s&p 500 sector forward p/es
TRANSCRIPT
Stock Market Briefing:S&P 500 Sectors & Industries
Forward P/EsYardeni Research, Inc.
April 4, 2018
Dr. Edward Yardeni516-972-7683
Joe Abbott732-497-5306
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P 500 Sector Forward P/Es 1-2Consumer Discretionary Forward P/Es 3-4Consumer Staples Forward P/Es 5Energy Forward P/Es 6Financials Forward P/Es 7Health Care Forward P/Es 8Industrials Forward P/Es 9Information Technology Forward P/Es 10Materials Forward P/Es 11Telecommunication Services & Utilities Forward P/Es 12
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20205
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S&P 500 FORWARD P/E RATIOS*
S&P 500 Index (16.3)Consumer Staples (17.2)Financials (12.8)Health Care (15.1)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 1.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20205
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S&P 500 FORWARD P/E RATIOS*
S&P 500 Index (16.3)Consumer Discretionary (19.3)Information Technology (17.4)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 2.
S&P 500 Sector Forward P/Es
Page 1 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20205
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S&P 500 FORWARD P/E RATIOS*
S&P 500 Index (16.3)Energy (18.7)Industrials (16.6)Materials (15.5)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 3.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20205
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S&P 500 FORWARD P/E RATIOS*
S&P 500 Index (16.3)Telecommunication Services (10.5)Utilities (16.1)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 4.
S&P 500 Sector Forward P/Es
Page 2 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P 500 FORWARD P/E RATIOS* CONSUMER DISCRETIONARY
Consumer Discretionary Sector (19.3)
Advertising (12.8)
Auto Parts & Equipment (13.8)
Automobile Manufacturers (7.0)
Publishing (27.0)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 7 and 35 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 5.
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S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
Consumer Discretionary Sector (19.3)
Casinos & Gaming (22.2)
Hotels, Resorts & Cruise Lines (16.9)
Movies & Entertainment (13.2)
Restaurants (21.3)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 40 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 6.
Consumer Discretionary Forward P/Es
Page 3 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
Consumer Discretionary Sector (19.3)
Apparel, Accessories, & Luxury Goods (16.4)
Apparel Retail (15.4)
Footwear (24.9)
Leisure Products (23.2)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 7.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20200
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S&P 500 FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
Consumer Discretionary Sector (19.3)
Computer & Electronics Retailers (13.6)
Home ImprovementRetailers (17.4)
Homebuilding (10.1)
Household Appliances (9.6)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 5 and 40 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 8.
Consumer Discretionary Forward P/Es
Page 4 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P 500 FORWARD P/E RATIOS:* CONSUMER STAPLES
Consumer Staples Sector (17.2)
Household Products (18.3)
Packaged Foods (15.0)
Personal Products (27.8)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 9.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20205
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S&P 500 FORWARD P/E RATIOS:* CONSUMER STAPLES
Consumer Staples Sector (17.2)
Brewers (14.3)
Drug Retail (10.3)
Soft Drinks (20.1)
Tobacco (16.9)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 10.
Consumer Staples Forward P/Es
Page 5 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20205
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S&P 500 FORWARD P/E RATIOS:* ENERGY
Energy Sector (18.7)
Integrated Oil & Gas (16.8)
Oil & Gas Refining & Marketing (12.6)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 5.5 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 11.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20205
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S&P 500 FORWARD P/E RATIOS:* ENERGY
Energy Sector (18.7)
Oil & Gas Drilling (45.0)
Oil & Gas Equipment & Services (23.9)
Oil & Gas Exploration & Production (24.8)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 5 and 45 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 12.
Energy Forward P/Es
Page 6 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P 500 FORWARD P/E RATIOS:* FINANCIALS
Financials Sector (12.8)
Asset Management & Custody Banks (13.2)
Diversified Banks (11.2)
Investment Banking & Brokerage (12.9)
Other Diversified Financial Services (10.0)
Regional Banks (13.2)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 20 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 13.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20200
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S&P 500 FORWARD P/E RATIOS:* FINANCIALS
Financials Sector (12.8)
Insurance Brokers (17.2)
Life & Health Insurance (9.2)
Multi-Line Insurance (10.7)
Property & Casualty Insurance (13.3)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 14.
Financials Forward P/Es
Page 7 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P 500 FORWARD P/E RATIOS:* HEALTH CARE
Health Care (15.1)
Biotechnology (12.9)
Health Care Equipment (20.2)
Managed Health Care (15.7)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 15.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20205
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S&P 500 FORWARD P/E RATIOS:* HEALTH CARE
Health Care (15.1)
Health Care Distributors (11.3)
Health Care Facilities (11.3)
Pharmaceuticals (14.2)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 7 and 35 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 16.
Health Care Forward P/Es
Page 8 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P 500 FORWARD P/E RATIOS:* INDUSTRIALSIndustrials Sector (16.6)
Construction Machinery & Heavy Trucks (14.0)
Industrial Conglomerates (17.2)
Industrial Machinery (17.9)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 17.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20205
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S&P 500 FORWARD P/E RATIOS:* INDUSTRIALSIndustrials Sector (16.6)
Aerospace & Defense (19.8)
Electrical Components & Equipment (18.5)
Environmental & Facilities Services (19.3)
* Price divided by 12-month forward consensus expected operating earnings per share using mid-month data.Source: Thomson Reuters I/B/E/S.
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Figure 18.
Industrials Forward P/Es
Page 9 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P 500 FORWARD P/E RATIOS:* INFORMATION TECHNOLOGYInformation Technology Sector (17.4)
Application Software (34.6)
Data Processing & Outsourcing (23.7)
IT Consulting & Other Services (14.1)
Systems Software (20.7)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 7 and 50 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 19.
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S&P 500 FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY
Information Technology Sector (17.4)
Communications Equipment (15.0)
Semiconductor Equipment (12.1)
Semiconductors (13.9)
Technology Hardware, Storage & Peripherals (13.0)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 7 and 45 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 20.
Information Technology Forward P/Es
Page 10 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P 500 FORWARD P/E RATIOS:* MATERIALS
Materials Sector (15.5)
Aluminum (19.6)
Copper (8.6)
Steel (10.7)
* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 5 and 40 for all industries.Source: Thomson Reuters I/B/E/S.
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Figure 21.
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S&P 500 FORWARD P/E RATIOS:* MATERIALSMaterials Sector (15.5)
Diversified Chemicals (14.2)
Industrial Gases (20.7)
Specialty Chemicals (19.7)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 22.
Materials Forward P/Es
Page 11 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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S&P 500 FORWARD P/E RATIOS:* TELECOMMUNICATION SERVICES
Telecommunication Services Sector (10.5)
Integrated Telecommunication Services (10.4)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 23.
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S&P 500 FORWARD P/E RATIOS:* UTILITIES
Utilities Sector (16.1)
Electric Utilities (15.8)
Gas Utilities (21.0)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 24.
Telecommunication Services & Utilities Forward P/Es
Page 12 / April 4, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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