Many bargain hunters keep grumbling that nearly everything looks overpriced, even with stocks worldwide selling off in recent weeks.But is one corner of Europe—Portugal—offering a good deal? Yes, say the bulls, as they emphasize that it’s benefiting from a greatly improved economic backdrop. “The Portuguese stock market is cheap, relative to the global stock market,” says Peter Garnry, head of equity strategy at Denmark’s Saxo Bank, which has made Portugal one of its 2018 equity picks.One exchange-traded index fund that broadly bets on the southern European nation—U.S.-listed Global X MSCI Portugal (ticker: PGAL) has a price/earnings ratio of 15, versus the Vanguard FTSE Europe’s (VGK) 17, the SPDR S&P 500’s (SPY) 22, and the Vanguard Total World Stock’s (VT) 19.Portugal’s market is a sizable part of one equity ETF that aims to scoop up our planet’s biggest bargains—Cambria Global Value (GVAL). “Across our four long-term valuation metrics, it’s one of the cheapest in the world,” writes Meb Faber, Cambria’s CEO, in an email. The ETF is weighted 9% toward Portugal, and Faber says the country’s stocks will remain in the fund, following an annual rebalancing this month based on Cambria’s quantitative screens.