September 10, 2018

The LJE quarterly forecast has a dual purpose. One is to produce a forecast that accurately captures the economic environment we foresee for the coming quarter. The second objective is to dress up the forecast with a parsimonious and coherent description of the foreseen economic environment. The forecast paints the following picture for the coming 12 months: an inflation rate in the 2.2% range and a 2.8% growth of economic activity that will continue throughout 2019. What type of valuation will such an environment produce? Our valuation model suggests a low double digit equity appreciation for the next 12 months.

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