Valuation: S&P Sectors & Industries Forward P/Es July 27, 16 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-6 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents S&P Sector Forward P/Es 1-2 Consumer Discretionary Forward P/Es 3-4 Consumer Staples Forward P/Es Energy Forward P/Es 6 Financials Forward P/Es 7 Health Care Forward P/Es 8 Industrials Forward P/Es 9 Information Technology Forward P/Es Materials Forward P/Es 11 Telecommunication Services & Utilities Forward P/Es 12 July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
3 Figure 1. S&P FORWARD P/E RATIOS* S&P Sector Forward P/Es 3 S&P Index (17.2) Consumer Staples (21.) Financials (13.9) Health Care (.7) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Figure 2. S&P FORWARD P/E RATIOS* 4 S&P Index (17.2) Consumer Discretionary (17.7) Information Technology (16.6) 4 3 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Page 1 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
6 4 3 S&P Sector Forward P/Es Figure 3. S&P FORWARD P/E RATIOS* S&P Index (17.2) Energy (41.3) Industrials (16.8) Materials (17.1) 6 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Figure 4. S&P FORWARD P/E RATIOS* S&P Index (17.2) Telecommunication Services (14.6) Utilities (18.3) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Page 2 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
4 Figure. Consumer Discretionary Forward P/Es S&P FORWARD P/E RATIOS* CONSUMER DISCRETIONARY 4 3 Consumer Discretionary Sector (17.7) Advertising (17.) Auto Parts & Equipment (.4) Automobile Manufacturers (7.) Publishing (23.4) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 P/E capped at 7 and 3 for all industries. 4 Figure 6. S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY 4 3 Consumer Discretionary Sector (17.7) Casinos & Gaming (21.8) Hotels, Resorts & Cruise Lines (14.2) Movies & Entertainment (14.3) Restaurants (23.) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 P/E capped at for all industries. Page 3 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
3 Consumer Discretionary Forward P/Es Figure 7. S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY Consumer Discretionary Sector (17.7) Apparel, Accessories, & Luxury Goods (18.) Apparel Retail (18.8) Footwear (23.) Leisure Products (19.6) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 4 3 Figure 8. S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY Consumer Discretionary Sector (17.7) Homebuilding (12.2) Computer & Electronics Retailers (.6) Household Appliances (11.4) Home Improvement Retailers (19.8) 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 P/E capped at and for all industries. Page 4 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
Figure 9. Consumer Staples Forward P/Es S&P FORWARD P/E RATIOS:* CONSUMER STAPLES 3 Consumer Staples Sector (21.) Household Products (22.3) Packaged Foods (22.) Personal Products (26.1) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 4 Figure. S&P FORWARD P/E RATIOS:* CONSUMER STAPLES 4 3 Consumer Staples Sector (21.) Brewers (22.3) Drug Retail (16.) Soft Drinks (22.8) Tobacco (21.2) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Page / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
Energy Forward P/Es 6 Figure 11. S&P FORWARD P/E RATIOS:* ENERGY 6 4 Energy Sector (41.3) Integrated Oil & Gas (28.4) Oil & Gas Refining & Marketing (12.3) 4 3 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 P/E capped at. for all industries. Figure 12. S&P FORWARD P/E RATIOS:* ENERGY 4 4 3 Energy Sector (41.3) Oil & Gas Drilling (NA) Oil & Gas Equipment & Services (4.) Oil & Gas Exploration & Production (NA) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 P/E capped at and 4 for all industries. Page 6 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
22 Figure 13. S&P FORWARD P/E RATIOS:* FINANCIALS Financials Forward P/Es 22 18 18 16 16 14 14 12 12 8 6 4 Financials Sector (13.9) Asset Management & Custody Banks (13.1) Diversified Banks (.7) Investment Banking & Brokerage (11.9) Other Diversified Financial Services (.) Regional Banks (11.7) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 8 6 4 P/E capped at for all industries. Figure 14. S&P FORWARD P/E RATIOS:* FINANCIALS Financials Sector (13.9) Insurance Brokers (16.6) Life & Health Insurance (8.4) Multi-Line Insurance (11.4) Property & Casualty Insurance (13.3) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Page 7 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
7 Figure. S&P FORWARD P/E RATIOS:* HEALTH CARE Health Care Forward P/Es 7 Health Care (.7) Biotechnology (12.2) Health Care Equipment (19.9) Managed Health Care (14.9) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 3 Figure 16. S&P FORWARD P/E RATIOS:* HEALTH CARE Health Care (.7) Health Care Distributors (.) Health Care Facilities (13.2) Pharmaceuticals (16.6) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 P/E capped at 7 and 3 for all industries. Page 8 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
3 Industrials Forward P/Es Figure 17. S&P FORWARD P/E RATIOS:* INDUSTRIALS Industrials Sector (16.8) Construction Machinery & Heavy Trucks (18.3) Industrial Conglomerates (.4) Industrial Machinery (17.9) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Figure 18. S&P FORWARD P/E RATIOS:* INDUSTRIALS Industrials Sector (16.8) Aerospace & Defense (16.8) Electrical Components & Equipment (17.4) Environmental & Facilities Services (22.4) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 * Price divided by 12-month forward consensus expected operating earnings per share using mid-month data. Page 9 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
4 Information Technology Forward P/Es Figure 19. S&P FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY Information Technology Sector (16.6) Application Software (36.6) Data Processing & Outsourcing (22.) IT Consulting & Other Services (13.8) Systems Software (17.9) 4 3 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 P/E capped at 7 and for all industries. 4 Figure. S&P FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY Information Technology Sector (16.6) Semiconductors (.1) Communications Equipment (12.8) Technology Hardware, Storage & Peripherals (11.4) Semiconductor Equipment (14.) 4 3 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 P/E capped at 7 and 4 for all industries. Page / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
4 3 Materials Forward P/Es Figure 21. S&P FORWARD P/E RATIOS:* MATERIALS Materials Sector (17.1) Aluminum (.) Paper Products (9.9) Steel (18.9) 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 P/E capped at and for all industries. Figure 22. S&P FORWARD P/E RATIOS:* MATERIALS Materials Sector (17.1) Diversified Chemicals (.) Industrial Gases (19.4) Specialty Chemicals (21.) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Page 11 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
Telecommunication Services & Utilities Forward P/Es Figure 23. S&P FORWARD P/E RATIOS:* TELECOMMUNICATION SERVICES Telecommunication Services Sector (14.6) Integrated Telecommunication Services (14.4) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Figure 24. S&P FORWARD P/E RATIOS:* UTILITIES Utilities Sector (18.3) Electric Utilities (17.6) Gas Utilities (21.) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 Page 12 / July 27, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
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