The Australian share market looks 20% undervalued on a price/book basis and value is opening up across a number of sectors and stocks - notwithstanding concerns around global growth, Chinese growth and the oil price. Consensus earnings per share (EPS) growth is suggesting a mid-single digit decline in 2016. However, this aggregate number hides the detail, with resources expected to fall by nearly 46%, while banks and industrials are both expected to grow by around 5%. Many companies continue to see subdued top-line revenue growth, but the ongoing cost-out programs, together with a disciplined approach around capital expenditure, working capital and the balance sheet should help the bottom line. (VIEW LINK)