Considerations on European Equity Market

Nice chart from BoA on valuations for European Equities.  The chart gives a very pessimistic view of Europe, in my opinion. Stocks in Europe are trading to such a discount that it may be wise for the defensive investor to buy some of them. If I look at valuations in the US with Price to Book at 6X for Tech Companies and Healthcare, the room for making decent margins in the medium-long term is very low.