yardeni.com
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
Figure 1.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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FORWARD P/E: WORLD MSCI
Forward P/E*All Country World (14.9)EAFE (14.1)Emerging Markets (11.8)US (16.5)
yardeni.com
* 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 2.
Major Regions
Page 3 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20198
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FORWARD P/E: WORLD MSCI
Forward P/E*All Country World (14.9)US (16.5)
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* Price divided by 12-month forward consensus expected operating earnings per share. Monthly through December 2005, weekly thereafter.Source: MSCI.
Figure 3.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20196
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FORWARD P/E: WORLD MSCI EX-US
Forward P/E*All Country World Ex US (13.5)US (16.5)
* 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.
yardeni.com
Figure 4.
Major Regions
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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15
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30
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45
50
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60
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FORWARD P/E: ADVANCED ECONOMIES MSCI
Forward P/E*EMU (14.0)Japan (13.3)United Kingdom (13.7)United States (16.5)
yardeni.com
* 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 5.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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30
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FORWARD P/E: ADVANCED ECONOMIES MSCI
Forward P/E*Canada (14.1)EAFE (14.1)United States (16.5)
yardeni.com
* 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.
Advanced Economies
Page 5 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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55
60
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10
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FORWARD P/E: ADVANCED ECONOMIES MSCI
Forward P/E*Germany (13.0)Japan (13.3)United Kingdom (13.7)United States (16.5)
yardeni.com
* 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 7.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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FORWARD P/E: ADVANCED ECONOMIES MSCI
Forward P/E*EAFE (14.1)Europe (13.8)Japan (13.3)
yardeni.com
* 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 8.
Advanced Economies
Page 6 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20194
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FORWARD P/E: EUROZONE MSCIForward P/E*
France (14.6)Germany (13.0)Italy (12.8)Spain (12.3)
yardeni.com
* 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 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
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FORWARD P/E: EMERGING ECONOMIES MSCI
Forward P/E*Emerging Markets (11.8)EM Asia (12.0)EM Eastern Europe (7.1)EM Latin America (13.5)
yardeni.com
* 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 10.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
5
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FORWARD P/E: BRIC MSCI COMPOSITES
Forward P/E*Brazil (12.2)Russia (5.7)India (18.1)China (12.2)
yardeni.com
* 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.
Emerging Economies
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
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FORWARD P/E: EMERGING ECONOMIES MSCIForward P/E*
China (12.2)India (18.1)Indonesia (15.4)Korea (8.7)Taiwan (13.3)Turkey (7.1)
yardeni.com
* 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 12.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20192
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FORWARD P/E: EMERGING ECONOMIES MSCI
Forward P/E*Argentina (12.3)Brazil (12.2)Mexico (15.8)
yardeni.com
* 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.
Emerging Economies
Page 9 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
ARGENTINA MSCI VALUATION MULTIPLE*
Forward P/E (12.3)
Figure 14.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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* 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 (15.0)
Figure 15.
Countries A-Z
Page 10 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
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0
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
AUSTRIA MSCI VALUATION MULTIPLE*
Forward P/E (11.3)
Figure 16.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
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* 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 (17.0)
Figure 17.
Countries A-Z
Page 11 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20194
5
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11
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
BRAZIL MSCI VALUATION MULTIPLE*
Forward P/E (12.2)
Figure 18.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20196
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18
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* 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 (14.1)
Figure 19.
Countries A-Z
Page 12 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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20
25
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
CHILE MSCI VALUATION MULTIPLE*
Forward P/E (17.6)
Figure 20.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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* 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 (12.2)
Figure 21.
Countries A-Z
Page 13 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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15
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25
30
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
CZECH REPUBLIC MSCI VALUATION MULTIPLE*
Forward P/E (15.7)
Figure 22.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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* 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 (17.3)
Figure 23.
Countries A-Z
Page 14 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
5
10
15
20
0
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
EGYPT MSCI VALUATION MULTIPLE*
Forward P/E (12.1)
Figure 24.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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* 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 (16.6)
Figure 25.
Countries A-Z
Page 15 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
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30
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
FRANCE MSCI VALUATION MULTIPLE*
Forward P/E (14.6)
Figure 26.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
30
35
5
10
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* 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 (13.0)
Figure 27.
Countries A-Z
Page 16 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
GREECE MSCI VALUATION MULTIPLE*
Forward P/E (13.6)
Figure 28.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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15
20
25
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* 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 (15.4)
Figure 29.
Countries A-Z
Page 17 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
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20
0
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
HUNGARY MSCI VALUATION MULTIPLE*
Forward P/E (10.4)
Figure 30.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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* 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 (18.1)
Figure 31.
Countries A-Z
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Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
5
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40
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
INDONESIA MSCI VALUATION MULTIPLE*
Forward P/E (15.4)
Figure 32.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
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* 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 (15.2)
P/E capped at 40 due to extreme values.
Figure 33.
Countries A-Z
Page 19 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
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30
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
ISRAEL MSCI VALUATION MULTIPLE*
Forward P/E (10.7)
Figure 34.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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* 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 (12.8)
Figure 35.
Countries A-Z
Page 20 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
15
25
35
45
55
65
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
JAPAN MSCI VALUATION MULTIPLE*
Forward P/E (13.3)
Figure 36.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20194
6
8
10
12
14
16
18
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22
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* 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 (8.7)
Figure 37.
Countries A-Z
Page 21 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
MALAYSIA MSCI VALUATION MULTIPLE*
Forward P/E (16.1)
Figure 38.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20196
8
10
12
14
16
18
20
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* 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 (15.8)
Figure 39.
Countries A-Z
Page 22 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
NETHERLANDS MSCI VALUATION MULTIPLE*
Forward P/E (16.1)
Figure 40.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201910
12
14
16
18
20
22
24
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12
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* 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 (21.1)
Figure 41.
Countries A-Z
Page 23 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20194
6
8
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12
14
16
18
4
6
8
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14
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18
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
NORWAY MSCI VALUATION MULTIPLE*
Forward P/E (14.3)
Figure 42.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
5
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15
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* 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 (9.5)
Figure 43.
Countries A-Z
Page 24 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
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35
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
PERU MSCI VALUATION MULTIPLE*
Forward P/E (14.6)
Figure 44.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
5
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* 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 (16.3)
Figure 45.
Countries A-Z
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
30
5
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25
30
4/26
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
POLAND MSCI VALUATION MULTIPLE*
Forward P/E (11.3)
Figure 46.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
30
5
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30
4/26
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* 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 (17.6)
Figure 47.
Countries A-Z
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
5
10
15
20
25
0
5
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15
20
25
4/26
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
RUSSIA MSCI VALUATION MULTIPLE*
Forward P/E (5.7)
Figure 48.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
5
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* 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 (14.0)
Figure 49.
Countries A-Z
Page 27 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20196
8
10
12
14
16
18
6
8
10
12
14
16
18
4/26
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
SOUTH AFRICA MSCI VALUATION MULTIPLE*
Forward P/E (14.7)
Figure 50.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
30
5
10
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30
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* 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 (12.3)
Figure 51.
Countries A-Z
Page 28 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
30
35
40
5
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35
40
4/26
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
SWEDEN MSCI VALUATION MULTIPLE*
Forward P/E (15.8)
Figure 52.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
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25
4/26
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* 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 (16.4)
Figure 53.
Countries A-Z
Page 29 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
30
35
5
10
15
20
25
30
35
4/26
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.
TAIWAN MSCI VALUATION MULTIPLE*
Forward P/E (13.3)
Figure 54.
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20194
6
8
10
12
14
16
18
4
6
8
10
12
14
16
18
4/26
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* 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 (15.5)
Figure 55.
Countries A-Z
Page 30 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
Yardeni Research, Inc.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
5
10
15
20
0
5
10
15
20
4/26
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: Thomson Reuters I/B/E/S.
TURKEY MSCI VALUATION MULTIPLE*
Forward P/E (7.1)
Figure 56.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20195
10
15
20
25
30
5
10
15
20
25
30
4/26
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* 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 (13.7)
Figure 57.
Countries A-Z
Page 31 / May 2, 2018 / Global Index Briefing: MSCI Forward P/Es www.yardeni.com
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Countries A-Z
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