GRAPHIC- Europe's earnings gain pace while lofty valuations cap rewards

LONDON, Feb 16 (Reuters) - European company earnings growth is picking up this reporting season against a tentatively improving economic backdrop, but wary investors are demanding more than solid results to justify sky-high valuations. Companies representing 57% of Europe's market capitalisation have reported so far, achieving average earnings growth of ‌3.9% in the fourth quarter, ahead of estimates for a final result of a contraction of 1.1% based on LSEG I/B/E/S data. "Overall, EPS recovery is ‌on t ...