Valuation: S&P Sectors & Industries Forward P/Es February, 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 February, 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 (.4) Consumer Staples (19.8) Financials (12.) Health Care (14.4) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 Figure 2. S&P FORWARD P/E RATIOS* 4 S&P Index (.4) Consumer Discretionary (16.7) Information Technology (.) 4 3 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 Page 1 / February, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
4 3 S&P Sector Forward P/Es Figure 3. S&P FORWARD P/E RATIOS* S&P Index (.4) Energy (.) Industrials (14.3) Materials (.) 4 3 1997 1999 1 3 7 9 11 13 17 Figure 4. S&P FORWARD P/E RATIOS* S&P Index (.4) Telecommunication Services (13.) Utilities (16.6) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 Page 2 / February, 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 (16.7) Advertising (.6) Auto Parts & Equipment (9.3) Automobile Manufacturers (7.) Publishing (21.) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 P/E capped at 7 and 3 for all industries. 4 3 Figure 6. S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY Consumer Discretionary Sector (16.7) Casinos & Gaming (19.) Hotels, Resorts & Cruise Lines (13.) Movies & Entertainment (13.9) Restaurants (24.4) 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 P/E capped at for all industries. Page 3 / February, 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 (16.7) Apparel, Accessories, & Luxury Goods (17.6) Apparel Retail (19.) Footwear (26.1) Leisure Products (.4) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 4 3 Figure 8. S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY Consumer Discretionary Sector (16.7) Homebuilding (.4) Computer & Electronics Retailers (8.8) Household Appliances (9.) Home Improvement Retailers (18.8) 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 P/E capped at and for all industries. Page 4 / February, 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 (19.8) Household Products (21.) Packaged Foods (.3) Personal Products (.) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 4 Figure. S&P FORWARD P/E RATIOS:* CONSUMER STAPLES 4 3 Consumer Staples Sector (19.8) Brewers (23.8) Drug Retail (16.1) Soft Drinks (.9) Tobacco (19.7) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 Page / February, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
Energy Forward P/Es 4 Figure 11. S&P FORWARD P/E RATIOS:* ENERGY 4 3 Energy Sector (.) Integrated Oil & Gas (33.1) Oil & Gas Refining & Marketing (9.) 3 1997 1999 1 3 7 9 11 13 17 P/E capped at. for all industries. Figure 12. S&P FORWARD P/E RATIOS:* ENERGY 4 4 Energy Sector (.) 3 Oil & Gas Drilling (21.7) Oil & Gas Equipment & Services (38.) Oil & Gas Exploration & Production (NA) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 P/E capped at and 4 for all industries. Page 6 / February, 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 (12.) Asset Management & Custody Banks (11.8) Diversified Banks (9.3) Investment Banking & Brokerage (9.7) Other Diversified Financial Services (.) Regional Banks (.) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 8 6 4 P/E capped at for all industries. Figure 14. S&P FORWARD P/E RATIOS:* FINANCIALS Financials Sector (12.) Insurance Brokers (14.1) Life & Health Insurance (7.3) Multi-Line Insurance (.4) Property & Casualty Insurance (11.7) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 Page 7 / February, 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 6 Health Care (14.4) Biotechnology (12.2) Health Care Equipment (17.1) Managed Health Care (13.8) 6 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 3 Figure 16. S&P FORWARD P/E RATIOS:* HEALTH CARE Health Care (14.4) Health Care Distributors (13.4) Health Care Facilities (12.) Pharmaceuticals (.2) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 P/E capped at 7 and 3 for all industries. Page 8 / February, 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 (14.3) Construction Machinery & Heavy Trucks (14.1) Industrial Conglomerates (18.4) Industrial Machinery (14.8) 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 Figure 18. S&P FORWARD P/E RATIOS:* INDUSTRIALS Industrials Sector (14.3) Aerospace & Defense (.) Electrical Components & Equipment (14.2) Environmental & Facilities Services (19.8) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 * Price divided by 12-month forward consensus expected operating earnings per share using mid-month data. Page 9 / February, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
6 4 Information Technology Forward P/Es Figure 19. S&P FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY Information Technology Sector (.) Application Software (34.8) Data Processing & Outsourcing (21.) IT Consulting & Other Services (12.) Systems Software (16.4) 6 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. 6 4 Figure. S&P FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY Information Technology Sector (.) Semiconductors (13.4) Communications Equipment (.4) Technology Hardware, Storage & Peripherals (.) Semiconductor Equipment (12.8) 6 4 3 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 P/E capped at 7 and 4 for all industries. Page / February, 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 (.) Aluminum (19.1) Paper Products (9.9) Steel (18.8) 4 3 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 P/E capped at and for all industries. Figure 22. S&P FORWARD P/E RATIOS:* MATERIALS Materials Sector (.) Diversified Chemicals (14.6) Industrial Gases (18.7) Specialty Chemicals (18.8) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 Page 11 / February, 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 (13.) Integrated Telecommunication Services (12.9) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 Figure 24. S&P FORWARD P/E RATIOS:* UTILITIES Utilities Sector (16.6) Electric Utilities (16.3) Gas Utilities (.8) 1997 1998 1999 1 2 3 4 6 7 8 9 11 12 13 14 16 Page 12 / February, 16 / Valuation: S&P Sectors & Industries Forward P/Es www.
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