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Global Index Briefing:MSCI MetricsComparisons
Yardeni Research, Inc.
July 16, 2020
Dr. Edward Yardeni516-972-7683
Joe Abbott732-497-5306
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
Forward Earnings 1-4Forward Revenues 5-8Forward Earnings Growth 9-12Forward Revenue Growth 13-16Valuation 17-20Forward Profit Margin 21-24Index Price 25-28
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-80
-60
-40
-20
0
20
40
60
80
100
120
-80
-60
-40
-20
0
20
40
60
80
100
120
7/9
All Country World (25.7)Emerging Markets (7.9)EMU (-22.2)Japan (7.0)UK (-13.8)US (71.8)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
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MSCI FORWARD EARNINGS PER SHARE*(indexed to 0 at 1-19-2006)
Figure 1.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-80
-60
-40
-20
0
20
40
60
-80
-60
-40
-20
0
20
40
60
7/9
France (-19.2)Germany (8.9)Italy (-59.1)Spain (-39.2)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
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MSCI FORWARD EARNINGS PER SHARE*(indexed to 0 at 1-19-2006)
Figure 2.
Forward Earnings
Page 1 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-100
-75
-50
-25
0
25
50
75
-100
-75
-50
-25
0
25
50
75
7/9
Greece (-96.9)Ireland (-68.0)Italy (-59.1)Portugal (-61.9)Spain (-39.2)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS PER SHARE*(indexed to 0 at 1-19-2006)
Figure 3.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50
-25
0
25
50
75
100
125
150
175
200
225
-50
-25
0
25
50
75
100
125
150
175
200
225
7/9
Brazil (-0.4)China (128.1)India (133.5)Russia (-8.1)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
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MSCI FORWARD EARNINGS PER SHARE*(indexed to 0 at 1-19-2006)
Figure 4.
Forward Earnings
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50
-25
0
25
50
75
100
125
150
175
200
225
250
275
300
-50
-25
0
25
50
75
100
125
150
175
200
225
250
275
300
7/9
Brazil (-0.4)China (128.1)India (133.5)Indonesia (123.2)Mexico (54.7)South Africa (152.3)Turkey (248.3)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
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MSCI FORWARD EARNINGS PER SHARE*(indexed to 0 at 1-19-2006)
Figure 5.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-80
-60
-40
-20
0
20
40
60
80
100
120
140
-80
-60
-40
-20
0
20
40
60
80
100
120
140
7/9
Israel (5.1)Korea (46.6)Singapore (8.5)Taiwan (21.1)Thailand (-12.0)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS PER SHARE*(indexed to 0 at 1-19-2006)
Figure 6.
Forward Earnings
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-60
-40
-20
0
20
40
60
80
-60
-40
-20
0
20
40
60
80
7/9
Belgium (-51.8)Netherlands (15.4)Norway (-26.8)Sweden (36.6)Switzerland (8.4)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS PER SHARE*(indexed to 0 at 1-19-2006)
Figure 7.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50
-25
0
25
50
75
100
125
-50
-25
0
25
50
75
100
125
7/9Australia (-7.8)Brazil (-0.4)Canada (15.5)Mexico (54.7)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS PER SHARE*(indexed to 0 at 1-19-2006)
Figure 8.
Forward Earnings
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-20
0
20
40
60
80
100
120
140
-20
0
20
40
60
80
100
120
140
7/9
All Country World (31.6)Emerging Markets (68.3)EMU (-0.2)Japan (-8.8)UK (3.1)US (60.7)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUES PER SHARE*(indexed to 0 at 1-19-2006)
Figure 9.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-10
0
10
20
30
40
50
-10
0
10
20
30
40
50
7/9
France (-1.6)Germany (10.1)Italy (-2.1)Spain (9.7)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUES PER SHARE*(indexed to 0 at 1-19-2006)
Figure 10.
Forward Revenues
Page 5 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-100
-75
-50
-25
0
25
50
75
-100
-75
-50
-25
0
25
50
75
7/9
Greece (-94.3)Ireland (-51.5)Italy (-2.1)Portugal (4.2)Spain (9.7)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUES PER SHARE*(indexed to 0 at 1-19-2006)
Figure 11.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50
0
50
100
150
200
250
300
350
400
-50
0
50
100
150
200
250
300
350
400
7/9
Brazil (97.1)China (73.8)India (248.9)Russia (-14.7)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUES PER SHARE*(indexed to 0 at 1-19-2006)
Figure 12.
Forward Revenues
Page 6 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-25
0
25
50
75
100
125
150
175
200
225
250
275
300
325
350
375
-25
0
25
50
75
100
125
150
175
200
225
250
275
300
325
350
375
7/9
Brazil (97.1)China (73.8)India (248.9)Indonesia (155.3)Mexico (161.9)South Africa (124.1)Turkey (323.8)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUES PER SHARE*(indexed to 0 at 1-19-2006)
Figure 13.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50
-25
0
25
50
75
100
125
150
175
-50
-25
0
25
50
75
100
125
150
175
7/9
Israel (-26.5)Korea (135.4)Singapore (-5.8)Taiwan (80.8)Thailand (81.8)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUES PER SHARE*(indexed to 0 at 1-19-2006)
Figure 14.
Forward Revenues
Page 7 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50
-40
-30
-20
-10
0
10
20
30
40
50
-50
-40
-30
-20
-10
0
10
20
30
40
50
7/9
Belgium (-42.7)Netherlands (-3.3)Norway (-7.6)
Sweden (24.0)Switzerland (-7.1)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUES PER SHARE*(indexed to 0 at 1-19-2006)
Figure 15.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-20
0
20
40
60
80
100
120
140
160
180
-20
0
20
40
60
80
100
120
140
160
180
7/9
Australia (4.2)Brazil (97.1)Canada (33.6)Mexico (161.9)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUES PER SHARE*(indexed to 0 at 1-19-2006)
Figure 16.
Forward Revenues
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-30
-20
-10
0
10
20
30
40
-30
-20
-10
0
10
20
30
40
7/9
Growth capped at 30% due to extreme values.
All Country World ** (6.5)Emerging Markets (12.5)EMU (4.3)Japan (12.2)United Kingdom (-3.8)United States (6.0)
* Short-Term Earnings Growth (STEG) is forward consensus expected earnings growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
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MSCI FORWARD EARNINGS GROWTH*(next 52 weeks, percent)
Figure 17.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-30
-20
-10
0
10
20
30
40
50
-30
-20
-10
0
10
20
30
40
50
7/9
Growth capped at 40% due to extreme values.
France ** (2.7)Germany (12.9)Italy (-5.4)Spain (-4.6)United Kingdom (-3.8)
* Short-Term Earnings Growth (STEG) is forward consensus expected earnings growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS GROWTH*(next 52 weeks, percent)
Figure 18.
Forward Earnings Growth
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-70
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
-70
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
7/9
Growth capped at 40% due to extreme values.
Greece ** (12.4)Ireland (2.7)Italy (-5.4)Portugal (17.9)Spain (-4.6)
* Short-Term Earnings Growth (STEG) is forward consensus expected earnings growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS GROWTH*(next 52 weeks, percent)
Figure 19.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-40
-20
0
20
40
60
-40
-20
0
20
40
60
7/9
Growth capped at 50% due to extreme values.
Brazil ** (14.5)China (11.7)India (4.6)Russia (-7.3)
* Short-Term Earnings Growth (STEG) is forward consensus expected earnings growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS GROWTH*(next 52 weeks, percent)
Figure 20.
Forward Earnings Growth
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-20
0
20
40
60
80
100
-20
0
20
40
60
80
100
7/9
Brazil ** (14.5)China (11.7)India (4.6)Indonesia (3.2)Mexico (15.8)South Africa (28.1)Turkey (23.9)
* Short-Term Earnings Growth (STEG) is forward consensus expected earnings growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS GROWTH*(next 52 weeks, percent)
Figure 21.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50
-40
-30
-20
-10
0
10
20
30
40
50
60
70
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
70
7/9
Growth capped at 50% due to extreme values.
Israel ** (9.0)Korea (33.2)Singapore (-4.0)Taiwan (11.0)Thailand (-0.8)
* Short-Term Earnings Growth (STEG) is forward consensus expected earnings growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS GROWTH*(next 52 weeks, percent)
Figure 22.
Forward Earnings Growth
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-40
-20
0
20
40
60
-40
-20
0
20
40
60
7/9
Growth capped at 50% due to extreme values.
Belgium ** (-7.7)Netherlands (6.2)Norway (0.3)Sweden (1.3)Switzerland (5.1)
* Short-Term Earnings Growth (STEG) is forward consensus expected earnings growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS GROWTH*(next 52 weeks, percent)
Figure 23.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-20
-10
0
10
20
30
40
50
-20
-10
0
10
20
30
40
50
7/9
Growth capped at 45% due to extreme values.
Australia ** (2.8)Brazil (14.5)Canada (3.7)Mexico (15.8)
* Short-Term Earnings Growth (STEG) is forward consensus expected earnings growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS GROWTH*(next 52 weeks, percent)
Figure 24.
Forward Earnings Growth
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-10
-5
0
5
10
15
20
-10
-5
0
5
10
15
20
7/9
All Country World** (2.2)Emerging Markets (5.6)EMU (1.1)Japan (-3.1)UK (-1.6)US (3.2)
* Short-Term Revenues Growth (STRG) is forward consensus expected revenues growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUE GROWTH*(next 52 weeks, percent)
Figure 25.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-10
-5
0
5
10
15
-10
-5
0
5
10
15
7/9
France ** (-0.3)Germany (2.6)Italy (-1.7)Spain (-1.2)United Kingdom (-1.6)
* Short-Term Revenues Growth (STRG) is forward consensus expected revenues growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUE GROWTH*(next 52 weeks, percent)
Figure 26.
Forward Revenue Growth
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-15
-10
-5
0
5
10
15
20
25
-15
-10
-5
0
5
10
15
20
25
7/9
Greece ** (-1.7)Ireland (4.1)Italy (-1.7)Portugal (1.2)Spain (-1.2)
* Short-Term Revenues Growth (STRG) is forward consensus expected revenues growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUE GROWTH*(next 52 weeks, percent)
Figure 27.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-25
-20
-15
-10
-5
0
5
10
15
20
25
30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
7/9
Brazil ** (5.6)China (7.4)India (0.8)Russia (-5.4)
* Short-Term Revenues Growth (STRG) is forward consensus expected revenues growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUE GROWTH*(next 52 weeks, percent)
Figure 28.
Forward Revenue Growth
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-5
0
5
10
15
20
25
30
-5
0
5
10
15
20
25
30
7/9
Brazil ** (5.6)China (7.4)India (0.8)Indonesia (2.9)Mexico (5.0)South Africa (9.6)Turkey (11.5)
* Short-Term Revenues Growth (STRG) is forward consensus expected revenues growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUE GROWTH*(next 52 weeks, percent)
Figure 29.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-20
-10
0
10
20
30
-20
-10
0
10
20
30
7/9
Israel ** (3.4)Korea (4.3)Singapore (0.8)Taiwan (3.4)Thailand (0.7)
* Short-Term Revenues Growth (STRG) is forward consensus expected revenues growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUE GROWTH*(next 52 weeks, percent)
Figure 30.
Forward Revenue Growth
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-15
-10
-5
0
5
10
15
20
-15
-10
-5
0
5
10
15
20
7/9
Belgium ** (-3.2)Netherlands (2.7)Norway (0.6)Sweden (0.4)Switzerland (-0.7)
* Short-Term Revenues Growth (STRG) is forward consensus expected revenues growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD EARNINGS GROWTH*(next 52 weeks, percent)
Figure 31.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-5
0
5
10
15
20
25
-5
0
5
10
15
20
25
7/9
Australia ** (-0.2)Brazil (5.6)Canada (1.6)Mexico (5.0)
* Short-Term Revenues Growth (STRG) is forward consensus expected revenues growth over next 52 weeks.** All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.
Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD REVENUE GROWTH*(next 52 weeks, percent)
Figure 32.
Forward Revenue Growth
Page 16 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
10
15
20
25
30
5
10
15
20
25
30
7/9
P/E capped at 25 due to extreme values.
All Country World (19.5)Emerging Markets (14.8)EMU (17.7)Japan (17.3)United Kingdom (15.0)United States (22.4)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD P/E*
Figure 33.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
7
9
11
13
15
17
19
5
7
9
11
13
15
17
19
7/9
France (18.0)Germany (17.1)Italy (16.2)Spain (15.1)United Kingdom (15.0)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD P/E*
Figure 34.
Valuation
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Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
7/9
P/E capped at 30 due to extreme values.
Greece (12.9)Ireland (21.3)Italy (16.2)Portugal (19.9)Spain (15.1)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD P/E*
Figure 35.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
5
10
15
20
25
30
0
5
10
15
20
25
30
7/9
Brazil (15.9)China (15.1)India (22.6)Russia (8.1)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD P/E*
Figure 36.
Valuation
Page 18 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
5
10
15
20
25
30
0
5
10
15
20
25
30
7/9
Brazil (15.9)China (15.1)India (22.6)Indonesia (15.9)Mexico (14.9)South Africa (11.8)Turkey (6.8)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD P/E*
Figure 37.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
10
15
20
5
10
15
20
7/9
P/E capped at 18 due to extreme values. Israel (12.3)Korea (12.0)Singapore (14.2)Taiwan (17.0)Thailand (18.0)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD P/E*
Figure 38.
Valuation
Page 19 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
6
8
10
12
14
16
18
20
22
4
6
8
10
12
14
16
18
20
22
7/9
Belgium (18.5)Netherlands (21.2)Norway (16.3)Sweden (19.3)Switzerland (19.3)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD P/E*
Figure 39.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
6
8
10
12
14
16
18
20
22
4
6
8
10
12
14
16
18
20
22
7/9
Australia (19.0)Brazil (15.9)Canada (17.1)Mexico (14.9)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD P/E*
Figure 40.
Valuation
Page 20 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
2
4
6
8
10
12
14
0
2
4
6
8
10
12
14
7/9
All Country World (8.2)Emerging Markets (6.3)EMU (6.1)Japan (5.2)UK (7.4)US (10.5)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD PROFIT MARGIN*(percent)
Figure 41.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
4
6
8
10
12
14
16
2
4
6
8
10
12
14
16
7/9
France (6.2)Germany (5.3)Italy (4.3)Spain (7.3)UK (7.4)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD PROFIT MARGIN*(percent)
Figure 42.
Forward Profit Margin
Page 21 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
5
10
15
20
25
0
5
10
15
20
25
7/9
Greece (7.4)Ireland (7.5)Italy (4.3)Portugal (3.7)Spain (7.3)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD PROFIT MARGIN*(percent)
Figure 43.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
5
10
15
20
25
0
5
10
15
20
25
7/9
Brazil (6.8)China (4.7)India (9.1)Russia (13.2)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD PROFIT MARGIN*(percent)
Figure 44.
Forward Profit Margin
Page 22 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
4
6
8
10
12
14
16
18
20
22
24
2
4
6
8
10
12
14
16
18
20
22
24
7/9
Brazil (6.8)China (4.7)India (9.1)Indonesia (13.4)
Mexico (5.2)South Africa (14.7)Turkey (9.1)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD PROFIT MARGIN*(percent)
Figure 45.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
4
6
8
10
12
14
16
18
20
22
24
26
28
2
4
6
8
10
12
14
16
18
20
22
24
26
28
7/9
Israel (20.4)Korea (6.5)Singapore (16.4)Taiwan (6.8)Thailand (7.0)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD PROFIT MARGIN*(percent)
Figure 46.
Forward Profit Margin
Page 23 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
6
8
10
12
14
16
4
6
8
10
12
14
16
7/9
Belgium (10.1)Netherlands (8.8)Norway (7.9)Sweden (9.5)Switzerland (14.0)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD PROFIT MARGIN*(percent)
Figure 47.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
6
8
10
12
14
16
18
4
6
8
10
12
14
16
18
7/9
Australia (11.3)Brazil (6.8)Canada (9.4)Mexico (5.2)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI FORWARD PROFIT MARGIN*(percent)
Figure 48.
Forward Profit Margin
Page 24 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-60
-40
-20
0
20
40
60
80
100
120
140
160
180
-60
-40
-20
0
20
40
60
80
100
120
140
160
180
7/10
All Country World (73.4)Emerging Markets (51.3)EMU (6.5)Japan (-5.2)United Kingdom (3.3)United States (156.7)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI INDEX PRICE*(weekly, indexed to 0 at 12-31-2005)
Figure 49.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-80
-60
-40
-20
0
20
40
60
80
100
120
-80
-60
-40
-20
0
20
40
60
80
100
120
7/10Belgium (-26.5)Netherlands (92.0)Norway (10.9)Sweden (81.0)Switzerland (37.6)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI INDEX PRICE*(weekly, indexed to 0 at 12-31-2005)
Figure 50.
Index Price
Page 25 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-100
-80
-60
-40
-20
0
20
40
60
80
-100
-80
-60
-40
-20
0
20
40
60
80
7/10
Greece (-97.3)Ireland (-49.2)Italy (-50.5)Portugal (-44.8)Spain (-27.7)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI INDEX PRICE*(weekly, indexed to 0 at 12-31-2005)
Figure 51.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-75
-50
-25
0
25
50
75
100
125
150
175
200
225
250
275
-75
-50
-25
0
25
50
75
100
125
150
175
200
225
250
275
7/10
Brazil (124.7)China (232.2)India (230.7)Russia (-24.0)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI INDEX PRICE*(weekly, indexed to 0 at 12-31-2005)
Figure 52.
Index Price
Page 26 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50
0
50
100
150
200
250
300
350
400
450
-50
0
50
100
150
200
250
300
350
400
450
7/10
Brazil (124.7)China (119.3)India (230.7)Indonesia (260.5)Mexico (83.8)South Africa (165.6)Turkey (119.3)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI INDEX PRICE*(weekly, indexed to 0 at 12-31-2005)
Figure 53.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-60
-40
-20
0
20
40
60
80
100
120
140
-60
-40
-20
0
20
40
60
80
100
120
140
7/10
Israel (-22.2)Korea (75.8)Singapore (10.5)Taiwan (68.0)Thailand (63.0)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI INDEX PRICE*(weekly, indexed to 0 at 12-31-2005)
Figure 54.
Index Price
Page 27 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-80
-60
-40
-20
0
20
40
60
80
100
120
-80
-60
-40
-20
0
20
40
60
80
100
120
7/10Belgium (-26.5)Netherlands (92.0)Norway (10.9)Sweden (81.0)Switzerland (37.6)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI INDEX PRICE*(weekly, indexed to 0 at 12-31-2005)
Figure 55.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-40
-20
0
20
40
60
80
100
120
140
160
180
-40
-20
0
20
40
60
80
100
120
140
160
180
7/10
Australia (22.1)Brazil (124.7)Canada (39.8)Mexico (83.8)
* All MSCI regions in US$ except EMU in euros. All MSCI countries in local currency except Peru and Russia in US$.Source: I/B/E/S data by Refinitiv.
yardeni.com
MSCI INDEX PRICE*(weekly, indexed to 0 at 12-31-2005)
Figure 56.
Index Price
Page 28 / July 16, 2020 / MSCI Metrics Comparisons www.yardeni.com
Yardeni Research, Inc.
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