CAP Updates

Quarterly CAPE Ratio Updates!

As a reminder, we transitioned to using the MSCI IMI Indexes this year as we believe it is most accurate for the smaller countries.  It doesn’t really change the conclusions at all for the countries but it does change the numbers a bit for a few of the smaller ones.   But the cheap names remain cheap(er)…

Average CAPE Ratio: 15.3
25% most expensive:  22.4 (U.S. in this bucket)
25% cheapest 9.4!

Average emerging country is 13.5, developed 16.9 (not market cap weighted).

Here it is in Excel too.

MSCI Investable Market Indices 

CAPE CAPD CAPCF CAPB Average Rank
Russia 4.5 25.6 3 0.7 5
Portugal 10.2 15.5 3.7 1.1 5
Greece 14.2 4.7 1.2 0.2 6
Brazil 7.9 17.4 5 1.1 6
Poland 9.9 21 4.7 1.3 7
Czech Republic 10.2 14.2 4.9 1.4 7
Hungary 7.9 30 3.9 1.1 8
Italy 12.3 21 4.5 1 8
Spain 11.4 18.3 5.6 1.5 10
Egypt 10.4 21.2 6.1 1.4 11
Austria 11.5 30.8 4.9 0.9 11
Singapore 11.2 25.1 8.4 1.3 13
Turkey 10 33.8 7.1 1.5 15
Norway 11.6 27.3 6.1 1.6 15
Peru 9.6 23.6 8.1 2.1 16
U.K. 11.9 26.5 7.8 1.8 17
Chile 14 31.4 8.1 1.5 19
China 11.9 36.7 7.8 1.7 20
Australia 14.7 20.4 10.2 1.8 20
Korea 12.4 71.1 7 1.3 20
Hong Kong 14.5 33.4 11 1.3 22
France 15.7 32.1 8.4 1.6 22
New Zealand 16.8 21.2 8.8 1.9 22
Colombia 15.4 28.8 11.5 1.4 23
Finland 15.6 24.8 8.9 2 23
Taiwan 17.5 26.9 8.5 1.7 23
Germany 16.6 38.9 8.4 1.9 27
Thailand 15.3 34.6 9.5 2.3 27
Malaysia 15.8 36 10.7 1.9 28
Canada 17.5 37.4 9.3 1.9 28
Indonesia 15.4 38.3 10 2.7 30
Belgium 18.2 34.8 10.9 1.9 30
Israel 15.9 38.7 11.1 1.9 31
Japan 24.1 68.6 9.3 1.6 32
Netherlands 17.3 38.9 11 2.1 33
South Africa 18.5 38.9 13 2.9 36
Sweden 19.1 40.2 13.6 2.7 37
Ireland 24.4 46.2 13 2 38
Mexico 20.6 65.8 11 2.9 38
Switzerland 21.5 44.4 16.4 2.9 40
Philippines 21.5 60.9 13.8 3 40
India 18.7 83.4 13.1 3.1 40
U.S. 23.3 65.6 13.8 3.1 41
Denmark 36.8 116.5 22.2 4.4 44

Sectors

Energy 13.1
Financials 16.9
Utilities 18.1
Industrials 21.7
Staples 23.3
Materials 24.3
Telecom 24.6
IT 27.1
Health Care 32.8
Discretionary 39