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Time for a catch-up

Jul 31, 2023

European equity markets now trade at a record 34% discount compared to the US in terms of 12 months forward Price-to-earnings ratio. The average discount over the last 25 years was 13%. Pre-Covid it was around 20%. This year the discount has grown as the US multiple has increased by 18% while the European multiple increased only by 7%. We believe therefore that the probability of a catch-up of European equities for valuation reasons is high. Time to look at our European value strategy.

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Time for a catch-up

Jul 31, 2023