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Global Index Briefing:MSCI ForwardProfit Margins
Yardeni Research, Inc.
February 3, 2021
Dr. Ed Yardeni516-972-7683
Joe Abbott732-497-5306
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
February 3, 2021 / MSCI Forward Profit Margins www.yardeni.com
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World 3Advanced Economies 4-5Europe 6Emerging Economies 7-8Countries A-Z 9-30
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
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MSCI FORWARD PROFIT MARGINS: WORLD(using analysts’ average earnings and revenues forecasts)
Forward profit margin*All Country World ex-US (7.9)EMU (7.0)Emerging Markets (7.4)US (11.8)
yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 1.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
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MSCI FORWARD PROFIT MARGINS: WORLD(using analysts’ average earnings and revenues forecasts)
Forward profit margin*All Country World (9.4)All Country World ex-US (7.9)US (11.8)
yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 2.
World
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20221
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MSCI FORWARD PROFIT MARGINS: ADVANCED ECONOMIES(using analysts’ average earnings and revenues forecasts)
Forward profit margin*Europe ex-UK (8.2)Japan (5.8)United Kingdom (8.9)United States S&P 500 (11.8)
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* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 3.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20223
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MSCI FORWARD PROFIT MARGINS: ADVANCED ECONOMIES(using analysts’ average earnings and revenues forecasts)
Forward profit margin*Canada (11.4)EAFE (7.9)United States S&P 500 (11.8)
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* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 4.
Advanced Economies
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20221
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MSCI FORWARD PROFIT MARGINS: ADVANCED ECONOMIES(using analysts’ average earnings and revenues forecasts)
Forward profit margin*Germany (6.2)Japan (5.8)United Kingdom (8.9)United States S&P 500 (11.8) yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 5.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20221
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MSCI FORWARD PROFIT MARGINS: ADVANCED ECONOMIES(using analysts’ average earnings and revenues forecasts)
Forward profit margin*EAFE (7.9)Europe (8.6)Japan (5.8)
yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S dat aby Refinitiv.
Figure 6.
Advanced Economies
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
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MSCI FORWARD PROFIT MARGINS: EUROPE(using analysts’ average earnings and revenues forecasts) Forward profit margin*
France (7.2)Germany (6.2)Italy (6.3)Spain (8.1)
yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S dat aby Refinitiv.
Figure 7.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
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MSCI FORWARD PROFIT MARGINS: EUROPE(using analysts’ average earnings and revenues forecasts) Forward profit margin*
United Kingdom (8.9)Europe ex-UK (8.2)
yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 8.
Europe
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
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MSCI FORWARD PROFIT MARGINS: EMERGING MARKETS(using analysts’ average earnings and revenues forecasts) Forward profit margin*
Emerging Markets (7.4)
EM Asia (6.5)
EM Latin America (9.0)
yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 9.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
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MSCI FORWARD PROFIT MARGINS: EMERGING ECONOMIES(using analysts’ average earnings and revenues forecasts) Forward profit margin*
Brazil (10.2)Russia (14.7)India (10.7)China (5.2)
yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 10.
Emerging Economies
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
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MSCI FORWARD PROFIT MARGINS: EMERGING ECONOMIES(using analysts’ average earnings and revenues forecasts) Forward profit margin*
China (5.2)India (10.7)Indonesia (14.9)
Korea (7.8)Taiwan (8.1)Turkey (9.5)
yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 11.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-2
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MSCI FORWARD PROFIT MARGINS: EMERGING ECONOMIES(using analysts’ average earnings and revenues forecasts) Forward profit margin*
Argentina (1.9)
Brazil (10.2)
Mexico (6.5)
yardeni.com
* Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
Figure 12.
Emerging Economies
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-8
-6
-4
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
ARGENTINA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (1.9)
Figure 13.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20229
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
AUSTRALIA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (12.4)
Figure 14.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
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2021
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
AUSTRIA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (6.6)
Figure 15.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
BELGIUM MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (9.8)
Figure 16.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
BRAZIL MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (10.2)
Figure 17.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20226
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
CANADA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (11.4)
Figure 18.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20223
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
CHILE MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimatesForward profit margin* (7.7)
Figure 19.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20223.0
3.5
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2021
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
CHINA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (5.2)
Figure 20.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202210
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
CZECH REPUBLIC MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (14.4)
Figure 21.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20226
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
DENMARK MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (12.9)
Figure 22.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
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20 2122
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
EGYPT MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (28.9)
Figure 23.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
FINLAND MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (6.2)
Figure 24.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
FRANCE MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (7.2)
Figure 25.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20223
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
GERMANY MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (6.2)
Figure 26.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
GREECE MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (15.2)
Figure 27.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202212
14
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
HONG KONG MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (16.7)
Figure 28.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
HUNGARY MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (12.1)
Figure 29.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20228
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
INDIA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (10.7)
Figure 30.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202210
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
INDONESIA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (14.9)
Figure 31.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
IRELAND MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (8.0)
Figure 32.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202210
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
ISRAEL MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (20.3)
Figure 33.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
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12
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
ITALY MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (6.3)
Figure 34.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20221
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
JAPAN MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (5.8)
Figure 35.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
6
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
KOREA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (7.8)
Figure 36.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202212
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2122
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
MALAYSIA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (17.5)
Figure 37.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20223
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
MEXICO MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (6.5)
Figure 38.
Countries A-Z
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
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20 21
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(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
NETHERLANDS MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (9.6)
Figure 39.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20226
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1/28
2021
22
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
NEW ZEALAND MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (16.4)
Figure 40.
Countries A-Z
Page 22 / February 3, 2021 / MSCI Forward Profit Margins www.yardeni.com
Yardeni Research, Inc.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20226
7
8
9
10
11
12
13
6
7
8
9
10
11
12
13
20
21
22
1/28
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
NORWAY MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (9.9)
Figure 41.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
5
10
15
20
25
30
35
40
0
5
10
15
20
25
30
35
40
1/2820
21
22
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
PAKISTAN MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (27.4)
Figure 42.
Countries A-Z
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Yardeni Research, Inc.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
10
20
30
40
50
60
70
80
90
100
110
120
0
10
20
30
40
50
60
70
80
90
100
110
120
1/28
20 2122
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
PERU MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (22.5)
Figure 43.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
10
15
20
5
10
15
20
2021
22
1/28
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
PHILIPPINES MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (12.0)
Figure 44.
Countries A-Z
Page 24 / February 3, 2021 / MSCI Forward Profit Margins www.yardeni.com
Yardeni Research, Inc.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022.5
1.5
2.5
3.5
4.5
5.5
6.5
7.5
8.5
9.5
10.5
11.5
12.5
13.5
.5
1.5
2.5
3.5
4.5
5.5
6.5
7.5
8.5
9.5
10.5
11.5
12.5
13.5
1/28
2021
22
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
POLAND MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (8.2)
Figure 45.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
4
6
8
10
12
14
2
4
6
8
10
12
14
1/2820 21 22
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
PORTUGAL MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (4.0)
Figure 46.
Countries A-Z
Page 25 / February 3, 2021 / MSCI Forward Profit Margins www.yardeni.com
Yardeni Research, Inc.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20228
10
12
14
16
18
20
22
8
10
12
14
16
18
20
22
20
21
22
1/28
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
RUSSIA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (14.7)
Figure 47.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20226
8
10
12
14
16
18
20
22
6
8
10
12
14
16
18
20
22
1/2820
21
22
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SINGAPORE (FREE) MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (18.8)
Figure 48.
Countries A-Z
Page 26 / February 3, 2021 / MSCI Forward Profit Margins www.yardeni.com
Yardeni Research, Inc.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20229
10
11
12
13
14
15
16
17
18
19
20
9
10
11
12
13
14
15
16
17
18
19
20
1/28
2021
22
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SOUTH AFRICA MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (17.2)
Figure 49.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
4
6
8
10
12
14
16
18
2
4
6
8
10
12
14
16
18
2021
22
1/28
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SPAIN MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (8.1)
Figure 50.
Countries A-Z
Page 27 / February 3, 2021 / MSCI Forward Profit Margins www.yardeni.com
Yardeni Research, Inc.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
6
7
8
9
10
11
12
5
6
7
8
9
10
11
12
1/2820 21 22
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SWEDEN MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (11.1)
Figure 51.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20229
10
11
12
13
14
15
16
9
10
11
12
13
14
15
16
20
2122
1/28
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SWITZERLAND MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (14.6)
Figure 52.
Countries A-Z
Page 28 / February 3, 2021 / MSCI Forward Profit Margins www.yardeni.com
Yardeni Research, Inc.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222
4
6
8
10
12
14
16
2
4
6
8
10
12
14
16
2021
22 1/28
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
TAIWAN MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (8.1)
Figure 53.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
6
8
10
12
14
16
18
20
4
6
8
10
12
14
16
18
20
20 21
221/28
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
THAILAND MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (7.2)
Figure 54.
Countries A-Z
Page 29 / February 3, 2021 / MSCI Forward Profit Margins www.yardeni.com
Yardeni Research, Inc.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225
6
7
8
9
10
11
12
13
14
5
6
7
8
9
10
11
12
13
14
1/28
20
21
22
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
TURKEY MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (9.5)
Figure 55.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20226
7
8
9
10
11
12
6
7
8
9
10
11
12
20 21
22 1/28
yardeni.com
(using analysts’ average earnings and revenues forecasts)
* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
UNITED KINGDOM MSCI PROFIT MARGIN
Consensus ForecastsAnnual estimates
Forward profit margin* (8.9)
Figure 56.
Countries A-Z
Page 30 / February 3, 2021 / MSCI Forward Profit Margins www.yardeni.com
Yardeni Research, Inc.
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Copyright (c) Yardeni Research, Inc. 2021. All rights reserved. The informationcontained herein has been obtained from sources believed to be reliable, but is notnecessarily complete and its accuracy cannot be guaranteed. No representation orwarranty, express or implied, is made as to the fairness, accuracy, completeness, orcorrectness of the information and opinions contained herein. The views and the otherinformation provided are subject to change without notice. All reports and podcasts posted onwww.yardeni.com, blog.yardeni.com, and YRI’s Apps are issuedwithout regard to the specific investment objectives, financial situation, or particular needsof any specific recipient and are not to be construed as a solicitation or an offer to buy or sellany securities or related financial instruments. Past performance is not necessarily a guideto future results. Company fundamentals and earnings may be mentioned occasionally, butshould not be construed as a recommendation to buy, sell, or hold the company’s stock.Predictions, forecasts, and estimates for any and all markets should not be construed asrecommendations to buy, sell, or hold any security--including mutual funds, futurescontracts, and exchange traded funds, or any similar instruments.
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The recipient should check any email and any attachments for the presence of viruses.Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmittedby this company’s emails, website, blog and Apps. Additional information available onrequest.