Source for P/B data for foreign stocks?

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Source for P/B data for foreign stocks?

Postby gt4715b » Fri May 10, 2013 12:43 pm

I'm trying to find a good, reliable source for basic financial data (P/B,P/E, dividend yield, etc.) for foreign equities including those that don't have ADRs in the US. I guess the de-facto sources are Bloomberg and Yahoo, but I was wondering if there was anything better. It doesn't have to be a free source as long as the cost isn't crazy. Thanks.
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Re: Source for P/B data for foreign stocks?

Postby Valuethinker » Sat May 11, 2013 3:22 am

What I tend to do is look up the relevant ETFs on ishares for the relevant market and see if the data is there, on on Morningstar. Of course you don't know how accurate it is, or what adjustments they have made.

If you want individual stocks, then check the annual report and accounts, divide shareholders funds by number of shares in issue, that gives you book value per share, then calculated P/B.

If you put market cap in on your table then you could in fact calculate the P/B for the top 30 stocks say in each market (or index). Labourious though.

PE and yield data the Financial Times in the data pages of the newspaper gives you a PE and yield for most market indices, and also the top 500 global companies (warning, it's a historic PE not the forward PE).

The presence of financials, usually at very low price to book, distorts the numbers quite badly for a lot of market indices. (hypothesis: you could argue it's not a distortion).
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Re: Source for P/B data for foreign stocks?

Postby gt4715b » Sat May 11, 2013 3:44 pm

Thanks. For the time being I think I can use Bloomberg for what I'm looking to do.

By the way, for P/B, P/E and dividend yield for entire markets I use MSCI factsheets which are updated monthly (a couple of business days after month-end). The iShares ETF data don't match and are strangely higher for P/B and P/E.

For example, for MSCI EAFE, iShares says P/B is 2.69 whereas the MSCI official factsheet says 1.60.
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Re: Source for P/B data for foreign stocks?

Postby Valuethinker » Sun May 12, 2013 3:47 am

gt4715b wrote:Thanks. For the time being I think I can use Bloomberg for what I'm looking to do.

By the way, for P/B, P/E and dividend yield for entire markets I use MSCI factsheets which are updated monthly (a couple of business days after month-end). The iShares ETF data don't match and are strangely higher for P/B and P/E.

For example, for MSCI EAFE, iShares says P/B is 2.69 whereas the MSCI official factsheet says 1.60.


Thank you. Good spot. The index provider is more likely to be correct.
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Re: Source for P/B data for foreign stocks?

Postby lazyday » Sun May 12, 2013 7:08 am

gt4715b wrote:By the way, for P/B, P/E and dividend yield for entire markets I use MSCI factsheets which are updated monthly (a couple of business days after month-end).

Thanks, when I last looked a few years ago (or maybe more) I couldnt find free data like this online from MSCI. I suspect this data is better than similiar free from state street, russell, s&p, ishares, vanguard, morningstar, etc. I've found terrible data from m*. Not familiar with FT data. There might be better data from Bloomberg terminals, I have no idea.

Those who live near certain cities might be able to find more data from MSCI in publications which might still be called "Red Book" and "Blue Book" and before that was called "Morgan Stanley Capital International Perspective". These might be adjusted for different industry sizes in different countries, I don't recall. They also had more data, such as Price to Sales. There are reasons to doubt the comparison of P/E and probably P/B across countries, but this might be less true for P/S.
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Re: Source for P/B data for foreign stocks?

Postby lazyday » Sun May 12, 2013 7:14 am

gt4715b wrote:The iShares ETF data don't match and are strangely higher for P/B and P/E.

For example, for MSCI EAFE, iShares says P/B is 2.69 whereas the MSCI official factsheet says 1.60.

Not only can there be bad data, but there can be vastly different ways to measure P/B, P/E, etc.

Don't forget to consider currency when thinking valuations, such as with PPP.
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