|
Taking first place as the world's most
expensive market is Luxembourg which has leapt above Japan
on the ladder for the first time since 2002. Australia's P/E
ratio of 16.2 was in the lower half of the range but our dividend
yield of 3.7% was in the top ten.
The figures were compiled at the end of November 2006 and
are based on historical earnings, not forward estimates. While
forward estimates would be preferable in many ways, obtaining
the necessary data is difficult, particularly for the smaller
markets.
|
|
World
price/earnings ratios
(based on historical market earnings)
|
Rank
|
Market
|
P/E
ratio
|
|
|
|
| 1 |
Luxembourg |
26.8
|
| 2 |
Japan
|
25.8
|
| 3 |
Greece |
25.0
|
| 4 |
India |
23.1
|
| 5 |
Morocco |
22.5
|
| 6 |
Turkey |
21.2
|
| 7 |
Chile |
21.0
|
| 8 |
New
Zealand |
20.4
|
| 9 |
Switzerland |
19.5
|
| 10 |
Philippines |
19.4
|
| 11 |
Taiwan |
19.4
|
| 12 |
Czech
Republic |
19.2
|
| 13 |
Canada |
18.8
|
| 14 |
Finland |
18.8
|
| 15 |
United States |
18.5
|
| 16 |
Indonesia |
18.0
|
| 17 |
Singapore |
17.9
|
| 18 |
Israel |
17.8
|
| 19 |
Russia |
17.8
|
| 20 |
Malaysia |
17.2
|
| 21 |
United Kingdom |
17.2
|
| 22 |
Denmark
|
17.2
|
| 23 |
Austria |
16.7
|
| 24 |
Egypt |
16.4
|
| 25 |
Australia |
16.2
|
| 26 |
China |
15.9
|
| 27 |
South
Africa |
15.5
|
| 28 |
Mexico |
15.2
|
| 29 |
Spain
|
15.2
|
| 30 |
Italy |
15.0
|
| 31 |
Ireland |
14.8
|
| 32 |
Sri Lanka |
14.7
|
| 33 |
France
|
14.5
|
| 34 |
Germany |
14.3
|
| 35 |
Belgium |
14.3
|
| 36 |
Norway |
14.1
|
| 37 |
Argentina |
13.9
|
| 38 |
Hungary |
13.9
|
| 39 |
Hong Kong |
13.6
|
| 40 |
Portugal |
13.5
|
Source: Wren Research, Nov-2006
|
|
|
