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Global Index Briefing:MSCI Forward P/Es of
Countries A-ZYardeni Research, Inc.
March 23, 2021
Dr. Ed Yardeni516-972-7683
Joe Abbott732-497-5306
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
Countries A-Z 3-24
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
25
30
0
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
ARGENTINA MSCI VALUATION MULTIPLE*capped at 25 due to extreme values.
Forward P/E (25.0)
Figure 1.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
5
10
15
20
25
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
AUSTRALIA MSCI VALUATION MULTIPLE*
Forward P/E (18.0)
Figure 2.
Countries A-Z
Page 3 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
0
5
10
15
20
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
AUSTRIA MSCI VALUATION MULTIPLE*
Forward P/E (12.3)
Figure 3.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
25
0
5
10
15
20
25
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
BELGIUM MSCI VALUATION MULTIPLE*
Forward P/E (21.8)
Figure 4.
Countries A-Z
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Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
6
8
10
12
14
16
18
20
4
6
8
10
12
14
16
18
20
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
BRAZIL MSCI VALUATION MULTIPLE*
Forward P/E (9.6)
Figure 5.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 226
8
10
12
14
16
18
20
22
24
26
28
6
8
10
12
14
16
18
20
22
24
26
28
3/18
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* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
CANADA MSCI VALUATION MULTIPLE*
Forward P/E (16.0)
Figure 6.
Countries A-Z
Page 5 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
5
10
15
20
25
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
CHILE MSCI VALUATION MULTIPLE*
Forward P/E (18.1)
Figure 7.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
35
40
5
10
15
20
25
30
35
40
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
CHINA MSCI VALUATION MULTIPLE*
Forward P/E (16.2)
Figure 8.
Countries A-Z
Page 6 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
CZECH REPUBLIC MSCI VALUATION MULTIPLE*
Forward P/E (13.9)
Figure 9.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
DENMARK MSCI VALUATION MULTIPLE*
Forward P/E (24.1)
Figure 10.
Countries A-Z
Page 7 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
0
5
10
15
20
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
EGYPT MSCI VALUATION MULTIPLE*
Forward P/E (7.1)
Figure 11.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
35
40
45
50
55
60
5
10
15
20
25
30
35
40
45
50
55
60
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
FINLAND MSCI VALUATION MULTIPLE*
Forward P/E (20.7)
Figure 12.
Countries A-Z
Page 8 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
FRANCE MSCI VALUATION MULTIPLE*
Forward P/E (18.3)
Figure 13.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
35
5
10
15
20
25
30
35
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
GERMANY MSCI VALUATION MULTIPLE*
Forward P/E (16.0)
Figure 14.
Countries A-Z
Page 9 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
25
30
35
40
0
5
10
15
20
25
30
35
40
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
GREECE MSCI VALUATION MULTIPLE*
Forward P/E (12.9)
Figure 15.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
5
10
15
20
25
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
HONG KONG MSCI VALUATION MULTIPLE*
Forward P/E (17.5)
Figure 16.
Countries A-Z
Page 10 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
0
5
10
15
20
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
HUNGARY MSCI VALUATION MULTIPLE*
Forward P/E (10.1)
Figure 17.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
5
10
15
20
25
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
INDIA MSCI VALUATION MULTIPLE*
Forward P/E (22.4)
Figure 18.
Countries A-Z
Page 11 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
25
30
35
40
0
5
10
15
20
25
30
35
40
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
INDONESIA MSCI VALUATION MULTIPLE*
Forward P/E (16.2)
Figure 19.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
25
30
35
40
45
0
5
10
15
20
25
30
35
40
45
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
IRELAND MSCI VALUATION MULTIPLE*
Forward P/E (23.1)
P/E capped at 40 due to extreme values.
Figure 20.
Countries A-Z
Page 12 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
ISRAEL MSCI VALUATION MULTIPLE*
Forward P/E (14.0)
Figure 21.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
ITALY MSCI VALUATION MULTIPLE*
Forward P/E (13.9)
Figure 22.
Countries A-Z
Page 13 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
15
25
35
45
55
65
5
15
25
35
45
55
65
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
JAPAN MSCI VALUATION MULTIPLE*
Forward P/E (17.8)
Figure 23.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
6
8
10
12
14
16
18
20
22
4
6
8
10
12
14
16
18
20
22
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
KOREA MSCI VALUATION MULTIPLE*
Forward P/E (13.6)
Figure 24.
Countries A-Z
Page 14 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
MALAYSIA MSCI VALUATION MULTIPLE*
Forward P/E (14.3)
Figure 25.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 226
8
10
12
14
16
18
20
6
8
10
12
14
16
18
20
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
MEXICO MSCI VALUATION MULTIPLE*
Forward P/E (14.9)
Figure 26.
Countries A-Z
Page 15 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
35
5
10
15
20
25
30
35
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
NETHERLANDS MSCI VALUATION MULTIPLE*
Forward P/E (24.2)
Figure 27.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2210
15
20
25
30
35
40
45
50
10
15
20
25
30
35
40
45
50
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
NEW ZEALAND MSCI VALUATION MULTIPLE*
Forward P/E (37.8)
Figure 28.
Countries A-Z
Page 16 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
6
8
10
12
14
16
18
4
6
8
10
12
14
16
18
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
NORWAY MSCI VALUATION MULTIPLE*
Forward P/E (16.1)
Figure 29.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
0
5
10
15
20
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
PAKISTAN MSCI VALUATION MULTIPLE*
Forward P/E (5.6)
Figure 30.
Countries A-Z
Page 17 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
PERU MSCI VALUATION MULTIPLE*
Forward P/E (15.5)
Figure 31.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
5
10
15
20
25
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
PHILIPPINES MSCI VALUATION MULTIPLE*
Forward P/E (16.5)
Figure 32.
Countries A-Z
Page 18 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
POLAND MSCI VALUATION MULTIPLE*
Forward P/E (13.0)
Figure 33.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
PORTUGAL MSCI VALUATION MULTIPLE*
Forward P/E (20.1)
Figure 34.
Countries A-Z
Page 19 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
25
0
5
10
15
20
25
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
RUSSIA MSCI VALUATION MULTIPLE*
Forward P/E (7.8)
Figure 35.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
5
10
15
20
25
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SINGAPORE (FREE) MSCI VALUATION MULTIPLE*
Forward P/E (14.6)
Figure 36.
Countries A-Z
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Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 226
8
10
12
14
16
18
6
8
10
12
14
16
18
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SOUTH AFRICA MSCI VALUATION MULTIPLE*
Forward P/E (10.9)
Figure 37.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SPAIN MSCI VALUATION MULTIPLE*
Forward P/E (15.7)
Figure 38.
Countries A-Z
Page 21 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
35
40
5
10
15
20
25
30
35
40
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SWEDEN MSCI VALUATION MULTIPLE*
Forward P/E (20.2)
Figure 39.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
5
10
15
20
25
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
SWITZERLAND MSCI VALUATION MULTIPLE*
Forward P/E (18.9)
Figure 40.
Countries A-Z
Page 22 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
35
5
10
15
20
25
30
35
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
TAIWAN MSCI VALUATION MULTIPLE*
Forward P/E (18.3)
Figure 41.
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20224
6
8
10
12
14
16
18
20
22
4
6
8
10
12
14
16
18
20
22
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
THAILAND MSCI VALUATION MULTIPLE*
Forward P/E (19.4)
Figure 42.
Countries A-Z
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Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
0
5
10
15
20
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
TURKEY MSCI VALUATION MULTIPLE*
Forward P/E (6.3)
Figure 43.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
5
10
15
20
25
30
3/18
yardeni.com
* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.Source: I/B/E/S data by Refinitiv.
UNITED KINGDOM MSCI VALUATION MULTIPLE*
Forward P/E (13.7)
Figure 44.
Countries A-Z
Page 24 / March 23, 2021 / MSCI Forward P/Es of Countries A-Z www.yardeni.com
Yardeni Research, Inc.
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