Investorerne vender i år tilbage til Europa, og det gælder især med investeringer i value-aktier, skriver Morgen Stanley. Europæiske aktier er undervurderede.
Uddrag fra Morgen Stanley:
Europe’s Valuation Upside
Economic and corporate earnings growth in Europe are expected to improve modestly in 2020—but the real story this year is multiple expansion. “At a time when global valuations are near the top of their 10-year range, Europe is the one region where we see valuation upside next year,” says Chief European Equity Strategist Graham Secker.
In fact, several catalysts could entice investors to shift assets back to the region. These include a reduction in Brexit risk, the potential shift from monetary to fiscal policy, tighter peripheral and credit spreads, plus, more mergers-and-acquisitions activity and share buybacks. “Together, these should boost inflows into the European equity market, which would likely lift relative valuations,” says Secker.
Value stocks have the most to gain. The MSCI Europe Value Index now trades at a greater discount to MSCI Europe Growth Index than it did back in 2000, while relative valuations for banks in the region have dipped to a 30-year low.
