Oracle shares are currently trading at 13.5X forward earnings, a discount to the industry average of 16.2X.
For markets are forward looking and will discount known information.
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In particular, I mentioned that the absolute valuation of emerging markets versus its own history looked cheap and the discount on forward earnings valuations had widened out between the developed world and the emerging world, and that both of those provided a really powerful valuation argument.
U.S. equities are trading at 12.5 times forward earnings, an 18% discount to the 10-year average of 15.3 times forward earnings.
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So pessimistic are traders about that currency that the forward is priced at a 9% discount to the spot rate.
Discount stores offer more fashion-forward merchandise for price-sensitive consumers, regardless of the household income.
Shares of Digital Realty currently trade at 14.4x 12-month forward earnings, a 3.4% discount to the peer group average of 14.9x.
Shares of American Water Works currently trade at 16.89x 12-month forward earnings, an 8.8% discount to the peer group average of 18.53x.
Trailing twelve months PE of 39x is well above the industry average of 12x, but forward PE of 11x shows WNC trading at a discount to the industry average of 14x.
The forward earnings multiple of 15x is nearly at an equal discount to the 20x industry average.
Today, Apple trades at 7.2x lowered forward earnings (less cash), or at a discount of more than 30%.
Olney was heartened by this especially since Europe on a 30-year 12-month forward price-to-earnings basis trades at a discount of 16% to the U.S. which is double the long-run average of 8%.
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The forward earnings multiple of 15x is much closer to the 22x industry average, but still trading at a discount.
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