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Here are the estimated 2008 P/E and PEG ratios for countries with investable funds available to US investors, based on aggregate analyst 2008 estimated earnings and earnings growth as of last week.

The proxy funds may not track the exact same indices as the country indices used for the P/E and PEG ratios, but we presume they are similar. It is likely that a comparison with fund “fact sheets” will produce variances, mostly due to different “as of” dates for the data.

These ratios change daily as prices change, and also as often as aggregate estimates of earnings and earnings growth change, which could be daily.

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This article has 12 comments:

  •  
    Hi Richard,

    thanks for the research! 1.9 for germany seems to be a typing error, it should be around 12 I guess.
    Where did you get the data from?

    cheers
    Rudi
    2008 Jul 30 06:39 AM | Link | Reply
  •  
    rudi,

    Good catch!. Sorry about that.

    Germany has an estimated 2008 P/E of 10.9, not 1.9.

    We have corrected the data on our site and have requested an image substitution at Seeking Alpha which will likely be done soon.

    Corrected data: www.qvmgroup.com/inves...

    The P/E correction dramatically changed the calculated PEG to over 20.

    Germany is in an earnings growth slump in 2008 that is estimated to be only about 1/2% which with a 10+ P/E gives a PEG over 20..

    We added Thailand since we were modifying the table anyway to fix the typing error you found.

    Note that the PEGs in this articles are based on 2008 earnings and 2008 earnings growth. For many countries 2008 earnings and earnings growth is shaping up to be quite different than 2007 or projections for subsequent years.

    The data comes from Thomson One Analytics.

    Thanks again for a sharp eye.

    Richard
    2008 Jul 30 07:48 AM | Link | Reply
  •  
    Are the growth rates for PEG ratio in USD or local currencies?
    2008 Jul 30 08:59 AM | Link | Reply
  •  
    Are the growth rates for PEG in USD or local currencies?
    2008 Jul 30 09:00 AM | Link | Reply
  •  
    Growth is in USD
    2008 Jul 30 09:24 AM | Link | Reply
  •  
    Hopefully things will calm down in Turkey; things haven't looked good politically or socially for some time now.If you're think about taking a risk with the fund (which is performing quite well right now) here's an article that gives TUR some support-- www.greenfaucet.com/et...
    2008 Jul 31 06:15 PM | Link | Reply
  •  
    Where can I find up-to-date country P/E (ttm) data? Also, is it possible to calculate the P/E ratio for each country's index rather than using a corresponding ETF?

    Thanks.
    2008 Aug 04 02:36 PM | Link | Reply
  •  
    The data here is for the country indices and not for the ETFs. The ETFs are provided as investable proxies for the countries.

    The data is only available by subscription to various services which are quite expensive, in the thousands.
    2008 Aug 04 03:29 PM | Link | Reply
  •  
    Dear Richard
    Sorry, can you check again PEG for Thailand and Russia. The numbers are to good to be true in my opinion. Thailand earnings growth must be 77% and Russian earnings growth must be 45% to give the numbers you put.
    2008 Oct 04 02:55 PM | Link | Reply
  •  
    ajelovsek:

    Those are the numbers as reported by Thompson One Analytics. They simply aggregate the data from the reporting investment analysis houses. Those are not my estimates. They are my report to you of published numbers.
    2008 Oct 04 04:24 PM | Link | Reply
  •  
    what do the earnings here refer to? Operating earnings or core earnings? The US market based on core earnings is still expensive but looks reasonable of operating earnings' basis.

    Thanks for sharing the info!
    2008 Oct 08 05:40 PM | Link | Reply
  •  
    Arao:

    First, point is that the data is now completely out of date due to intervening circumstances, and is of little use at this time.

    Second, I have asked the data vendor, Thomson Analytics, a similar question. The simple answer is nobody knows, because they simply aggregate published numbers from the many investment research houses they survey.

    There is no defined standard for earnings projections. The methods may vary by source. Bad as it is, it's the best one can get in terms of broad survey data.
    2008 Oct 08 06:35 PM | Link | Reply