CAP Values
Below are all of the CAP values from Ned Davis, and a composite average across all of them. Not surprising to see Europe still in the lead for cheap countries…As a reminder there will be some variation, largely due to index selection. For example, NDR uses MSCI US instead of S&P500 which results in a lower CAPE for the US than the standard Shiller value of 27 currently. You can always find updated numbers for CAPE at Star Capital and Research Affiliates…
| CAPE | CAPD | CAPCF | CAPB | Average Rank | |
| Greece | 2.80 | 6.50 | 1.50 | 0.40 | 1.00 |
| Austria | 7.30 | 21.60 | 3.00 | 0.70 | 3.75 |
| Portugal | 7.70 | 12.90 | 3.20 | 1.00 | 4.25 |
| Hungary | 5.90 | 23.00 | 3.00 | 0.90 | 4.75 |
| Italy | 9.60 | 16.60 | 3.70 | 0.90 | 5.25 |
| Russia | 5.20 | 29.80 | 3.50 | 0.80 | 7.00 |
| Czech Republic | 10.30 | 15.30 | 5.30 | 1.60 | 7.75 |
| Poland | 10.80 | 22.90 | 5.00 | 1.50 | 8.75 |
| Brazil | 10.00 | 23.20 | 6.40 | 1.50 | 9.25 |
| Spain | 11.60 | 19.40 | 5.70 | 1.60 | 10.25 |
| Ireland | 11.00 | 24.70 | 7.70 | 1.30 | 11.00 |
| France | 13.80 | 29.30 | 7.60 | 1.50 | 15.00 |
| Norway | 12.10 | 29.20 | 6.60 | 1.90 | 15.00 |
| New Zealand | 14.60 | 18.20 | 7.50 | 1.90 | 15.25 |
| U.K. | 12.10 | 26.90 | 8.10 | 1.90 | 17.25 |
| Egypt | 13.20 | 27.70 | 7.90 | 2.10 | 18.25 |
| Turkey | 11.30 | 39.50 | 8.00 | 1.90 | 19.00 |
| Korea | 12.40 | 73.30 | 7.30 | 1.50 | 19.25 |
| Finland | 14.50 | 24.30 | 8.60 | 2.10 | 19.75 |
| Singapore | 13.80 | 32.60 | 10.30 | 1.70 | 20.00 |
| Belgium | 14.60 | 30.30 | 9.40 | 1.80 | 20.25 |
| Germany | 15.80 | 37.80 | 7.80 | 1.80 | 21.00 |
| Australia | 15.70 | 22.80 | 11.30 | 2.10 | 23.00 |
| Netherlands | 15.50 | 35.90 | 10.10 | 2.10 | 24.75 |
| Israel | 14.80 | 38.80 | 11.00 | 1.90 | 25.50 |
| China | 14.30 | 43.30 | 9.20 | 2.20 | 25.75 |
| Chile | 17.40 | 40.90 | 10.20 | 1.90 | 26.25 |
| Hong Kong | 18.20 | 40.10 | 13.80 | 1.70 | 27.50 |
| Peru | 14.30 | 33.00 | 12.20 | 3.50 | 28.25 |
| Japan | 23.40 | 69.00 | 8.80 | 1.60 | 28.50 |
| Taiwan | 19.70 | 30.80 | 9.70 | 0.00 | 30.25 |
| Thailand | 17.80 | 41.60 | 11.50 | 2.90 | 31.00 |
| Canada | 19.20 | 45.00 | 10.50 | 2.40 | 31.50 |
| Sweden | 19.10 | 39.80 | 13.60 | 2.80 | 31.75 |
| Malaysia | 19.00 | 42.70 | 12.80 | 2.50 | 32.00 |
| Colombia | 23.10 | 43.70 | 18.80 | 2.20 | 36.25 |
| South Africa | 20.90 | 45.30 | 14.80 | 3.40 | 36.50 |
| Switzerland | 22.40 | 47.90 | 17.40 | 3.20 | 37.25 |
| Mexico | 22.60 | 73.60 | 12.40 | 3.60 | 38.00 |
| Indonesia | 20.90 | 52.60 | 14.30 | 5.00 | 38.00 |
| U.S. | 23.60 | 69.00 | 14.70 | 3.40 | 38.75 |
| Philippines | 26.10 | 65.90 | 16.10 | 3.90 | 40.00 |
| Denmark | 30.00 | 99.40 | 18.60 | 3.90 | 42.25 |