Sounds like a quest for the investor's holy grail.
Given the current credibility of American analysts and their abysmal forecasting record, what makes you think that any overseas data would be even as "good" as the domestic stuff?
I think the holy grail is trying to find one TECHNICAL indicator that is going to predict the stock market. Discounted cash flows analysis is not a technical indicator. Nor is it the only tool I use to determine value. I further understand that an undervalued asset can remain so for some time. But I do make the assumption that it should return to fair value at some point in the future, which I will wait for.
In this case I would not need them to be better than the American analysts, I just need them to be equally bad. If they are off by about the same amount then I still am able to determine the relative value of the foreign stocks vs. the US ones.
The fact is analyst estimates are better than my own. I make their estimates more conservative through the other assumptions (ie - no growth after 5 years, 11% discount rate). Doing this on MS REIT Index (VGSIX) shows me 10% overvalued. Now maybe you wanna say it's more like 20% overvalued or whatever, but who cares? It tells me to wait to invest more money in it.
I think it's a given that there are plently of people with lots of money in the market who use analyst estimates. It seems reasonable enough to know what they are paying given said estimates.