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Stock Market Briefing:S&P 500 Sectors & Industries
Forward P/EsYardeni Research, Inc.
May 22, 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
May 22, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
Yardeni Research, Inc.
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 (16.5)Consumer Staples (16.5)Financials (13.0)Health Care (15.0)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 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 (16.5)Consumer Discretionary (19.6)Information Technology (18.3)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 2.
S&P 500 Sector Forward P/Es
Page 1 / May 22, 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 (16.5)Energy (19.5)Industrials (16.5)Materials (16.2)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 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 (16.5)Telecommunication Services (10.1)Utilities (15.6)
* 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 / May 22, 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* CONSUMER DISCRETIONARY
Consumer Discretionary Sector (19.6)
Advertising (13.1)
Auto Parts & Equipment (15.2)
Automobile Manufacturers (7.0)
Publishing (33.5)
* 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.
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 FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
Consumer Discretionary Sector (19.6)
Casinos & Gaming (20.9)
Hotels, Resorts & Cruise Lines (16.9)
Movies & Entertainment (13.3)
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 / May 22, 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 FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
Consumer Discretionary Sector (19.6)
Apparel, Accessories, & Luxury Goods (17.7)
Apparel Retail (16.0)
Footwear (26.6)
Leisure Products (28.3)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 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 (19.6)
Computer & Electronics Retailers (15.4)
Home ImprovementRetailers (18.0)
Homebuilding (9.1)
Household Appliances (9.7)
* 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 8.
Consumer Discretionary Forward P/Es
Page 4 / May 22, 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 202010
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S&P 500 FORWARD P/E RATIOS:* CONSUMER STAPLES
Consumer Staples Sector (16.5)
Household Products (16.9)
Packaged Foods (14.6)
Personal Products (26.0)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 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 (16.5)
Brewers (12.0)
Drug Retail (10.4)
Soft Drinks (18.4)
Tobacco (14.1)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 10.
Consumer Staples Forward P/Es
Page 5 / May 22, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
Yardeni Research, Inc.
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 (19.5)
Integrated Oil & Gas (17.5)
Oil & Gas Refining & Marketing (14.6)
* 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 (19.5)
Oil & Gas Drilling (45.0)
Oil & Gas Equipment & Services (27.0)
Oil & Gas Exploration & Production (23.1)
* 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 / May 22, 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 20204
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S&P 500 FORWARD P/E RATIOS:* FINANCIALS
Financials Sector (13.0)
Asset Management & Custody Banks (13.5)
Diversified Banks (11.6)
Investment Banking & Brokerage (12.9)
Other Diversified Financial Services (10.0)
Regional Banks (13.3)
* 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 (13.0)
Insurance Brokers (16.8)
Life & Health Insurance (9.0)
Multi-Line Insurance (11.1)
Property & Casualty Insurance (12.9)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 14.
Financials Forward P/Es
Page 7 / May 22, 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 20200
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S&P 500 FORWARD P/E RATIOS:* HEALTH CARE
Health Care (15.0)
Biotechnology (12.6)
Health Care Equipment (21.0)
Managed Health Care (16.5)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 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 (15.0)
Health Care Distributors (11.8)
Health Care Facilities (11.5)
Pharmaceuticals (13.7)
* 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 / May 22, 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 (16.5)
Construction Machinery & Heavy Trucks (12.6)
Industrial Conglomerates (17.3)
Industrial Machinery (17.3)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 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 (16.5)
Aerospace & Defense (19.0)
Electrical Components & Equipment (18.3)
Environmental & Facilities Services (19.1)
* 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 / May 22, 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:* INFORMATION TECHNOLOGYInformation Technology Sector (18.3)
Application Software (36.8)
Data Processing & Outsourcing (24.8)
IT Consulting & Other Services (13.7)
Systems Software (21.7)
* 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.
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:* INFORMATION TECHNOLOGY
Information Technology Sector (18.3)
Communications Equipment (15.8)
Semiconductor Equipment (12.1)
Semiconductors (14.5)
Technology Hardware, Storage & Peripherals (14.0)
* 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 / May 22, 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 20200
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S&P 500 FORWARD P/E RATIOS:* MATERIALS
Materials Sector (16.2)
Aluminum (19.6)
Copper (10.0)
Steel (11.0)
* 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.
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:* MATERIALSMaterials Sector (16.2)
Diversified Chemicals (14.9)
Industrial Gases (21.9)
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 / May 22, 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 (10.1)
Integrated Telecommunication Services (9.9)
* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.
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Figure 23.
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:* UTILITIES
Utilities Sector (15.6)
Electric Utilities (15.2)
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 / May 22, 2018 / Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es www.yardeni.com
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