Value-aktier har længe haft et dårligt ry. Men i sin serie om 7 ideer, der kan give vækst på aktiemarkederne, skriver Morgan Stanley, at de europæiske value-aktier har mulighed for at give et godt afkast. God indtjening i mange selskaber samt den omfattende europæiske støtte under coronakrisen vil hjælpe aktierne på vej. Morgan Stanley understreger, at banken går imod den generelle opfattelse på markedet – at de lave renter vil tage gassen af et aktie-rally.
4. Does Europe’s Value Rally Have Legs?
Investors have long been wary of European value, but that sentiment shifted in late 2020, as cheaper stocks in the region finally began to close the gap with their growth peers. The big question now is whether this rally has staying power. Morgan Stanley strategists believe it does—the biggest reasons being strong earnings-per-share growth, policy support, higher bond yields and a wide valuation dispersion.
“We believe policymakers and central banks are likely to continue easing into the recovery, providing the backdrop for both strong multi-year growth equity price/earnings ratios to stay elevated even as earnings-per-share rebounds,” says Graham Secker, head of Morgan Stanley’s European and UK equity strategy team.
This view diverges from the consensus, which holds that persistently low bond yields will take the wind out of the rally.
