M O R G A N S T A N L E Y R E S E A R C HEuropeMorgan Stanley & Co. International plc+European Equity StrategyArthur TytherEQUITY STRATEGISTarthur.tyther@morganstanley.com+44 20 7425-2712 European Equity Strategy TeamGiorgio Magagnotti, CFAEQUITY STRATEGISTChelsea TabeEQUITY STRATEGISTArthur TytherEQUITY STRATEGISTMorgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances andtrading securities held by a research analyst account.EUROPEAN EQUITY STRATEGYEuropean Equity StrategyStrategy Data GalleryFebruary 23, 2024 03:36 PM GMTM O R G A N S T A N L E Y R E S E A R C H Strategy Data GalleryMARKET VALUATIONSCOUNTRIES & REGIONS4Forward30Performance5Trailing31Earnings Revisions6Median32Prospective Valuations7Normalised33Prospective Valuations8vs Fixed Income34Prospective Valuations - Global Regions9Long-Term35Valuations vs History36UK vs Europe ex UK37UK vs Europe ex UKSENTIMENT & TECHNICALS38Europe vs USA11Technical Indicators39Europe vs USA12CFTC Data13Fund Flows14Sentiment DataSIZE GROUPS & STYLES15Sentiment Data41Performance42Prospective Valuations43Prospective ValuationsEARNINGS44Value vs Growth17Earnings Revisions45Value vs Growth18Earnings Data46Large vs Small & Mid Caps19Profitability47Large vs Small & Mid Caps20Earnings Models & ForecastsINDEX COMPOSITIONSECTORS49Index Composition22Performance23Earnings Revisions24Prospective ValuationsFINANCIAL STATEMENT ANALYSIS25Prospective Valuations51Margins26Valuations vs History52Financial Health27Cyclicals vs Defensives53DuPont Analysis28Cyclicals vs Defensives54Capex55Growth2ContentsFebruary 23, 2024M O R G A N S T A N L E Y R E S E A R C H Strategy Data GalleryFebruary 23, 2024VALUATION3M O R G A N S T A N L E Y R E S E A R C H Strategy Data GallerySources: MSCI, IBES, Morgan Stanley Research4European Forward ValuationFebruary 23, 2024MSCI Europe - 12M Forward Price To Earnings (Latest = 13.4)MSCI Europe - 12M Forward Dividend Yield (Latest = 3.5%)MSCI Europe - 12M Forward Price To Cash Earnings (Latest = 9.0)MSCI Europe - 12M Forward Price To Book Value (Latest = 1.88)6810121416182022242688909294969800020406081012141618202224N12M PEMedian1.52.02.53.03.54.04.55.05.56.0969800020406081012141618202224N12M DY (%)Median45678910111297 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 ...
