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Three Euro firms that look 'way too expensive'

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Investors are always looking to buy cheap stocks but it's also wise to be aware of those looking overpriced. Morningstar research has identified a number of companies, such as Smith and Nephew, Red Electrica de Espana and ASML Holdings, which appear to be trading considerably higher than what they rate as fair value. 
Holly Cook from Morningstar explains their research parameters and explains why others, including AstraZeneca, Intercontinental Hotels, Imperial Tobacco and Reed Elsevier are also looking pricey.