Is there still value in European stocks?

In a year riddled with uncertainty, European investors had a productive 2025, with the Morningstar Europe Index outperforming returns from the previous two years. There were notable differences between countries, with the Spanish market the most profitable and the French the weakest performer. Individual European stock markets started the year undervalued, and only a handful finished the year with a price/fair-value ratio below 1. The Morningstar Europe Index ended the year more expensive than the Morningstar US Market Index, as rising fair values for several large US companies pushed down...