Commodity-related stocks look cheap across developed markets as anticipation of an economic recovery fades, according to Andrew Lapthorne, global head of quantitative strategy at Societe Generale SA. Lapthorne cited the valuations of energy and metals stocks relative to the MSCI World Index in a report Tuesday. Energy shares have traded this month for 33% less than the MSCI World based on projected profit, according to data compiled by Bloomberg. The comparable gap for metals stocks has reached 54%. Both discounts are the widest in more than a decade and are based on earnings estimates for the next 12 months. Lapthorne cited 18-month figures.
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