08/2015
CAPE: Relative Valuation US vs. Europe and Developed Markets
250%
US Valuation vs. Regions
US vs. Europe: 25.7 vs. 16.4 (Overvaluation 57%)
(Avg. Overvaluation vs. Europe since 1979: 34%)
US vs. DevMkts: 25.7 vs. 21.7 (Overvalutation 19%)
(Avg. Overvaluation vs. DevMrkts since 1979: 8%)
US CAPE relative to Europe CAPE
225%
Avg. Overvaluation US vs. Europe (34%)
US CAPE relative to Developed Markets CAPE
Avg. Overvaluation US vs. Developed Markets (8%)
US Valuation vs. local History
CAPE: 25.7 vs. 16.5 (Overvaluation 56%)
Price-Book: 2.9 vs. 2.1 (Overvaluation 38%)
TobinsQ: 1.1 vs. 0.7 (Overvaluation 60%)
200%
175%
Relative
Overvaluation of
57% near ATH
150%
CAPE US / Europe
Avg. 34% since ´79
125%
CAPE US / DevMkts
also near ATH
100%
75%
Dez. 79
Dez. 83
Dez. 87
Dez. 91
Dez. 95
Dez. 99
Dez. 03
Dez. 07
Sources: StarCapital as of 31/07/2015.
Contact:
Norbert Keimling
Head of Research
Dez. 11
Dez. 15
Dez. 19