Stock Market Valuations Round Trip / Bespoke

Time for a p/e round trip about the globe. Bespoke has some excellent insights. Here is another country that is "beating" even China and the Nasdaq. I also recommend the latest piece from Hussman about the "Fed Model". Here is the data for the Russel 2000. No bargain.....Especially when financials are the largest sector.......

Es kann nicht schaden sich mal wieder einen Überblick in Sachen Bewertungen zu verschaffen. Unter den o.g. Links sind noch Informationen zu anderen Märkten sowie eine Einschätzung von Hussman zum sog. "Fed Model".

There seemed to be quite a bit of interest in our post yesterday about China's Shanghai Composite now having a lower valuation than the Nasdaq. Below we have updated our chart of current P/E ratios for the major indices of selected countries. As shown, the Nasdaq currently has the highest trailing 12-month P/E of the countries we analyzed. The Netherlands, Germany and the Euro Stoxx Index have the lowest valuations


Looking at estimated P/E ratios for the current year, we see that Japan's Nikkei-225 Index is the highest, while the UK's FTSE 100 is the lowest.


We continue to get a large number of requests for current financial ratios of sectors and indices. For your convenience, we have updated them for the ten major US sectors below. Numbers highlighted in green are better than the S&P 500 and numbers highlighted in red are worse. Currently, the Consumer Discretionary sector has the highest 12-month trailing price to earnings ratio, while Energy has the lowest. Not surprisingly, the Utilities sector offers the highest yield at 3.00%, while Technology offers the lowest at 0.58%.

>Here is a different view that is not based on pe´s. When you look at the cash flow multiple for the "cheap" european stocks you will be suprised to see that they are reaching new highs. But when at the same time buyouts ( Hilton at 10 times, Hilton 14,5 times) are topping even this lofty multiple the bulls will argue that there is still more upside. Good luck......

>Hier ein etwas andere Blickwinkel der mal nicht das KGV als Grundlage nimmt. Nimmt man den Cash-Flow als Maßstab sind selbst die angeblich so "billigen" europäischen Aktien nicht mehr ganz so günstig wie evtl. das nackte KGV suggeriert. Au der anderen Seite kann man als bullishes Argument sicher anführen das die letzten großen Übernahmen alle ein 10 faches ( Huntsman, Hilton ) des Cash-Flows gezahlt haben. Viel Glück......