This chapter provides a broad discussion on the Emerging Market equity indices, highlighting their historical background and development, as well as their importance in the global financial perspective. Furthermore, the chapter reviews the existing literature on some of the important exogenous and endogenous value drivers of equity valuations in EM, including the theoretical underpinnings of such concepts. The chapter then applies regression analysis to empirically understand certain valuation drivers and finds that expected revenue growth, levels of debt, and the spending on innovation are the significant contributors to EM valuations, in accordance with intrinsic valuation principles related to risk and return as they are key building blocks of economic value. It concludes with practical insights and strategies on how to improve investment strategies in EM equities using the personal experiences of the author.