Where are the good entry points for European value?

Until recently European markets had been steadily growing, but with strong performance from stocks traditionally seen as defensive or defensive growth.

The ECB's drive to push interest rates lower has forced yield starved investors to search for equities with bond like characteristics. This has led to a market that, at an aggregate level, still looks reasonable value but with a segment of stocks, all with similar characteristics, mainly high returns on capital, high percentage of non-EU earnings, and strong cashflows and growing dividends, that look demandingly valued. These characteristics would allow investors to recognise many of these businesses as high quality companies.  However, there is still a struggle to find another key...