Table of Contents
Summary ....................................................................................................................1
Sector scorecard in pictures.....................................................................................3
European quantitative scorecards...........................................................................4
Economic forecasts ...................................................................................................5
Section 1 Sector stance and portfolio.....................................................................7
1.1 Sector stance ..........................................................................................8
1.2 Sector portfolio.....................................................................................16
Section 2 Market Risks ...........................................................................................17
Section 3 Buy Recommendations and Performance ...........................................23
3.1 Buy Recommendations in Large caps ................................................24
3.2 Performance..........................................................................................25
Section 4 Market Overview & Scorecard..............................................................27
4.1 Market overview - Stoxx 600 ..............................................................28
Section 5 Sector Scorecards in detail ...................................................................31
5.1 Macro scorecard ...................................................................................32
5.2 Earnings scorecard ...............................................................................34
5.3 Traditional Valuation............................................................................38
5.4 CROCI Valuation ...................................................................................40
5.5 Momentum scorecard..........................................................................42
5.6 Bottom-up Upside ................................................................................44
Section 6 Country Scorecards in detail......................................................47
6.1 Country Macro scorecard ....................................................................48
6.2 Country Earnings scorecard ................................................................49
6.3 & 6.4 Country Traditional and CROCI Valuation...............................50
6.5 Momentum scorecard..........................................................................51
6.6 Bottom-up Upside ................................................................................52
Appendix ......................................................................................................53
A.1 Deutsche Bank universe of European big caps.................................54
A.2 Running the Numbers: Agglomerations............................................62
A.3 Scorecard Methodology......................................................................78
Who covers what in the Stoxx 200? ......................................................................86