This could work. 
I tend to look at Earned Vale / EVITDA as EV includes market capitalisation and debt. Not to say that it is the way to go though. Also note that I do not use it for financial companies.
I have also been looking at Cyclically Adjsted Price to Earnings Ratio (CAPE) to see which markets are ācheaperā, which I guess is also āunlovedā. From the link below, some examples are Russia, Poland, Czech Repblic, Jordan, Oman, Colombia and Turkey. A bit āless cheapā we can find Austria, the UK and Spain.
I have not found a ETF for Austria, so I was thinking of looking into some of its stocks once they get added It is one of the most likely exchanges to be added this year. (See Davidās post below)
In terms of the countries above, from the first batch there are ETFs and Stocks for Russia on T212. There are also iShares ETFs for Turkey and Poland.
I couldnāt find any for Austria and the Czech Republic which I think are currently probably more stable countries and hence would be more reasonable to invest into a Country ETF without knowing muchā¦ What are your thoughts?
I guess you could even combine ācheap country stock marketā with ācheap fundā and look into investment companies investing in this at a discount. Examples:
- JPMORGAN RUSSIAN SECURITIES PLC - 12.6% Discount to NAV
- BARINGS EMERGING EMEA OPPORTUNITIES - 12.9% Discount to NAV
On the AIC link you shared, it seems like the ācheapestā investment companies (largest discount to NAV) are property or leasing. Do you by any chance know why? Is it the pandemic?
EDIT:
One important thing to note is that the CAPE ratios in the link above are based on valuations at 30/10/2020 which is just before the large rally in early november.