Country Averages

Data Used: Bloomberg and Value Line

Date of Analysis: Data used is as of January 2008

Critieria for inclusion: Only listed publicly traded companies with market capitalizations greater than $ 50 million were considered in the sample. Data on individual firms can be downloaded form the updated data page.


Country Number of firms Market cap (in US $)( Market Cap (Local currency) PE PBV PS EV/EBITDA EV/EBIT EV/ Capital EV/Sales Market Debt to Equity ROIC Net Margin Operating Margin (After-tax) Payout Ratio Tax Rate Cash/Firm Value Standard deviation in stock prices
Argentina 51 195321.0256 612864.6638 45.70 7.35 5.92 21.11 32.42 4.63 6.52 11.24% 9.84% 12.95% 13.86% 16.55% 28.09% 0.94% 36.90%
Australia 649 1218272.925 1388181.047 16.79 3.54 2.05 16.78 21.46 1.83 3.25 64.05% 6.10% 12.22% 10.85% 48.62% 18.85% 3.41% 58.38%
Austria 85 260055.9603 175764.6758 14.37 2.36 1.53 19.73 27.40 1.34 3.48 143.31% 4.04% 10.63% 10.50% 23.16% 17.75% 6.46% 35.24%
Bahrain 33 30724.91341 21956.79083 12.99 1.48 3.81 23.32 26.00 1.19 7.57 120.66% 4.49% 29.33% 28.47% 30.09% 0.96% 9.90% 27.97%
Barbados 4 3749.33461 7498.6696 19.07 3.86 3.73 16.80 18.90 2.57 4.53 29.14% 12.38% 19.57% 21.80% 22.29% 4.72% 6.04% NA
Belgium 119 507567.2014 343048.5204 1278.50 0.93 0.41 28.06 84.67 0.98 1.74 369.47% 0.91% 0.03% 1.60% 27.84% 17.24% 9.78% 29.80%
Bermuda 6 2337.63818 2337.63818 14.25 2.68 2.51 10.97 13.91 2.82 2.44 13.33% 19.84% 17.64% 17.15% 36.78% 0.46% 14.34% 5.57%
Botswana 10 5033.64823 30206.2295 9.68 9.59 4.51 8.19 8.32 7.29 4.68 8.74% 70.54% 46.57% 45.31% 46.74% 18.60% 4.53% 14.61%
Brazil 250 1242852.913 2158038.34 20.28 3.48 2.24 11.92 17.55 2.37 2.76 29.68% 10.14% 11.06% 11.79% 22.14% 22.13% 5.03% 49.75%
Bulgaria 55 17603.75319 23198.61927 34.23 4.21 2.99 9.48 10.98 3.70 3.13 16.22% 27.30% 8.74% 23.08% 13.56% 9.79% 10.06% 65.41%
Canada 895 1679403.106 1696711.107 17.17 2.79 1.57 10.72 15.02 1.94 2.07 39.89% 9.43% 9.12% 10.05% 21.70% 17.29% 5.46% 60.59%
Chile 145 361602.3413 170076454.5 28.92 3.63 3.37 15.52 21.56 2.75 3.84 19.44% 10.64% 11.65% 14.87% 91.35% 14.60% 4.59% 23.98%
China 1557 5393880.774 38691111.01 59.12 7.74 5.08 27.02 39.90 6.70 5.20 10.78% 12.40% 8.59% 9.61% 35.84% 19.42% 7.61% 54.85%
Colombia 38 88945.5111 173772798.2 44.26 2.92 3.76 21.77 28.87 2.40 4.24 19.22% 6.58% 8.49% 11.61% 28.72% 15.62% 5.47% 22.29%
Costa Rica 4 1726.1316 859222.8 NA NA NA NA NA NA NA 0.00% NA NA NA NA 0.00% 0.00% NA
Croatia 115 76423.30668 379473.4637 38.31 3.57 2.96 20.43 31.73 2.87 3.27 25.01% 7.27% 7.73% 8.29% 20.85% 14.26% 11.64% 43.47%
Cyprus 42 26517.92723 17851.66622 21.41 2.33 3.11 17.17 21.62 1.96 3.63 33.14% 7.73% 14.52% 14.33% 23.04% 10.55% 12.31% 58.72%
Czech Repoublic 21 81473.76711 1423821.634 21.93 2.94 2.80 10.08 16.82 2.64 2.97 11.77% 11.78% 12.77% 13.24% 178.76% 26.57% 5.06% 24.12%
Denmark 166 360025.8614 1812215.838 19.51 2.94 1.57 17.40 25.03 1.47 3.25 112.22% 3.65% 8.05% 8.06% 194.53% 19.63% 2.61% 36.38%
Dubai 2 20540.332 20540.332 479.80 18.54 207.37 1972.89 NA 23.37 204.96 0.93% -0.08% 43.22% -0.70% 0.00% 0.48% 2.08% NA
Egypt 125 130472.6152 691834.6916 27.70 5.56 5.21 16.74 21.82 4.84 5.38 9.69% 19.09% 18.79% 21.22% 627.38% 9.19% 5.78% 47.72%
Estonia 16 5880.7594 3963.57593 0.82 0.18 0.11 3.38 3.98 0.52 0.55 495.84% 11.80% 13.43% 12.40% 30.34% 8.64% 16.19% 32.76%
Finland 122 450937.106 304780.8716 16.21 3.39 1.43 14.54 22.53 2.29 1.79 28.74% 7.72% 8.80% 6.03% 57.30% 22.49% 2.69% 34.34%
France 545 2945974.569 1991112.571 17.64 2.49 1.12 18.89 27.35 1.32 2.77 156.08% 3.31% 6.33% 6.96% 34.98% 23.72% 3.04% 34.20%
Germany 614 2536353.364 1714290.336 17.42 2.58 1.00 18.49 31.37 1.33 2.49 158.45% 3.24% 5.75% 6.10% 56.89% 22.06% 3.61% 42.97%
Ghana 7 1180.16099 1141.61863 14.48 6.74 3.06 11.17 12.77 11.89 2.85 4.50% 64.25% 21.15% 15.39% 31.52% 22.55% 11.01% NA
Greece 183 254229.6254 171857.4261 21.62 3.04 1.84 16.35 23.61 1.76 2.86 69.63% 5.28% 8.49% 8.61% 33.29% 28.50% 8.06% 35.97%
Hong Kong 927 4845401.193 37775899.1 36.09 5.22 5.20 21.62 31.59 4.61 5.37 11.27% 11.04% 14.41% 12.86% 251.84% 13.04% 7.20% 61.27%
Hungary 22 43554.45199 7463134.18 10.34 2.29 1.34 6.74 9.34 1.84 1.65 38.74% 17.38% 12.91% 15.61% 30.55% 10.83% 10.93% 31.78%
Iceland 22 34263.92412 2141191.948 12.46 3.05 2.85 28.35 32.79 1.28 8.78 215.98% 3.35% 22.89% 22.99% 61.83% 19.44% 2.62% 27.07%
India 1943 3487885.568 137043043.7 33.48 6.57 3.57 22.60 28.67 4.08 4.01 15.61% 10.52% 10.67% 10.36% 24.20% 19.04% 2.86% 56.40%
Indonesia 185 198145.4066 1869956672 29.50 5.16 3.05 13.97 20.16 4.32 3.20 14.18% 15.37% 10.35% 11.41% 27.89% 28.66% 8.10% 45.53%
Ireland 49 137668.1516 93055.11558 11.26 2.25 1.17 24.14 29.16 1.19 4.00 254.29% 3.30% 10.40% 11.04% 21.84% 16.21% 3.58% 48.28%
Israel 254 187655.7777 700225.3038 17.89 3.15 1.38 11.21 15.59 2.05 1.83 60.84% 9.03% 7.69% 8.04% 42.54% 21.23% 17.30% 36.09%
Italy 272 1148037.2 775923.1427 15.53 1.95 1.14 14.28 20.71 1.26 2.73 148.56% 3.80% 7.33% 8.26% 191.31% 37.19% 3.46% 33.97%
Ivory Coast 17 6553.62677 2927526.88 20.99 4.43 2.13 9.82 13.78 4.02 2.20 10.77% 21.50% 10.16% 11.76% 15.33% 23.77% 6.94% NA
Jamaica 27 10024.92039 709634.419 18.91 3.26 2.69 16.11 18.43 1.96 3.80 51.16% 8.06% 14.24% 15.60% 31.73% 18.93% 6.57% 47.58%
Japan 2627 4355510.943 476777528.5 17.25 1.57 0.73 9.64 16.35 1.29 1.18 81.61% 4.79% 4.21% 4.40% 50.81% 38.74% 10.42% 40.69%
Jordan 69 40397.49293 28631.82044 20.27 2.49 3.75 16.08 19.23 2.56 3.68 21.89% 10.65% 18.52% 15.30% 38.07% 12.10% 19.54% 30.66%
Kazakhstan 16 39548.5408 4761930.19 26.25 5.28 4.74 21.21 25.85 1.97 7.80 81.20% 4.26% 18.07% 16.85% 8.66% 14.04% 9.24% 61.31%
Kenya 27 10676.91177 712975.018 23.89 6.08 3.23 14.61 17.70 5.69 3.27 7.59% 21.85% 13.51% 12.58% 38.49% 28.93% 5.78% 40.26%
Korea 1013 1010644.907 948709979.5 16.63 1.88 0.78 9.60 17.08 1.41 1.26 71.12% 6.19% 4.71% 5.54% 29.52% 19.72% 5.95% 57.38%
Kuwait 183 227794.2012 62170.96483 20.70 3.44 6.32 22.32 27.60 2.63 7.23 23.42% 9.27% 30.52% 25.48% 77.21% 0.75% 7.26% 33.10%
Latvia 10 2747.17239 1295.14608 13.53 1.07 1.40 18.29 30.39 1.03 2.68 106.56% 3.05% 10.38% 7.89% 11.72% 11.45% 7.69% 37.07%
Lebanon 10 11530.136 11530136 30.75 3.70 3.85 11.38 12.08 NA 1.91 30.81% -14.36% 12.53% 13.00% 15.89% 14.21% 62.16% 51.31%
Lithuania 27 9473.9771 22032.2063 23.65 1.43 1.02 10.28 21.69 1.40 1.06 23.80% 5.35% 4.29% 4.06% 45.20% 18.00% 15.32% 30.97%
Luxembourg 20 36564.35067 27721.88917 18.67 2.79 3.20 12.99 16.03 2.84 3.17 3.65% 15.03% 17.13% 16.80% 22.24% 14.97% 4.35% 31.28%
Malaysia 429 352500.1191 1148304.781 19.08 2.37 2.12 13.48 19.09 1.78 2.79 50.00% 7.51% 11.12% 11.75% 63.01% 20.48% 12.31% 36.72%
Malta 9 2820.29657 1947.9671 NA NA NA NA NA NA NA 0.00% NA NA NA NA 0.00% 0.00% 10.53%
Mauritius 13 6192.99064 175761.074 27.88 3.95 4.78 19.35 25.59 3.30 5.12 12.35% 10.71% 17.13% 16.60% 25.61% 10.18% 4.65% 23.92%
Mexico 110 532686.0652 5809838.268 19.53 4.30 2.18 9.58 13.41 3.42 2.36 16.52% 17.78% 11.16% 12.28% 30.38% 25.75% 6.92% 35.64%
Morocco 51 79539.7833 611118.6378 30.79 5.56 3.70 19.32 24.18 3.58 4.21 22.25% 10.25% 12.00% 12.06% 31.77% 26.86% 6.85% 28.51%
Namibia 3 512.70582 3468.2673 11.99 3.69 2.66 9.44 11.34 3.73 2.65 4.04% 24.47% 22.15% 17.37% 39.71% 11.13% 4.22% 29.02%
Nethrlands 94 1227559.591 830557.2152 9.21 2.03 0.72 10.63 14.38 1.32 1.49 118.14% 6.19% 7.83% 6.98% 52.87% 18.55% 5.06% 36.83%
New Zealand 73 197954.707 256346.4972 41.99 9.16 6.33 32.57 46.07 6.22 6.72 7.96% 10.15% 15.07% 10.95% 53.97% 22.37% 1.69% 29.95%
Nigeria 61 76588.20246 9017115.718 63.37 11.20 6.29 34.10 41.50 30.93 5.92 4.48% 55.12% 9.93% 10.55% 42.87% 15.14% 9.92% 43.92%
Norway 223 367547.8107 1942422.457 12.74 2.98 1.48 8.36 10.97 1.84 2.14 51.94% 8.13% 11.59% 9.46% 48.03% 16.05% 4.46% 41.22%
Oman 47 22527.71158 8670.37255 21.74 4.30 3.96 16.35 20.60 3.29 4.36 17.53% 14.13% 18.20% 18.70% 44.96% 8.95% 6.25% 29.98%
Pakistan 130 65428.82316 4089619.635 18.47 3.73 1.88 11.25 14.09 2.99 2.07 20.57% 14.68% 10.19% 10.16% 38.11% 20.56% 8.81% 40.89%
Peru 90 86363.94596 217743.9479 16.14 4.48 3.36 8.95 11.53 4.02 3.47 9.25% 24.55% 20.82% 21.22% 43.38% 20.97% 5.33% 41.73%
Philippines 122 96094.85059 3899557.838 16.30 2.44 1.87 10.54 16.69 1.95 2.26 34.82% 9.18% 11.47% 10.63% 22.56% 19.53% 10.27% 47.12%
Poland 207 250856.6935 606603.1939 20.05 3.15 1.88 12.04 17.34 2.67 2.06 19.29% 12.44% 9.40% 9.57% 36.48% 16.56% 8.54% 48.21%
Portugal 39 138083.0792 93334.46039 14.51 2.86 1.38 17.90 28.97 1.35 3.43 158.80% 3.82% 9.51% 9.70% 38.62% 23.80% 3.86% 32.68%
Quatar 38 107538.6663 391520.073 24.04 4.86 8.96 24.13 27.92 4.12 9.40 10.79% 14.75% 37.27% 33.64% 24.84% 0.01% 5.32% 33.83%
Romani 73 30768.4085 76824.0205 19.67 2.74 1.95 10.58 15.71 2.85 1.91 19.16% 15.78% 9.93% 10.61% 8.71% 12.92% 17.89% 64.59%
Russia 697 65899852.56 85037076.3 24.28 4.35 4.02 15.24 19.19 3.72 4.24 8.07% 14.06% 16.55% 16.02% 7.92% 29.72% 2.51% 31.93%
Saudi Arabia 108 542761.5694 2035209.48 26.25 5.05 7.82 19.22 24.04 4.50 8.06 8.50% 18.72% 29.78% 33.52% 27.72% 0.02% 4.97% 41.50%
Serbia 83 16459.12201 915026.117 29.18 3.16 2.47 9.72 12.19 4.27 2.20 13.34% 32.91% 8.46% 16.97% 5.55% 10.27% 21.27% 41.96%
Singapore 452 602694.0834 842144.7863 0.44 0.13 0.11 2.42 3.18 0.49 0.70 699.80% 13.35% 24.95% 18.93% 33.76% 14.97% 19.73% 50.42%
Slovakia 27 5238.75387 566684.84 13.56 2.31 1.70 10.79 15.46 1.71 2.32 54.30% 8.48% 12.55% 11.49% 34.69% 20.32% 11.66% 39.65%
Slovenia 35 27993.14706 18907.99128 32.60 2.94 1.58 17.74 31.97 2.11 1.98 27.05% 5.19% 4.84% 4.85% 24.55% 19.07% 1.42% 36.18%
South Africa 222 475024.8281 3220889.377 14.34 3.55 1.69 9.85 11.92 2.99 1.82 19.01% 17.57% 11.78% 10.72% 34.35% 23.63% 9.27% 34.25%
Spain 149 1067962.504 721802.7153 14.70 3.10 1.70 17.28 25.40 1.39 4.08 148.61% 3.94% 11.58% 11.52% 49.68% 22.01% 3.62% 35.10%
Sri Lanka 10 8176.0214 182739.483 17.83 1.30 0.42 11.00 13.88 1.13 0.87 134.28% 6.97% 2.34% 5.37% 56.72% 14.35% 11.36% 14.27%
Swaziland 1 142.4195 963.4632 127.11 5.43 2.93 20.04 51.08 2.85 3.69 25.95% 0.00% 2.31% 0.00% 0.00% 100.00% 0.16% NA
Sweden 292 1063161.876 6734936.782 14.23 2.86 1.84 18.15 22.89 1.59 3.22 79.37% 5.53% 12.95% 11.17% 34.73% 18.14% 2.67% 40.72%
Switzerland 199 705535.8478 779157.5539 33.94 5.16 3.43 22.74 27.11 3.19 4.02 21.05% 7.66% 10.09% 9.66% 20.86% 19.75% 2.98% 32.07%
Taiwan 830 689717.8324 22314338.94 19.06 2.08 1.25 11.90 22.99 1.68 1.60 43.79% 6.28% 6.56% 5.95% 592.48% 15.18% 11.20% 44.22%
Thailand 323 322531.9001 96642112140 6.88 0.72 0.24 19.60 NA 0.77 0.31 70.65% -8.34% 3.50% -3.31% 64.86% 19.59% 25.51% 32.00%
Trinidad & Tobago 7 6681.4459 42131.768 17.91 3.62 2.92 14.79 16.82 3.05 3.15 19.54% 15.22% 16.32% 15.70% 26.34% 11.56% 9.92% NA
Tunisia 21 4366.36913 5272.40623 23.10 1.43 1.18 8.80 26.81 1.23 1.89 86.00% 4.11% 5.13% 6.30% 53.16% 20.40% 14.28% 17.00%
Turkey 199 314206.8227 363321.1635 15.67 2.49 1.04 11.60 16.23 1.70 1.51 65.06% 8.06% 6.63% 7.17% 26.13% 18.87% 11.90% 33.64%
UAE 105 262556.6381 944017.5904 24.49 4.17 8.83 26.13 30.28 3.35 9.57 17.73% 11.00% 36.06% 31.40% 31.48% 0.52% 7.99% 39.05%
UK 1140 4148010.321 2134702.751 8.95 1.92 0.91 9.66 12.43 1.33 1.75 102.37% 7.46% 10.19% 9.79% 56.42% 19.73% 5.19% 38.88%
Ukraine 113 73944.67231 373878.2671 30.57 4.14 2.17 15.65 20.20 3.40 2.33 10.30% 11.24% 7.10% 7.70% 15.77% 32.89% 2.63% 35.98%
Venezuela 28 66957.98121 143778.6547 36.53 7.07 5.87 21.71 32.95 7.72 5.79 3.75% 20.63% 16.08% 15.48% 39.15% 15.88% 4.93% 41.19%
Vietnam 63 19958.32391 319021727.5 50.64 10.41 5.37 38.68 43.61 14.90 5.21 6.09% 30.55% 10.61% 10.68% 17.05% 7.44% 8.66% 40.56%
Virtual Listing 28 989877.7599 1092969.976 15.68 3.05 1.68 23.46 27.33 1.37 4.17 158.24% 3.92% 10.71% 11.94% 23.94% 20.48% 3.78% 29.95%
Zambia 7 1581.01466 5897015.3 31.14 NA 4.73 35.95 38.68 8.45 6.38 39.78% 16.43% 15.21% 12.42% 87.97% 34.48% 3.54% 20.49%
Zimbabwe 69 1075482.802 32264484.56 36.78 13.86 4.33 19.17 22.44 32.27 4.15 2.44% 101.31% 11.77% 13.02% 35.24% 24.49% 6.53% 258.78%


Last Updated on January 2008
By Aswath Damodaran