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By: GZ on Lunedì 13 Agosto 2007 14:10
la maggiore banca americana, Citigroup,è valutata oggi 10 volte gli utili
la maggiore banca brasiliana, Banco Bradesco, è valutato 16.7 volte gli utili
in generale per la prima volta nella storia di borsa questo mese i titoli dei paesi emergenti hanno ora una valutazione, Prezzo/Utili, PIU ALTO DI QUELLO DEI PAESEI SVILUPPATI
solo due anni fa trattavano a sconto del 50%, cioè società simili brasiliane o indonesiane o indiane erano valutate 9 volte gli utili contro 15 volte di società americane ed europee. Ora sono valutate un 1% circa di più in media e nei finanziari a volte anche dei 50% come nel caso di Bradesco contro Citigroup
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Two years ago, the MSCI Emerging Markets Index traded at a 51 percent discount to the MSCI World Index of 23 developed markets. The discount has narrowed to 1.4 percent this month.
On the basis of estimated earnings for the next year, emerging markets traded at a 1.6 percent premium to developed countries this month. That would mark the first time emerging markets are more expensive than developed nations since March 2000, if analysts' earnings estimates prove correct.
For Brazilian stocks, the discount narrowed to 15 percent from 43 percent two years ago as their price-to-earnings ratio rose to 13.4 from 9.8. Investors are also paying as much for earnings of South Korean companies as they are for those in developed markets, after demanding a 47 percent discount in 2005.
Rising Valuations
Pohang, South Korea-based Posco, Asia's third-biggest steelmaker, trades at 11.6 times profit, up from 4.57 two years ago. The ratio for Dusseldorf-based ThyssenKrupp AG, Germany's largest steelmaker, rose to 8.94 from 7.1. Osasco, Brazil-based Bradesco, Brazil's second-biggest non-state bank, is valued at 16.8 times earnings, from 10.5 two years ago. Citigroup, the biggest U.S. bank and located in New York, trades at 10.4 times earnings.
Citigroup's price-to-earnings ratio has dropped from 13.2 at the start of the year on growing concern subprime mortgage losses would curb the earnings of banks and brokerages
