iShares MSCI Germany
ALTAR
Score™
7.8% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
15.2x P/Sales
ratio
0.9x
P/BV
ratio
1.5x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Germany Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the German equity market, as measured by the MSCI Germany Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Mar 18, 1996
Assets (mns) $2,110
Currency USD
Expense ratio 47 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 64
Wgt avg mkt cap (mns) $63,418
Large cap (>$10bn) 91.8%
Mid cap ($2-10bn) 7.6%
Small cap (<$2bn) 0.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SAP AG 10.4 %
ALLIANZ SE-REG 8.0 %
SIEMENS AG-REG 7.5 %
BAYER AG 5.7 %
BASF SE 5.6 %
DEUTSCHE TELEKOM AG 4.4 %
ADIDAS AG 4.2 %
DAIMLER AG-REGISTERED SHARES 4.2 %
MUENCHENER RUECKVER AG-REG 3.2 %
VOLKSWAGEN AG-PFD 2.9 %
Total 56.2 %

TOP COUNTRY EXPOSURE
GERMANY 97.1 %
LUXEMBOURG 0.8 %
NETHERLANDS 0.6 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
15.6% 7.5% 3.3% 5.4% 5.7%

Market Correlations
versus... Beta R-squared
S&P500 0.85 47%
MSCI EAFE 1.24 86%
MSCI Emg. Mkts. 0.82 62%

Technical Indicators
Recent close $28.94
30d moving avg. $27.94
Annualized volatility 14.9%
Short interest (ETF) 3.0%
Relative strength (RSI) 71

Liquidity measures
Avg. volume (thou.) 3,463
Turnover 4.8%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $3,819

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI Germany ETF based on the alternatives' overlap in portfolio holdings with EWG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EWG Expense: 47 bp ALTAR Score™: 7.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWG
Ticker Fund
Name
Overlap1
vs EWG
(%)
Expense
ratio
(bp)
Savings
vs EWG
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWG
(%)
DBGR Xtrackers MSCI Germany Hedged 95.1 45 2 7.7 -0.1
FLGR Franklin FTSE Germany 94.7 9 38 8.1 +0.3
QDEU SPDR MSCI Germany Quality Mix 92.0 14 33 8.3 +0.5
DAX Global X DAX Germany 83.4 20 27 8.7 +0.9
DXGE WisdomTree Germany Hedged Equity 66.6 48 -1 9.4 +1.6
FEZ SPDR DJ Euro Stoxx 50 28.6 29 18 6.9 -0.9
EZU iShares MSCI Euro Monetary Union 27.0 47 0 6.8 -1.0
EURZ Xtrackers Eurozone Equity 26.0 9 38 7.1 -0.8
HEDJ Wisdomtree International Hedged Equity 25.0 58 -11 7.6 -0.2
DBEZ Xtrackers MSCI EMU Hedged 23.0 45 2 6.4 -1.4
FGM First Trust Germany 22.9 80 -33 9.0 +1.2
FEUZ First Trust Eurozone AlphaDex 15.9 80 -33 7.0 -0.8
IDRV iShares Self-driving EV & Tech 14.7 47 0 8.9 +1.0
HDEF Xtrackers MSCI EAFE High Div Yld Hedged 14.6 20 27 8.5 +0.7
IEV iShares S&P Europe 350 13.5 59 -12 6.4 -1.4
DBEU Xtrackers Europe Hedged 13.4 45 2 6.4 -1.4
FLEE Franklin FTSE Europe 13.4 9 38 6.9 -0.9
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 13.3 30 17 6.7 -1.2
FLEH Franklin FTSE Europe Hedged 13.2 9 38 6.9 -1.0
GSEU Goldman Sachs ActiveBeta Europe Equity 12.6 25 22 6.5 -1.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
iShares MSCI Germany
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.0 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 47 bp
Equals: ALTAR Score 7.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 CATEGORY
AVERAGE
1.63
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.