Yes, according to a new report from Morgan Stanley Smith Barney’s global investment committee. “Despite the recent rally, global equities are still priced at a forward P/E ratio of 13, at the lower end of their 40-year historical range,” advises the committee’s latest monthly update (Jan 2011) for clients.

The report also notes: “The global equity dividend yield is also high, as compared with its history versus sovereign bond yields and cash (see Chart 4). As a result, we consider global equities to be attractively valued in absolute and relative terms.”