This is an outdated sample and is merely illustrative. Please do not use this as the source of any market investing decisions.

Quarterly CAPE Ratio Updates!

Median CAPE Ratio:
25% most expensive: 23 (U.S. in this bucket)
25% cheapest 10

Average of Foreign Developed 17
Average of Foreign Emerging 14

We’ve mentioned this a lot in the past but bears repeating.  We use the MSCI Investable Market Indices below, but MSCI also calculates their Standard Indices too.  IMI includes more companies and in general is more representative of the entire market.  It really makes no difference for any of the countries except the very smallest ones, such as Greece and Egypt.  For both series, the CAPE ratios are almost always near identical, with one glaring exception – again, Greece, which depending on the series you use has a CAPE ratio of -29 or 1.  Ha.

So, this is one reason we have always used a valuation composite across the variables below.  If one is giving a screwy result, or perhaps a market has a structural bias to one variable, we want to average it out.  So, in this case Greece is cheapest on CAPD, CAPB, and CAPCF, just not on CAPE.

Anyways, after the monster run in Brazil they’ve moved off the bottom of the barrel for cheapest markets but still in the top 6. The cheap stuff is dominated by the still struggling Europe…

Here it is in Excel too.

MSCI Investable Market Indices 

CAPE CAPD CAPCF CAPB Average Rank Dev or Emerging
Czech Republic 8.6 11.3 4.1 1.2 4 E
Portugal 10.6 15.4 3.7 1 4 D
Russia 5.1 27.7 3.3 0.7 5 E
Italy 10.7 17.7 3.7 0.8 5 D
Poland 8.9 18.8 4.2 1.1 5 E
Brazil 9.6 20.3 6.1 1.2 8 E
Spain 10.9 16.9 5.3 1.3 8 D
Egypt 10.4 20.8 6.1 1.3 9 E
Greece -29 3.8 0.9 0.2 12 E
Austria 13.1 33.4 5.3 1 13 D
Turkey 9.4 31.7 6.9 1.4 13 E
Norway 11.5 25.9 5.9 1.5 13 D
Singapore 11.4 24.8 8.8 1.3 14 D
Hungary 10.8 42.3 5.2 1.4 16 E
Chile 14.2 32 8.3 1.5 18 E
China 12.5 38.4 8.4 1.7 20 E
Colombia 15.4 27.8 11.2 1.3 20 E
U.K. 13.7 29 8.7 2 20 D
France 16.6 31.7 8.6 1.6 20 D
Korea 13.1 75.6 7.3 1.3 21 D
Australia 16.1 21.9 11.1 1.9 22 D
Israel 14.6 35.4 10.1 1.7 22 D
Finland 17.6 27 10 2.1 23 D
Taiwan 19 29.7 9.3 1.9 23 E
Hong Kong 15.3 35.5 11.6 1.4 24 D
Malaysia 16 35.4 10.8 1.9 24 E
Germany 17.3 39.5 8.7 1.9 25 D
Peru 13 34.2 11.6 2.6 26 E
Japan 22 61.3 8.7 1.4 28 D
Thailand 17 37.9 10.8 2.3 28 E
Canada 19.6 39 10.2 2 29 D
New Zealand 22 27.7 11.5 2.4 29 D
South Africa 18.6 38 12.9 2.8 32 E
Netherlands 19.2 41.9 12 2.2 32 D
Belgium 22.1 39.9 13 2.2 35 D
Sweden 19.8 39.7 14.2 2.7 35 D
Indonesia 19.5 48.4 12.9 3.4 37 E
Ireland 27 50.6 13.7 2 37 D
Switzerland 21.2 40.7 15.9 2.8 37 D
Mexico 22.3 68.3 11.6 3 38 E
India 19.3 84.7 13.4 3 38 E
Philippines 22.5 64.3 14.5 3.1 40 E
U.S. 25.6 69 15 3.3 42 D
Denmark 34.3 101.3 20.7 4.1 44 D

SECTORS

S&P 500 Current P/E
Discretionary 35
Energy 15
Financials 17
Health Care 30
Industrials 22
IT 26
Materials 25
Staples 26
Telecom 28
Utilities 23

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