Emerging markets guru Mark Mobius says he is finding global valuations “rather cheap”, and says he is finding a number of attractively priced stocks in Europe, Southeast Asia, China, and Africa.

“Looking at companies around the world generally, we are finding that valuations look rather cheap right now,” Mobius says in an interview posted on Franklin Templeton’s website. “The price-earnings ratios of emerging markets averaged about 9.6 ( based on the MSCI Emerging Markets Index 12-month forward P/E), compared to a world index of 11.4 (based on the MSCI World Index 12-month forward P/E) and the U.S. average of 11.9 (based on the MSCI US Index 12-month forward P/E), as of July. The dividend yield average for emerging markets was 3.0%, while the world average was 2.9% and the U.S. was 2.2%, as of July, based on the MSCI EM Index, World Index and US Index. So, as value investors, our team has been finding lots of opportunities in these markets that we think should bode well longer term.”

Mobius says one area in particular that appeals to him is Eastern Europe. “We are finding a lot of the opportunities there from companies where valuations have dramatically wiped out, many unfairly, and provide opportunities for long-term holdings,” he says, adding that he thinks the European debt crisis “should get better with time”. He also thinks that, while China’s growth may slow, there are a number of very attractive individual companies there. And he’s also high on firms in Southeast Asia and Africa.