Global Index Briefing: Germany MSCI July 17, 18 Dr. Ed Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-6 jabbott@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Germany MSCI Stock Price Index 1 Earnings 2 Revenues & Margins 3 Valuation 4 July 17, 18 / Global Index Briefing: Germany MSCI www.
Stock Price Index 120 Figure 1. GERMANY MSCI STOCK PRICE INDEX (ratio scale) 7/17 120 60 60 40 40 20 0-day moving average. Source: MSCI. 20 22 212 Figure 2. GERMANY MSCI, FORWARD EARNINGS, & VALUATION x28 22 212 172 172 132 x18 132 92 92 x8 2 2 Germany MSCI Index 07/17/18 Blue Angels Implied Price Index* 07/0/18 12 12 * 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 / July 17, 18 / Global Index Briefing: Germany MSCI www.
Earnings 90 7 Figure 3. GERMANY MSCI EARNINGS PER SHARE (analysts average forecasts, ratio scale) 17 18 19 90 7 60 60 4 4 Consensus Forecasts Annual estimates Forward earnings* * Time-weighted average of consensus estimates for current year and next year. Monthly through December 0, then weekly. Figure 4. GERMANY MSCI INDEX NET EARNINGS REVISIONS* 0 0 Jun - - - - - -40 NERI Apr -6.48 May -6.32 Jun -4.74 - -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 / July 17, 18 / Global Index Briefing: Germany MSCI www.
Figure. GERMANY MSCI REVENUES PER SHARE (analysts average forecasts, ratio scale) Revenues & Margins 17 18 19 10 10 00 00 90 90 900 Consensus Forecasts Annual estimates Forward revenues* 900 800 04 0 06 07 08 09 11 12 13 14 16 17 18 19 800 * Time-weighted average of consensus estimates for current year and next year. Monthly through December 0, then weekly. 8 Figure 6. GERMANY MSCI PROFIT MARGIN (using analysts average earnings and revenues forecasts) 8 19 7 17 7 18 6 6 4 Consensus Forecasts Annual estimates Forward profit margin* (7.0) 4 3 04 0 06 07 08 09 11 12 13 14 16 17 18 19 3 * Time-weighted average of the consensus estimates for current year and next year. Monthly through December 0, weekly thereafter. Page 3 / July 17, 18 / Global Index Briefing: Germany MSCI www.
3 Figure 7. GERMANY MSCI VALUATION MULTIPLE* Valuation 3 2 2 Forward P/E (12.4) * Price divided by forward consensus expected earnings per share. Monthly data through December 0, weekly thereafter. 1.4 Figure 8. GERMANY MSCI RELATIVE VALUATION* 1.4 1.3 1.3 1.2 Relative P/E (0.8) 1.2 1.1 1.1 1.0 1.0.9.9.8.8.7.7 * Forward P/E of index relative to All Country World MSCI forward P/E. Monthly data through December 0, weekly thereafter. Page 4 / July 17, 18 / Global Index Briefing: Germany MSCI www.
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