W versus its I0-year Figure 12: EM sectors - Current PeBV relative o EM NEW, average I I IliIII IIII , I I n l l i t I l i j i l i l l ! Scant Dad* Bank doorstep Rance°. I I us .! a • ■ versus ID year historical average I s, Sans Drees dent iffooren Nw II 1 Sant Peet* dont acenbeep a.w