Global Index Briefing: Major MSCI Stock Markets Revenues & Earnings September 2, 20 Dr. Edward Yardeni 1-2-3 eyardeni@ Joe Abbott 32-4-30 jabbott@ Mali Quintana 40-4-1333 aquintana@ Please visit our sites at blog. thinking outside the box
Table Of Contents Table Of Contents Revenues, Earnings, & Margins 1-2 Revenues 3 Earnings 4 Profit Margins Revenues Earnings Profit Margins Developed World Ex-US Europe Ex UK Emerging Markets Japan 12 September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
3000 200 Figure 1. Revenues, Earnings, & Margins MSCI FORWARD REVENUES PER SHARE (in local currency)* 3000 200 2200 2200 00 00 00 00 00 Developed World ex-us Emerging Markets (divided by 2 for scaling) United States 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 00 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 200, weekly thereafter. 20 230 200 Figure 2. MSCI FORWARD EARNINGS PER SHARE (in local currency)* 20 230 200 140 140 1 1 0 0 0 0 20 Developed World ex-us Emerging Markets (divided by 2 for scaling) United States 00 01 02 03 04 0 0 0 0 0 12 13 14 1 1 1 1 20 20 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 200, weekly thereafter. Page 1 / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
Revenues, Earnings, & Margins 13 12 Figure 3. MSCI FORWARD PROFIT MARGIN* (percent, using analysts average earnings and revenues forecasts) 13 12 Developed World ex-us (.) Emerging Markets (.2) US (12.1) 4 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 4 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 200, weekly thereafter. Page 2 / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
Revenues 1200 Figure 4. UNITED STATES MSCI REVENUES PER SHARE 1 1 1200 00 00 00 Forward revenues* 00 00 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 00 Task: BLOGMSCIDEVXUSREV 0-2-20-00::3 Task: BLOGMSCIEMGREV 0-2-20-00::3 Page 3 / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
Earnings 0 1 130 Figure. UNITED STATES MSCI EARNINGS PER SHARE 1 1 0 1 130 0 0 Forward earnings* 30 00 01 02 03 04 0 0 0 0 0 12 13 14 1 1 1 1 20 30 Task: MMSCIDEVEPSLC 0-2-20-00::00 Task: MMSCIEMGEPSLC 0-2-20-00::00 Page 4 / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
14 13 Figure. UNITED STATES MSCI PROFIT MARGIN Profit Margins 14 13 12 1 1 12 Forward profit margin* (12.1) 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020..0..0 DEVELOPED WORLD EX-US MSCI PROFIT MARGIN 1 1..0..0...0.0..0..0 Forward profit margin* (.) 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 EMERGING MARKETS MSCI PROFIT MARGIN..0..0 Forward profit margin* (.2) 1 1 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 200, weekly thereafter. Page / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
Revenues Figure. Task: BLOGMSCIDEVXUSREV 0-2-20-00::3 200 2300 EUROPE EX-UK MSCI REVENUES PER SHARE (in US$) 200 2300 20 20 100 100 0 0 1 20 Forward revenues* 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 0 0 0 JAPAN MSCI REVENUES PER SHARE Forward revenues* 0 1200 1 1 1200 10 10 00 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 00 Page / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
Earnings Figure. Task: MMSCIDEVEPSLC 0-2-20-00::00 240 21 10 EUROPE EX-UK MSCI EARNINGS PER SHARE (in US$) 240 21 10 1 140 1 20 1 140 0 0 Forward earnings* 40 00 01 02 03 04 0 0 0 0 0 12 13 14 1 1 1 1 20 40 JAPAN MSCI EARNINGS PER SHARE 1 1 4 4 3 3 2 Forward earnings* 2 1 00 01 02 03 04 0 0 0 0 0 12 13 14 1 1 1 1 20 1 Page / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
Profit Margins..0..0 Figure. DEVELOPED WORLD EX-US MSCI PROFIT MARGIN 1 1..0..0...0.0..0..0 Forward profit margin* (.) 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 EUROPE EX-UK MSCI PROFIT MARGIN..0..0 1 1 Forward profit margin* (.) 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 200, weekly thereafter. JAPAN Source: Thomson MSCI Reuters PROFIT I/B/E/S. MARGIN 1 1 4 4 3 2 1 Forward profit margin* (.0) 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 200, weekly thereafter. 3 2 1 Page / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
Developed World Ex-US Figure. Task: BLOGMSCIDEVXUSREV 0-2-20-00::3 Task: MMSCIDEVEPSLC 0-2-20-00::00..0..0 DEVELOPED WORLD EX-US MSCI PROFIT MARGIN 1 1..0..0...0.0..0..0 Forward profit margin* (.) 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020..0..0 Page / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
200 2300 Figure. Europe Ex UK EUROPE EX-UK MSCI REVENUES PER SHARE (in US$) 200 2300 20 20 100 100 0 0 1 20 Forward revenues* 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 0 0 240 21 10 EUROPE EX-UK MSCI EARNINGS PER SHARE (in US$) 240 21 10 1 140 1 20 1 140 0 0 Forward earnings* 40 00 01 02 03 04 0 0 0 0 0 12 13 14 1 1 1 1 20 EUROPE EX-UK MSCI PROFIT MARGIN 40 1 1 Forward profit margin* (.) 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 200, weekly thereafter. Page / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
Emerging Markets Figure 12. Task: BLOGMSCIEMGREV 0-2-20-00::3 Task: MMSCIEMGEPSLC 0-2-20-00::00 EMERGING MARKETS MSCI PROFIT MARGIN Forward profit margin* (.2) 1 1 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 200, weekly thereafter. Page / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
Japan 0 Figure 13. JAPAN MSCI REVENUES PER SHARE Forward revenues* 0 1200 1 1 1200 10 10 00 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 00 JAPAN MSCI EARNINGS PER SHARE 1 1 4 4 3 3 2 Forward earnings* 2 1 00 01 02 03 04 0 0 0 0 0 12 13 14 1 1 1 1 20 1 JAPAN MSCI PROFIT MARGIN 1 1 4 4 3 2 1 Forward profit margin* (.0) 2004 200 200 200 200 200 20 20 2012 2013 2014 201 201 201 20 201 2020 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 200, weekly thereafter. 3 2 1 Page 12 / September 2, 20 / Major MSCI Stock Markets Revenues & Earnings
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