CAP Values
Q1 archives updated, and 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 28 currently. You can always find updated numbers for CAPE at Star Capital and Research Affiliates…
| CAPE | CAPD | CAPCF | CAPB | Average Rank | |
| Greece | 2.00 | 4.80 | 1.10 | 0.30 | 1.00 |
| Russia | 4.80 | 27.50 | 3.30 | 0.70 | 2.00 |
| Austria | 8.40 | 24.00 | 3.40 | 0.80 | 3.25 |
| Hungary | 7.10 | 27.00 | 3.60 | 1.00 | 4.25 |
| Portugal | 8.40 | 13.90 | 3.50 | 1.10 | 4.75 |
| Italy | 11.30 | 17.50 | 4.20 | 1.00 | 6.75 |
| Brazil | 9.10 | 20.70 | 5.70 | 1.30 | 7.75 |
| Poland | 10.70 | 22.00 | 4.90 | 1.50 | 7.75 |
| Czech Republic | 10.70 | 16.00 | 5.60 | 1.60 | 8.25 |
| Korea | 12.40 | 74.00 | 7.20 | 1.40 | 11.00 |
| Spain | 13.00 | 21.20 | 6.30 | 1.80 | 12.25 |
| Norway | 12.00 | 28.50 | 6.50 | 1.80 | 12.25 |
| Turkey | 10.90 | 38.40 | 7.80 | 1.80 | 13.00 |
| U.K. | 12.50 | 27.70 | 8.30 | 2.00 | 16.75 |
| New Zealand | 15.30 | 19.10 | 7.90 | 2.00 | 17.25 |
| Egypt | 13.80 | 28.60 | 8.20 | 2.20 | 17.25 |
| France | 16.50 | 34.80 | 9.10 | 1.80 | 18.25 |
| Ireland | 14.70 | 32.70 | 10.20 | 1.70 | 18.75 |
| Singapore | 13.90 | 32.70 | 10.50 | 1.70 | 19.75 |
| China | 14.90 | 45.30 | 9.70 | 2.30 | 20.25 |
| Chile | 17.40 | 39.60 | 10.30 | 1.90 | 23.50 |
| Taiwan | 20.70 | 32.20 | 10.10 | 2.20 | 24.50 |
| Germany | 19.90 | 47.10 | 10.00 | 2.30 | 24.50 |
| Finland | 17.20 | 28.70 | 10.20 | 2.40 | 24.50 |
| Japan | 26.30 | 77.50 | 10.10 | 1.80 | 25.25 |
| Peru | 13.10 | 30.70 | 11.30 | 3.10 | 26.50 |
| Thailand | 16.70 | 38.90 | 10.70 | 2.70 | 27.00 |
| Hong Kong | 17.90 | 39.80 | 13.60 | 1.70 | 27.75 |
| Colombia | 17.80 | 33.40 | 14.30 | 1.70 | 28.25 |
| Australia | 17.20 | 25.00 | 12.40 | 2.30 | 28.25 |
| Belgium | 18.90 | 38.60 | 12.10 | 2.20 | 28.50 |
| Canada | 19.60 | 44.90 | 10.70 | 2.40 | 29.00 |
| Israel | 17.30 | 45.00 | 12.80 | 2.30 | 30.50 |
| Netherlands | 19.70 | 45.50 | 12.70 | 2.50 | 32.00 |
| Malaysia | 19.10 | 42.30 | 12.80 | 2.50 | 32.25 |
| Mexico | 21.70 | 70.20 | 11.90 | 3.40 | 32.75 |
| Indonesia | 21.90 | 55.20 | 15.00 | 5.20 | 38.25 |
| Sweden | 22.20 | 45.80 | 15.90 | 3.20 | 38.50 |
| South Africa | 22.10 | 47.30 | 15.60 | 3.60 | 38.75 |
| U.S. | 24.5 / 28 | 70.20 | 15.10 | 3.50 | 39.50 |
| Switzerland | 23.10 | 48.10 | 17.90 | 3.20 | 40.00 |
| Philippines | 28.00 | 70.20 | 17.50 | 4.20 | 41.00 |
| Denmark | 37.20 | 121.60 | 23.20 | 4.90 | 42.50 |
| Discretionary | 36.8 |
| Health Care | 28.8 |
| IT | 27.9 |
| Telecom | 25.7 |
| Materials | 24.9 |
| Staples | 23.4 |
| Industrials | 22 |
| Utilities | 18.3 |
| Energy | 15.4 |
| Financials | 15.3 |