iShares MSCI Spain
ALTAR
Score™
8.4% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
11.5x P/Sales
ratio
1.1x
P/BV
ratio
1.1x Div.
yield
5.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Spain Index fund seeks investment results that correspond to the price and yield performance of publicly traded securities in the Spanish market, as measured by the MSCI Spain Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Mar 18, 1996
Assets (mns) $896
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 24
Wgt avg mkt cap (mns) $37,179
Large cap (>$10bn) 88.8%
Mid cap ($2-10bn) 11.2%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
BANCO SANTANDER SA 15.7 %
IBERDROLA SA 13.3 %
BANCO BILBAO VIZCAYA ARGENTA 7.6 %
TELEFONICA SA 7.4 %
REPSOL YPF SA 4.9 %
AMADEUS IT HOLDING SA-A SHS 4.4 %
INDITEX 4.4 %
GRUPO FERROVIAL 4.2 %
AENA SA 4.0 %
ACS ACTIVIDADES CONS Y SERV 3.5 %
Total 69.4 %

TOP COUNTRY EXPOSURE
SPAIN 96.1 %










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.
8.1% 6.7% -1.8% -0.7% 6.9%

Market Correlations
versus... Beta R-squared
S&P500 0.67 23%
MSCI EAFE 1.27 68%
MSCI Emg. Mkts. 0.91 57%

Technical Indicators
Recent close $27.86
30d moving avg. $28.38
Annualized volatility 17.1%
Short interest (ETF) 5.6%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 920
Turnover 2.9%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $1,282

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EWP Expense: 47 bp ALTAR Score™: 8.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWP
Ticker Fund
Name
Overlap1
vs EWP
(%)
Expense
ratio
(bp)
Savings
vs EWP
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWP
(%)
LVHI Legg Mason International Low Volatility High Dividend 11.4 40 7 9.1 +0.7
HEDJ Wisdomtree International Hedged Equity 11.3 58 -11 7.7 -0.7
FEZ SPDR DJ Euro Stoxx 50 9.0 29 18 7.0 -1.4
INFR Legg Mason Global Infrastructure 8.6 40 7 5.8 -2.6
EZU iShares MSCI Euro Monetary Union 8.6 47 0 6.8 -1.6
EURZ Xtrackers Eurozone Equity 8.3 9 38 7.1 -1.3
EUFN iShares MSCI Europe Financial Sector 8.2 48 -1 9.1 +0.7
ESGN Columbia Sustainable International Equity Income 7.6 45 2 9.8 +1.5
GVAL Cambria Global Value 7.5 69 -22 9.3 +0.9
DBEZ Xtrackers MSCI EMU Hedged 7.4 45 2 6.4 -2.0
GII SPDR FTSE/Macquarie Global Infrastructure 6.5 40 7 4.9 -3.5
IGF iShares S&P Global Infrastructure 6.5 46 1 4.8 -3.6
JXI iShares S&P Global Utilities 6.5 46 1 5.4 -3.0
CID Victory CEMP International High Div Volatility Wtd 6.5 45 2 9.0 +0.6
DWX SPDR S&P International Dividend ETF 6.2 45 2 7.0 -1.4
IDHD Invesco S&P Intl Developed High Div Low Volatility 6.1 30 17 6.5 -1.9
DOO WisdomTree Int'l Dividend Ex-Financials 6.1 58 -11 8.1 -0.3
IDOG ALPS International Sector Dividend Dogs 6.0 50 -3 7.4 -1.0
RIDV Invesco International Ultra Dividend Revenue ETF 5.6 42 5 9.1 +0.7
IQDG WisdomTree International Quality Dividend Growth 5.4 38 9 6.6 -1.8

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

Content on this tab for subscribers only

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 Spain
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 9.3 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 47 bp
Equals: ALTAR Score 8.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.77 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.