Stock Market Briefing: S&P Sectors & Industries Forward P/Es January 17, 18 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 January 17, 18 / Stock Market Briefing: 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 (18.4) Consumer Staples (19.4) Financials (14.2) Health Care (16.9) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Figure 2. S&P FORWARD P/E RATIOS* 4 S&P Index (18.4) Consumer Discretionary (21.2) Information Technology (19.1) 4 3 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Page 1 / January 17, 18 / Stock Market Briefing: S&P Sectors & Industries Forward P/Es www.
6 4 3 Figure 3. S&P FORWARD P/E RATIOS* S&P Sector Forward P/Es S&P Index (18.4) Energy (24.9) Industrials (19.4) Materials (18.8) 6 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Figure 4. S&P FORWARD P/E RATIOS* S&P Index (18.4) Telecommunication Services (12.6) Utilities (16.7) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Page 2 / January 17, 18 / Stock Market Briefing: 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 (21.2) Advertising (13.2) Auto Parts & Equipment (.7) Automobile Manufacturers (7.6) Publishing (31.7) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 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 (21.2) Casinos & Gaming (22.9) Hotels, Resorts & Cruise Lines (18.7) Movies & Entertainment (.) Restaurants (24.2) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 P/E capped at for all industries. Page 3 / January 17, 18 / Stock Market Briefing: 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 (21.2) Apparel, Accessories, & Luxury Goods (17.8) Apparel Retail (17.1) Footwear (.3) Leisure Products (21.7) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 4 3 Figure 8. S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY Consumer Discretionary Sector (21.2) Computer & Electronics Retailers (.7) Home Improvement Retailers (.9) Homebuilding (13.1) Household Appliances (.6) 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 P/E capped at and for all industries. Page 4 / January 17, 18 / Stock Market Briefing: 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 (19.4) Household Products (21.1) Packaged Foods (17.7) Personal Products (27.8) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 4 Figure. S&P FORWARD P/E RATIOS:* CONSUMER STAPLES 4 3 Consumer Staples Sector (19.4) Brewers (17.2) Drug Retail (12.1) Soft Drinks (22.1) Tobacco (19.2) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Page / January 17, 18 / Stock Market Briefing: S&P Sectors & Industries Forward P/Es www.
6 4 3 Energy Forward P/Es Figure 11. S&P FORWARD P/E RATIOS:* ENERGY Energy Sector (24.9) Integrated Oil & Gas (21.9) Oil & Gas Refining & Marketing (14.) 6 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 P/E capped at. for all industries. 4 3 Figure 12. S&P FORWARD P/E RATIOS:* ENERGY Energy Sector (24.9) Oil & Gas Drilling (NA) Oil & Gas Equipment & Services (.8) Oil & Gas Exploration & Production (41.6) 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 P/E capped at and 4 for all industries. Page 6 / January 17, 18 / Stock Market Briefing: 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 (14.2) Asset Management & Custody Banks (.) Diversified Banks (12.9) Investment Banking & Brokerage (14.1) Other Diversified Financial Services (.) Regional Banks (14.3) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 8 6 4 P/E capped at for all industries. Figure 14. S&P FORWARD P/E RATIOS:* FINANCIALS Financials Sector (14.2) Insurance Brokers (17.4) Life & Health Insurance (.8) Multi-Line Insurance (11.9) Property & Casualty Insurance (13.7) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Page 7 / January 17, 18 / Stock Market Briefing: 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 (16.9) Biotechnology (14.8) Health Care Equipment (21.2) Managed Health Care (18.7) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 3 Figure 16. S&P FORWARD P/E RATIOS:* HEALTH CARE Health Care (16.9) Health Care Distributors (13.7) Health Care Facilities (11.9) Pharmaceuticals (.6) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 P/E capped at 7 and 3 for all industries. Page 8 / January 17, 18 / Stock Market Briefing: S&P Sectors & Industries Forward P/Es www.
3 Industrials Forward P/Es Figure 17. S&P FORWARD P/E RATIOS:* INDUSTRIALS Industrials Sector (19.4) Construction Machinery & Heavy Trucks (18.2) Industrial Conglomerates (.7) Industrial Machinery (.8) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Figure 18. S&P FORWARD P/E RATIOS:* INDUSTRIALS Industrials Sector (19.4) Aerospace & Defense (22.4) Electrical Components & Equipment (21.) Environmental & Facilities Services (23.1) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 * Price divided by 12-month forward consensus expected operating earnings per share using mid-month data. Page 9 / January 17, 18 / Stock Market Briefing: 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 (19.1) Application Software (37.1) Data Processing & Outsourcing (26.2) IT Consulting & Other Services (14.9) Systems Software (22.) 4 3 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 P/E capped at 7 and for all industries. 4 Figure. S&P FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY Information Technology Sector (19.1) Semiconductors (.1) Communications Equipment (.6) Technology Hardware, Storage & Peripherals (14.2) Semiconductor Equipment (13.1) 4 3 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 P/E capped at 7 and 4 for all industries. Page / January 17, 18 / Stock Market Briefing: S&P Sectors & Industries Forward P/Es www.
4 3 Figure 21. S&P FORWARD P/E RATIOS:* MATERIALS Materials Sector (18.8) Aluminum (19.6) Copper (11.8) Steel (14.6) Materials Forward P/Es 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 P/E capped at and for all industries. Figure 22. S&P FORWARD P/E RATIOS:* MATERIALS Materials Sector (18.8) Diversified Chemicals (17.4) Industrial Gases (24.3) Specialty Chemicals (22.2) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Page 11 / January 17, 18 / Stock Market Briefing: 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 (12.6) Integrated Telecommunication Services (12.6) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Figure 24. S&P FORWARD P/E RATIOS:* UTILITIES Utilities Sector (16.7) Electric Utilities (16.) Gas Utilities (21.) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 17 18 19 Page 12 / January 17, 18 / Stock Market Briefing: S&P Sectors & Industries Forward P/Es www.
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