Earnings, Revenues, & Valuation: S&P // February 2, Dr. Edward Yardeni -2-3 eyardeni@ Joe Abbott 32--3 jabbott@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents S&P // Annual Earnings 3 S&P // Annual Revenues S&P // Annual Margins S&P Annual & Quarterly Earnings S&P Annual & Quarterly Earnings S&P Annual & Quarterly Earnings S&P // Quarterly Earnings S&P // Quarterly Y/Y Earnings Growth S&P // Quarterly Earnings 11 S&P // Quarterly Y/Y Earnings Growth S&P // Indexes & Forward Earnings 13 S&P // Forward Revenues & Margins 1 S&P // P/Es S&P // P/Sales S&P Revenues, Earnings, & Margins S&P Revenues, Earnings, & Margins 1 S&P Revenues, Earnings, & Margins 1 S&P // Blue Angels S&P Forward Revenues & Earnings 21 S&P // Sectors Forward Earnings 22 S&P // Sectors Annual Earnings: 23 S&P // Sectors Annual Earnings: 2 S&P Sectors Forward Earnings 2 S&P Sectors Forward Revenues 2 S&P Sectors Forward Profit Margin 2 S&P Sectors Forward P/Es 2 S&P Sectors Forward P/Sales 2 S&P Sectors Forward Earnings 3 S&P Sectors Forward Revenues 31 S&P Sectors Forward Profit Margin 32 S&P Sectors Forward P/Es 33 S&P Sectors Forward P/Sales 3 S&P Sectors Forward Earnings 3 continued... February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward Revenues 3 S&P Sectors Forward Profit Margin 3 S&P Sectors Forward P/Es 3 S&P Sectors Forward P/Sales 3 S&P // Sectors Forward Profit Margin S&P // Sectors Forward P/Es 1 S&P // Sectors Forward P/Sales 2 February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P // Annual Earnings Figure 1. S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual 2-Week Forward* Frwd Feb 11 1.2 2.11 13..2 Feb 1 1.3 1.2 13.. 3 S&P Consensus Forecasts Annual 2-Week Forward* 3 Frwd Feb 11.3 2. 3. 3. Feb 1.3 1.1 2. 3.3 3 2 3 2 3 S&P Consensus Forecasts 3 3 Annual 3 2 2-Week Forward* 2 Frwd Feb 11 3.1 3. 3. 3.2 Feb 1 3. 3. 3.1 3.22 3 * Time-weighted average of consensus operating earnings estimates for current and next year. Page 3 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P // Annual Revenues 13 1 Figure 2. S&P REVENUES PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) 13 1 1 1 Consensus Forecasts Annual Revenues Forward Revenues* S&P 1 1 1 1 Consensus Forecasts Annual Revenues Forward Revenues* S&P Consensus Forecasts Annual Revenues Forward Revenues* 3 * Time-weighted average of consensus revenue estimates for current and next year. 3 Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P // Annual Margins 13 Figure 3. S&P PROFIT MARGIN (using analysts average earnings and sales forecasts, percent) 13 11 11 Consensus Forecasts Annual Margins Forward Margins* (.) S&P Consensus Forecasts Annual Margins Forward Margins* (.) S&P Consensus Forecasts Annual Margins Forward Margins* (.3) 3 * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. 3 Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
Figure. S&P Annual & Quarterly Earnings S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual 2-Week Forward* Frwd Feb 11 1.2 2.11 13..2 Feb 1 1.3 1.2 13.. 3 * Time-weighted average of consensus estimates for current and next year. 3 3 3 Figure. S&P EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES (consensus analysts estimates in dollars, weekly) By Quarter as of / Q Q1 Q2 Q3 Q Feb 11 2. 3. 2. 2.3 Q3 Feb 1 2. 3. 2. 2. Q2 3 3 3 32 Q1 32 3 3 2 2 2 I II III IV I II III IV I II 1 2 Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
Figure. S&P Annual & Quarterly Earnings S&P MIDCAP OPERATING EARNINGS PER SHARE* (consensus analysts estimates in dollars, weekly) Consensus Forecasts Annual 2-Week Forward* 3 Frwd Feb 11.3 2. 3. 3. Feb 1.3 1.1 2. 3.3 3 2 3 2 * Time-weighted average of the current year s and next year s consensus earnings estimates. 2 2 2 23 22 21 Figure. S&P MIDCAP EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES (consensus analysts estimates in dollars, weekly) By Quarter Q as of / Q3 Q2 Q1 Q2 Q3 Q Feb 11. 1.2.21 1.2 Feb 1. 1.2.21 1. 2 2 2 23 22 21 1 1 Q1 1 1 I II III IV I II III IV I II 1 Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
Figure. S&P Annual & Quarterly Earnings S&P SMALLCAP OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly) Consensus Forecasts 3 3 Annual 2-Week Forward* 3 3 2 2 Frwd Feb 11 3.1 3. 3. 3.2 Feb 1 3. 3. 3.1 3.22 3 * Time-weighted average of consensus operating earnings estimates for current and next year. 11 Figure. S&P SMALLCAP EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES (consensus analysts estimates in dollars, weekly) By Quarter as of / Q3 Q Q2 Q1 Q2 Q3 Q Feb 11..1.1. Feb 1..1.1.11 11 Q1 I II III IV I II III IV I II 1 Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
3 3 Figure. S&P // Quarterly Earnings S&P EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES (consensus analysts estimates in dollars, weekly) By Quarter as of / Q 3 3 3 32 Q3 Q2 Q1 Q2 Q3 Q Feb 11 2. 3. 2. 2.3 Feb 1 2. 3. 2. 2. 3 32 Q1 3 3 2 2 2 2 I II III IV I II III IV I II 1 S&P 2 2 2 2 22 Q Q3 Q2 By Quarter as of / Q1 Q2 Q3 Q Feb 11. 1.2.21 1.2 Feb 1. 1.2.21 1. 2 2 22 1 Q1 1 13 11 I II III IV I II III IV I II 1 S&P Q3 Q Q2 By Quarter as of / Q1 Q2 Q3 Q Feb 11..1.1. Feb 1..1.1.11 13 11 Q1 I II III IV I II III IV I II 1 Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
2 S&P // Quarterly Y/Y Earnings Growth Figure 11. S&P : CONSENSUS QUARTERLY Y/Y EPS GROWTH (consensus analysts estimates in percent, weekly) By Quarter as of / Q1 Q2 Q3 Q Feb 11 1.. -.2-3. Feb 1 1.. -.2-3. 2 - Q1 Q2 Q3 Q - - 2 I II III IV I II III IV I II 1 S&P By Quarter as of / Q1 Q2 Q3 Q Feb 11... -.3 Feb 1... -. Q1 Q2-2 Q3 - - 3 3 2 - - I II III IV I II III IV I II 1 S&P By Quarter as of / I II III IV I II III IV I II 1 Q Q1 Q2 Q3 Q Feb 11..2. -3.2 Feb 1..2. -1. Q1 Q2 Q3 Q - - 3 3 2 - - Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
Figure. S&P // Quarterly Earnings S&P EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES (consensus analysts estimates in dollars, weekly) By Quarter as of / Q 3 Q3 Q2 Q1 Q2 Q3 Q Feb 11 2.2 2.3 31.1 31.1 Feb 1 2.1 2. 31. 32.3 3 Q1 3 3 2 2 2 2 22 I II III IV I II III IV I II S&P Q Q3 Q2 By Quarter as of / Q1 Q2 Q3 Q Feb 11.. 21.1 22. Feb 1.3.2 21. 22.3 2 2 2 2 22 Q1 1 1 13 11 I II III IV I II III IV I II S&P Q3 Q Q2 Q1 By Quarter as of / Q1 Q2 Q3 Q Feb 11..21.2.1 Feb 1.... 13 11 I II III IV I II III IV I II Page 11 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P // Quarterly Y/Y Earnings Growth Figure 13. S&P : CONSENSUS QUARTERLY Y/Y EPS GROWTH (consensus analysts estimates in percent, weekly) Q By Quarter as of / Q1 Q2 Q3 Q Feb 11 -. -... Feb 1 -.1 -...3 Q3 Q2 - Q1 - - 2 I II III IV I II III IV I II S&P Q Q3 Q2 By Quarter as of / Q1 Q2 Q3 Q Feb 11... 13. Feb 1..1. 13. - 2 Q1-3 2 I II III IV I II III IV I II S&P By Quarter as of / Q1 Q2 Q3 Q Feb 11.... Feb 1 3.. 1. 1. - 3 2 Q3 Q Q2 Q1 I II III IV I II III IV I II Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
2 22 1 13 Figure 1. S&P // Indexes & Forward Earnings S&P // STOCK PRICE INDEXES (daily, ratio scale) 2/23 2 22 1 13 S&P LargeCap (121) S&P MidCap (13) S&P SmallCap (23) 1 1 2 3 Source: Standard & Poor s Corporation. 13 1 Figure. S&P // FORWARD EARNINGS (dollars per share, ratio scale) 13 1 3 3 Forward Earnings* S&P LargeCap (.) S&P MidCap (3.3) S&P SmallCap (3.22) 1 1 2 3 * Time-weighted average of consensus estimates for current and next year. Page 13 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
1 Figure. S&P // Forward Revenues & Margins S&P // FORWARD REVENUES (dollars per share, ratio scale) 1 Forward Revenues* S&P LargeCap (1.) S&P MidCap (132.3) S&P SmallCap (2.3) 2 2 * Time-weighted average of consensus estimates for current and next year. 11 Figure. S&P PROFIT MARGINS* (using analysts average earnings and sales forecasts, percent) 11 S&P (.) S&P (.) S&P (.3) 3 3 * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. Page 1 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
2 2 Figure 1. FORWARD P/E RATIOS FOR S&P INDEXES* (weekly) S&P // P/Es 2 2 2 2 22 22 1 1 1 2/1 1 S&P LargeCap (.) S&P MidCap (.) S&P SmallCap (.) 1 1 2 3 * Price divided by 2-week forward consensus expected operating earnings per share. Figure 1. FORWARD P/E RATIOS FOR S&P STOCK PRICE INDEXES* (daily) 1 1 2/23 1 1 S&P LargeCap (.) S&P MidCap (.) S&P SmallCap (.) 11 13 1 * Daily stock price index divided by 2-week forward consensus expected operating earnings per share. Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P // P/Sales 2. 1. 1. Figure. FORWARD P/SALES RATIOS FOR S&P INDEXES* (weekly) S&P LargeCap (1.) S&P MidCap (.) S&P SmallCap (.) 2. 1. 1. 1. 1. 1.2 1.2 1. 1....... * Price divided by 2-week forward consensus expected revenues per share. 2. 1. Figure 21. FORWARD P/SALES RATIOS FOR S&P STOCK PRICE INDEXES* (daily) 2. 1. 1. 2/23 1. 1. 1. 1.2 1.2 1. 1..... S&P LargeCap (1.) S&P MidCap (.) S&P SmallCap (.) 11 13 1.. * Daily stock price index divided by 2-week forward consensus expected revenues per share. Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Revenues, Earnings, & Margins 13 1 Figure 22. S&P REVENUES PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) 13 1 1 1 Consensus Forecasts Annual Revenues Forward Revenues* S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual Earnings Forward Earnings* 11 S&P PROFIT MARGIN (using analysts average earnings and sales forecasts, percent) 11 Consensus Forecasts Annual Margins Forward Margins* (.) * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Revenues, Earnings, & Margins Figure 23. S&P 1 1 1 1 Consensus Forecasts Annual Revenues Forward Revenues* 1 S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) 1 Consensus Forecasts Annual Earnings Forward Earnings* 3 3 S&P PROFIT MARGIN (using analysts average earnings and sales forecasts, percent) Consensus Forecasts Annual Margins Forward Margins* (.) * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. Page 1 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Revenues, Earnings, & Margins Figure 2. S&P REVENUES PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual Revenues Forward Revenues* 3 3 S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) 3 3 3 3 2 Consensus Forecasts Annual Earnings Forward Earnings* 2 S&P PROFIT MARGIN (using analysts average earnings and sales forecasts, percent) Consensus Forecasts Annual Margins Forward Margins* (.3) 3 * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. 3 Page 1 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P // Blue Angels 2 2 1 1 Figure 2. S&P STOCK PRICE INDEXES, FORWARD EARNINGS, & VALUATION S&P 2/23/ S&P Blue Angels Implied Price Index* / x1 x x1 x 2 2 1 1 1 x 1 1 1 13 1 S&P 2/23/ S&P Blue Angels Implied Price Index* / X X1 x x1 x x 13 1 3 3 S&P 2/23/ S&P Blue Angels Implied Price Index* / x x1 x x1 x 3 x 3 2 2 * Implied stock price index calculated using actual 2-week consensus expected forward earnings times hypothetical forward P/Es. Source: Standard & Poor s Corporation and Thomson Reuters I/B/E/S. Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Forward Revenues & Earnings 2 1 13 1 Figure 2. S&P FORWARD EARNINGS & REVENUES (ratio scale) 2 1 13 1 3 3 Forward Earnings* (.) Forward Revenues* Divided by (1.) % Growth Rate** 1 2 3 1 2 3 1 2 3 11 13 1 1 1 * Time-weighted average of consensus estimates for current and next year. Monthly through April 1, then weekly. ** Compounded monthly to yield % annually. Note: Shaded areas denote recessions according to the National Bureau of Economic Research. Page 21 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
Figure 2. S&P // Sectors Forward Earnings S&P SECTORS: FORWARD EARNINGS PER SHARE* Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities 3 3 2 2 1 1-1 1 I II III IV I II III IV I 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities I II III IV I II III IV I 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities 1 1-1 1 - - I II III IV I II III IV I 1 * Time-weighted average of the consensus estimates for current and next year. - - Page 22 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
3 - - 1 1-2 -2 Figure 2. S&P // Sectors Annual Earnings: S&P SECTORS: EARNINGS PER SHARE* Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities I II III IV I II III IV I II III IV I 13 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities I II III IV I II III IV I II III IV I 13 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities 3 - - 1 1-2 -2 - I II III IV I II III IV I II III IV I 13 1 * Consensus expected operating earnings per share. - Page 23 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
Figure 2. S&P // Sectors Annual Earnings: S&P SECTORS: EARNINGS PER SHARE* Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities 3 3 1 1-2 -2 I II III IV I II III IV I II III IV 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care I II III IV I II III IV I II III IV 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Industrials Information Technology Materials Telecommunication Services Utilities 1 1-2 -2 - I II III IV I II III IV I II III IV 1 * Consensus expected operating earnings per share. - Page 2 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
3 1 2 Figure 3. CONSUMER DISCRETIONARY (S&P forward earnings* by sector) S&P Sectors Forward Earnings Annual consensus estimates Forward earnings INDUSTRIALS 3 31 2 1 13 3 31 2 CONSUMER STAPLES INFORMATION TECHNOLOGY 3 1 3 1 2 13 2 ENERGY MATERIALS 2 21 11 32 FINANCIALS TELECOMMUNICATIONS SERVICES 13 11 32 HEALTH CARE UTILITIES 1 13 11 * Time-weighted average of consensus operating earnings estimates for current and next year. Page 2 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward Revenues 3 Figure 31. CONSUMER DISCRETIONARY (S&P forward revenues by sector) INDUSTRIALS 3 33 2 3 2 2 2 3 3 CONSUMER STAPLES INFORMATIN TECHNOLOGY 2 2 22 2 ENERGY MATERIALS 2 2 3 1 2 2 2 FINANCIALS TELECOMMUNICATION SERVICES 13 1 1 3 2 HEALTH CARE UTILITIES 1 13 * Time-weighted average (in red) of the current year s and next year s consensus revenues estimates (in blue). 1 Page 2 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward Profit Margin 11 Figure 32. CONSUMER DISCRETIONARY (S&P profit margin by sector, percent) INDUSTRIALS 3 Annual Forward* (.) (.) 1... CONSUMER STAPLES INFORMATION TECHNOLOGY 22 1. (.) (1.) 1. 13 ENERGY MATERIALS (2.) (.) 1 FINANCIALS TELECOMMUNICATION SERVICES 1 (.3) (.). 11. 11.. HEALTH CARE (.) UTILITIES...... (.1).. * Time-weighted average of the consensus estimates for current and next year. Page 2 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward P/Es 3 3 Figure 33. CONSUMER DISCRETIONARY (S&P forward P/Es by sector) INDUSTRIALS (1.) 2 P/E (.) 1 11 22 1 1 CONSUMER STAPLES (.3) INFORMATION TECHNOLOGY (.) 2 22 1 1 ENERGY 3 (.) 3 2 MATERIALS (.) 2 1 1 FINANCIALS (.1) TELECOMMUNICATION SERVICES (13.) 22 1 1 1 1 HEALTH CARE (1.) UTILITIES (.2) 1 1 Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 2 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward P/Sales 1. 1. 1.2 1. Figure 3. CONSUMER DISCRETIONARY (S&P forward P/S ratio by sector) INDUSTRIALS (1.3) 2. 1. 1. 1.2.. P/S (1.2) 1...2. 1. 1.3 1. CONSUMER STAPLES (1.3) INFORMATION TECHNOLOGY (2.) 3. 3. 2. 2.. 1.. 1. 1. 1.2 1. ENERGY (1.31) MATERIALS (1.1) 1. 1. 1.2 1..... 2. 2. 1. FINANCIALS (1.) TELECOMMUNICATION SERVICES (1.1) 2. 1. 1. 1.2 1. 1... 2.2 2. 1. 1. HEALTH CARE (1.) UTILITIES (1.) 2. 1. 1. 1.2 1.2 1. 1.... Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 2 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
3 2 1 Figure 3. CONSUMER DISCRETIONARY (S&P forward earnings by sector) S&P Sectors Forward Earnings Annual consensus estimates Forward earnings INDUSTRIALS 3 2 CONSUMER STAPLES INFORMATION TECHNOLOGY 1 2 3 ENERGY MATERIALS 3 2 2 1 1-3 2 FINANCIALS TELECOMMUNICATIONS SERVICES 3 - - HEALTH CARE UTILITIES 2 2 22 3 1 13 Page 3 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward Revenues Figure 3. CONSUMER DISCRETIONARY (S&P forward revenues by sector) INDUSTRIALS 2 3 3 2 1 1 CONSUMER STAPLES INFORMATIN TECHNOLOGY 13 ENERGY MATERIALS 3 3 2 2 3 32 3 2 2 22 FINANCIALS TELECOMMUNICATION SERVICES 1 3 1 1 HEALTH CARE UTILITIES 32 3 2 2 * Time-weighted average (in red) of the current year s and next year s consensus revenues estimates (in blue). 22 Page 31 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
3 1 Figure 3. S&P Sectors Forward Profit Margin CONSUMER DISCRETIONARY (S&P profit margin by sector) Annual margins Forward margins* (.3) INDUSTRIALS (.) 3 3 2 CONSUMER STAPLES (3.3) INFORMATION TECHNOLOGY (.2) 3 2 - ENERGY (-.) MATERIALS (.1) 1 FINANCIALS (13.2) TELECOMMUNICATION SERVICES (.2) - HEALTH CARE (.) UTILITIES (.) * Time-weighted average of the consensus estimates for current and next year. Page 32 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward P/Es 2 Figure 3. CONSUMER DISCRETIONARY (S&P forward P/Es by sector) (1.) INDUSTRIALS (1.) 2 2 CONSUMER STAPLES (1.2) INFORMATION TECHNOLOGY (.) 2 ENERGY (NA) 1/1 MATERIALS (.2) 2 FINANCIALS (.) TELECOMMUNICATION SERVICES (.) 3 3 2 3 2 HEALTH CARE (.) UTILITIES (.) 1 1 Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 33 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward P/Sales 1. 1.2 1.. Figure 3. CONSUMER DISCRETIONARY (S&P forward P/S ratio by sector) (.) INDUSTRIALS (.) 1.2 1.....2.2 1.2 1. CONSUMER STAPLES (.3) INFORMATION TECHNOLOGY (.2) 1. 1.2.. 1....2.2 3. 3. 2. 2. 1. 1... ENERGY (.) MATERIALS (.2) 1.2 1....2 3. 2. 2. FINANCIALS (2.2) TELECOMMUNICATION SERVICES (.) 2. 2. 1. 1. 1.. 1.. 2. 1. 1. 1.2 1... HEALTH CARE (.) UTILITIES (1.) 1. 1. 1.2 1... Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 3 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward Earnings 3 2 Figure. CONSUMER DISCRETIONARY (S&P forward earnings by sector) INDUSTRIALS Annual consensus estimates Forward earnings 3 1 3 CONSUMER STAPLES INFORMATION TECHNOLOGY 3 2 2-2 - ENERGY MATERIALS 3 2 FINANCIALS TELECOMMUNICATIONS SERVICES 1... 2.2. -.2 HEALTH CARE UTILITIES 3 3 Page 3 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward Revenues Figure 1. CONSUMER DISCRETIONARY (S&P forward revenues by sector) INDUSTRIALS 1 3 3 2 2 1 1 CONSUMER STAPLES INFORMATIN TECHNOLOGY 2 3 2 32 2 ENERGY MATERIALS 2 3 3 FINANCIALS TELECOMMUNICATION SERVICES 21 11 3 2 1 HEALTH CARE UTILITIES 2 32 2 * Time-weighted average (in red) of the current year s and next year s consensus revenues estimates (in blue). 2 Page 3 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
3 2 1 Figure 2. S&P Sectors Forward Profit Margin CONSUMER DISCRETIONARY (S&P profit margin by sector) Annual margins Forward margins* (3.) INDUSTRIALS (.3) 3 3 CONSUMER STAPLES INFORMATION TECHNOLOGY 2 1 (3.) (.) 3 ENERGY MATERIALS - (-2.) (3.3) 3 2 2 FINANCIALS TELECOMMUNICATION SERVICES (.2) (.) - 3 HEALTH CARE (.) UTILITIES (.1) 11 * Time-weighted average of the consensus estimates for current and next year. Page 3 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward P/Es 2 Figure 3. CONSUMER DISCRETIONARY (S&P forward P/Es by sector) (.) INDUSTRIALS (1.) 2 2 CONSUMER STAPLES (1.2) INFORMATION TECHNOLOGY (.) 2 ENERGY (NA) 1/1 MATERIALS (1.) 2 2 FINANCIALS (.) TELECOMMUNICATION SERVICES (2.) 3 3 2 3 3 2 HEALTH CARE (2.3) UTILITIES (1.) 2 Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 3 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P Sectors Forward P/Sales 1.2 1.. Figure. CONSUMER DISCRETIONARY (S&P forward P/S ratio by sector) (.3) INDUSTRIALS (.1) 1......2. 1.. CONSUMER STAPLES (.) INFORMATION TECHNOLOGY (1.) 1. 1.. 1.2 1....2. 2. 1. ENERGY (.) MATERIALS (.) 1.. 1......2 3. 3. 2. 2. FINANCIALS (2.3) TELECOMMUNICATION SERVICES (1.2) 2. 2. 1. 1. 1.. 1.. 2. 1. 1. 1.2 HEALTH CARE (1.3) UTILITIES (1.) 2. 1. 1. 1.2 1. 1..... Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 3 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
Figure. S&P // Sectors Forward Profit Margin CONSUMER DISCRETIONARY (S&P profit margin by sector) INDUSTRIALS 11 2 S&P LargeCap (.) S&P MidCap (.3) S&P SmallCap (3.) (.) (.) (.3) 3 1 2 CONSUMER STAPLES (.) (3.3) (3.) INFORMATION TECHNOLOGY (1.) (.2) (.) 2 2 ENERGY (2.) (-.) (-2.) MATERIALS - (.) (.1) (3.3) 2 2 FINANCIALS (.3) (13.2) (.2) TELECOMMUNICATION SERVICES (.) (.2) (.) - HEALTH CARE (.) (.) (.) UTILITIES 3 (.1) (.) (.1) * Time-weighted average of the consensus estimates for current and next year. Page / February 2, / Earnings, Revenues, & Valuation: S&P // www.
3 3 2 Figure. S&P // Sectors Forward P/Es CONSUMER DISCRETIONARY (S&P forward P/Es by sector) S&P LargeCap (.) S&P MidCap (1.) S&P SmallCap (.) INDUSTRIALS (1.) (1.) (1.3) 2 2 CONSUMER STAPLES INFORMATION TECHNOLOGY 3 2 (.3) (1.2) (.) (.) (.) (.1) 3 ENERGY (.) (NA) (NA) MATERIALS (.) (.2) (1.) 2 3 3 2 FINANCIALS (.1) (.) (.) TELECOMMUNICATION SERVICES (13.) (.) (2.) 3 3 2 HEALTH CARE 2 UTILITIES (1.) (.) (2.3) (.2) (.) (1.) Page 1 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
S&P // Sectors Forward P/Sales 1. 1. 1.2 1....2. Figure. CONSUMER DISCRETIONARY (S&P forward P/Sales by sector) S&P LargeCap (1.2) S&P MidCap (.) S&P SmallCap (.3) INDUSTRIALS (1.3) (.) (.1) 2. 1. 1. 1.2 1....2. 1. 1. 1.2 1....2. CONSUMER STAPLES (1.3) (.3) (.) INFORMATION TECHNOLOGY (2.) (.2) (1.) 3. 3. 2. 2. 1. 1... 3 2 1 ENERGY (1.31) (.) (.) MATERIALS (1.1) (.2) (.) 2. 1. 1.... 3. 3. 2. 2. 1. 1.. FINANCIALS (1.) (2.2) (2.3) TELECOMMUNICATION SERVICES (1.1) (.) (1.2) 2. 2. 1. 1... 2. 2. 1. HEALTH CARE (1.) (.) (1.3) UTILITIES (1.) (1.) (1.) 2. 1. 1. 1.2 1.. 1... Page 2 / February 2, / Earnings, Revenues, & Valuation: S&P // www.
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