Auf den ersten Blick muss man sagen nein, denn die forward earnings rechtfertigen das gegenwärtige Price/Earnings-Verhältnis eher nicht (siehe Chart). Welches katastrophale Szenario wird hier eingepreist? England? Frankreich? Italien?

UBS: "Low, flat yield curves, weakening growth and political instability are risks applicable to a growing list of countries. As regulated, operationally and financially geared entities, banks should not expect to be immune from such concerns. But modest estimate revisions and poor stock performances see the Eurobanks P/E relative two standard deviations below history. On a global basis, banks are cheaper on forward earnings
than all sectors other than Autos & Auto Components (a sector closer to peak than trough earnings) and yielding more than any other large sector."

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