Global Index Briefing: Netherlands MSCI December 22, 17 Dr. Ed Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-306 jabbott@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Netherlands MSCI Stock Price Index 1 Earnings 2 Revenues & Margins 3 Valuation 4 December 22, 17 / Global Index Briefing: Netherlands MSCI www.
Stock Price Index 1 Figure 1. NETHERLANDS MSCI STOCK PRICE INDEX (ratio scale) 12/21 1 1 1 00 00 600 600 199 1996 1997 1998 1999 00 01 02 03 04 0 06 07 08 09 11 12 13 14 1 16 17 18 19 0-day moving average. Source: MSCI. 2 2 00 Figure 2. NETHERLANDS MSCI, FORWARD EARNINGS, & VALUATION Netherlands MSCI Index 12/21/17 Blue Angels Implied Price Index* /17 x 2 2 00 x1 x 199 1996 1997 1998 1999 00 01 02 03 04 0 06 07 08 09 11 12 13 14 1 16 17 18 19 * Implied price index calculated using forward earnings times forward P/Es. Monthly through December 0, weekly thereafter. Source: MSCI and Thomson Reuters I/B/E/S. Page 1 / December 22, 17 / Global Index Briefing: Netherlands MSCI www.
Earnings 1 1 Figure 3. NETHERLANDS MSCI EARNINGS PER SHARE (analysts average forecasts, ratio scale) 19 1 1 0 17 18 0 90 90 80 80 70 70 60 60 0 Consensus Forecasts Annual estimates Forward earnings* 0 40 199 1996 1997 1998 1999 00 01 02 03 04 0 06 07 08 09 11 12 13 14 1 16 17 18 19 40 * Time-weighted average of consensus estimates for current year and next year. Monthly through December 0, then weekly. Figure 4. NETHERLANDS MSCI INDEX NET EARNINGS REVISIONS* 0 0 Dec - - - - -30-40 NERI Oct -7.66 Nov -9.12 Dec -6.33 199 1996 1997 1998 1999 00 01 02 03 04 0 06 07 08 09 11 12 13 14 1 16 17 18 19-30 -40 * Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentage of the total number of forward earnings estimates. Page 2 / December 22, 17 / Global Index Briefing: Netherlands MSCI www.
1 Figure. NETHERLANDS MSCI REVENUES PER SHARE (analysts average forecasts, ratio scale) Revenues & Margins 1 1300 1300 17 18 19 10 10 00 900 Consensus Forecasts Annual estimates Forward revenues* 04 0 06 07 08 09 11 12 13 14 1 16 17 18 19 00 900 * Time-weighted average of consensus estimates for current year and next year. Monthly through December 0, then weekly. 11 Figure 6. NETHERLANDS MSCI PROFIT MARGIN (using analysts average earnings and revenues forecasts) 11 19 9 18 9 17 8 8 7 7 6 Consensus Forecasts Annual estimates Forward profit margin* (9.) 6 4 04 0 06 07 08 09 11 12 13 14 1 16 17 18 19 4 * Time-weighted average of the consensus estimates for current year and next year. Monthly through December 0, weekly thereafter. Page 3 / December 22, 17 / Global Index Briefing: Netherlands MSCI www.
2 Figure 7. NETHERLANDS MSCI VALUATION MULTIPLE* Valuation 2 Forward P/E (16.4) 1 1 199 1996 1997 1998 1999 00 01 02 03 04 0 06 07 08 09 11 12 13 14 1 16 17 18 19 * Price divided by forward consensus expected earnings per share. Monthly data through December 0, weekly thereafter. 1.1 Figure 8. NETHERLANDS MSCI RELATIVE VALUATION* 1.1 Relative P/E (1.00) 1.0 1.0.9.9.8.8.7.7.6 199 1996 1997 1998 1999 00 01 02 03 04 0 06 07 08 09 11 12 13 14 1 16 17 18 19.6 * Forward P/E of index relative to All Country World MSCI forward P/E. Monthly data through December 0, weekly thereafter. Page 4 / December 22, 17 / Global Index Briefing: Netherlands MSCI www.
Copyright (c) 17. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on www., blog., http://blog. and YRI s Apps for ipads and iphones are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed on any product, service, report, email or website are proprietary to and constitute valuable intellectual property. No material from any part of www., blog., http://blog. and YRI s Apps for ipads and iphones may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. The recipient should check any email and any attachments for the presence of viruses. accepts no liability for any damage caused by any virus transmitted by this company s emails, website, blog and Apps. Additional information available on request. requests@