finance
hugh123
US-Yardeni-SectorFundamentals-Fall2020.pdf
S&P 500 Sectors Forward & Actual Metrics
(weekly & quarterly) Yardeni Research, Inc.
September 8, 2020
Dr. Ed Yardeni 516-972-7683
Joe Abbott 732-497-5306
Mali Quintana 480-664-1333
Please visit our sites at www.yardeni.com blog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figures S&P 500 Earnings & Revenue Growth 3 S&P 500 Sectors Quarterly Earnings Per Share 4 S&P 500 Sectors Quarterly Revenues Per Share 5 S&P 500 Sectors Quarterly Operating Profit Margin 6 S&P 500 Sectors Earnings Growth 7 S&P 500 Sectors Revenues Growth 8 S&P 500 Sectors Stock Price Indexes 9 S&P 500 Sectors Versus 200-Dma 10 S&P 500 Sectors Forward Earnings 11 S&P 500 Sectors Forward Revenues 12 S&P 500 Sectors Forward Profit Margin 13 S&P 500 Sectors Forward P/Es 14 S&P 500 Sectors Relative Forward P/Es 15 S&P 500 Sectors Forward P/Sales 16 S&P 500 Sectors Divisors 17 S&P 500 Sectors Forward Earnings 18 S&P 500 Sectors Net Earnings Revisions Index 19 S&P 500 Sectors STRG, STEG & LTEG 20 S&P 500 Sectors PEG Ratio 21 S&P 500 Sectors Trailing 4-Quarter Operating Profit Margin 22 S&P 500 Sectors Forecasted & Actual Profit Margins 23
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -120
-100
-80
-60
-40
-20
0
20
40
60
80
100
120
-120
-100
-80
-60
-40
-20
0
20
40
60
80
100
120
Q4
S&P 500 EARNINGS PER SHARE GROWTH* (yearly percent change)
Actual y/y growth Estimated y/y growth**
Latest data thru 9/7/2020
* Yearly growth rates capped at +100% and -100% due to extreme values. ** Industry analysts’ consensus expected earnings growth.
Source: Standard & Poor’s.
yardeni.com
Figure 1.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -25
-20
-15
-10
-5
0
5
10
15
20
-25
-20
-15
-10
-5
0
5
10
15
20
Q2
S&P 500 REVENUES PER SHARE (yearly percent change)
Latest (-12.2)
Source: Standard & Poor’s.
yardeni.com
Figure 2.
S&P 500 Earnings & Revenue Growth
Page 3 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 3.
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -10
0
10
20
30
40
50
Q2
S&P 500
Operating Earnings Per Share
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -4
-2
0
2
4
6
8
Q2
COMMUNICATION SERVICES
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -3
0
3
6
9
12
Q2
CONSUMER DISCRETIONARY
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2
4
6
8
10
Q2
CONSUMER STAPLES
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -15 -10 -5 0 5
10 15 20 25
Q2
ENERGY
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -15
-10
-5
0
5
10
15
Q2
FINANCIALS
Includes Real Estate through Q2-2016
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2
5
8
11
14
17 Q2HEALTH CARE
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0
2
4
6
8
10
12
Q2
INDUSTRIALS
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0
5
10
15
20
Q2
INFORMATION TECHNOLOGY
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -6
-4
-2
0
2
4
6
8
Q2
MATERIALS
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -2
-1
0
1
2
3
Q2
REAL ESTATE
Source: Standard & Poor’s Corporation.
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -1
0
1
2
3
4
5
6
Q2
UTILITIES
yardeni.com
S&P 500 Sectors Quarterly Earnings Per Share
Page 4 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 4.
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 150
200
250
300
350
400
Q2
S&P 500 Revenues Per Share
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 10
15
20
25
30
35
Q2
COMMUNICATION SERVICES
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 50
80
110
140
170
Q2
CONSUMER DISCRETIONARY
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 25
50
75
100
125
Q2
CONSUMER STAPLES
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 25
50
75
100
125
150
175
Q2
ENERGY
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 20
30
40
50
60
70
30
40
50
60
70
Q2
FINANCIALS
Includes Real Estate through Q2-2016
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 15
65
115
165
215
Q2
HEALTH CARE
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 30
50
70
90
110
Q2
INDUSTRIALS
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 20
40
60
80
100
Q2
INFORMATION TECHNOLOGY
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 25
35
45
55
65
Q2
MATERIALS
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 5
6
7
8
9
10
Q2
REAL ESTATE
Source: Standard & Poor’s.
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 20
25
30
35
40
45
Q2
UTILITIES
yardeni.com
S&P 500 Sectors Quarterly Revenues Per Share
Page 5 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 5.
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -2 0 2 4 6 8
10 12 14
Q2
S&P 500
Quarterly Operating Profit Margin* (8.7)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -10
-5
0
5
10
15
20
25
Q2
COMMUNICATION SERVICES
(11.8)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -2
0
2
4
6
8
10
Q2
CONSUMER DISCRETIONARY
(3.6)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 5
6
7
8
9
Q2
CONSUMER STAPLES
(7.8)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -20
-15
-10
-5
0
5
10
15
Q2
ENERGY
(-16.3)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -50 -40 -30 -20 -10 0 10 20 30
Q2 FINANCIALS
Includes Real Estate through Q2-2016 (14.1)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 7
8
9
10
11
12
Q2
HEALTH CARE
(9.2)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2
4
6
8
10
12
Q2
INDUSTRIALS
(2.9)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0
5
10
15
20
25
Q2
INFORMATION TECHNOLOGY
(18.8)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -15
-10
-5
0
5
10
15
Q2
MATERIALS
(8.1)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -5 0 5
10 15 20 25 30 35 40
Q2
REAL ESTATE
(14.7)
* Operating margin in percent and based on quarterly EPS and sales. Source: Standard & Poor’s.
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0
3
6
9
12
15
18
Q2 UTILITIES
(14.7) yardeni.com
S&P 500 Sectors Quarterly Operating Profit Margin
Page 6 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 6.
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -150
-100
-50
0
50
100
150
Q4
Latest data thru 9/7/2020
S&P 500*
Actual y/y Earnings Growth (-33.0)
Estimated y/y Earnings Growth**
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -150
-100
-50
0
50
100
150
Q4
COMMUNICATION SERVICES*
(-26.2)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -150
-100
-50
0
50
100
150
Q4
CONSUMER DISCRETIONARY*
(-59.2)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -20
-10
0
10
20
30
Q4
CONSUMER STAPLES*
(2.1)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -150
-100
-50
0
50
100
150
Q4
ENERGY*
(-100.0)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -150
-100
-50
0
50
100
150
Q4
FINANCIALS*
Includes Real Estate through Q2-2016(-25.9)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -15
0
15
30
45
60
Q4
HEALTH CARE*
(2.2)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -100
-75
-50
-25
0
25
50
75
Q4
INDUSTRIALS*
(-77.8)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -50
-25
0
25
50
75
100
125
Q4
INFORMATION TECHNOLOGY*
(-4.2)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -150
-100
-50
0
50
100
150
Q4
MATERIALS*
(-28.3)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -150
-100
-50
0
50
100
150
Q4
REAL ESTATE*
* Yearly growth rates capped at +100% and -100% due to extreme values. ** Industry analysts consensus expected earnings growth.
(-46.2)
Source: Standard & Poor’s Corporation.
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -100
-50
0
50
100
150
Q4
UTILITIES*
(12.1) yardeni.com
S&P 500 Sectors Earnings Growth
Page 7 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 7.
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -30
-20
-10
0
10
20
Q2
S&P 500
Revenue Growth y/y (-12.2)
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -60
-40
-20
0
20
40
Q2
COMMUNICATION SERVICES
(-6.6)
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -40
-30
-20
-10
0
10
20
30
Q2
CONSUMER DISCRETIONARY
(-18.4)
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -20
-10
0
10
20
30
Q2
CONSUMER STAPLES
(-0.2)
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -75
-50
-25
0
25
50
75
Q2
ENERGY
(-49.4)
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -30
-20
-10
0
10
20
30
Q2
FINANCIALS
(-8.7)
Includes Real Estate through Q2-2017.
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -20
-10
0
10
20
30
40
50
Q2
HEALTH CARE
(-0.2)
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -40
-25
-10
5
20
35
50
Q2
INDUSTRIALS
(-26.5)
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -40
-30
-20
-10
0
10
20
30
Q2
INFORMATION TECHNOLOGY
(4.1)
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -60
-40
-20
0
20
40
Q2
MATERIALS
(-15.5)
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -15
-10
-5
0
5
10
15
Q2
REAL ESTATE
(-8.9)
Source: Standard & Poor’s.
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -30
-20
-10
0
10
20
Q2
UTILITIES
(-5.5) yardeni.com
S&P 500 Sectors Revenues Growth
Page 8 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 8.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 600
1300
2000
2700 3400 4100 4800
9/4 S&P 500* (price indexes)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 75
115
155
195
235 9/4COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 100
400
700 1000 1300 1600
9/4CONSUMER DISCRETIONARY*
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 175
300
425
550
675 800
9/4CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 150
350
550
750 950
9/4
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 75
225
375
525 675 825
9/4
FINANCIALS
Includes Real Estate through September 2016
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 225
525
825
1125 1425 1725
9/4 HEALTH CARE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 125
275
425
575 725 875
9/4 INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 175
875
1575
2275 2975
9/4INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 100
200
300
400
500
9/4MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 40
90
140
190 240 290
9/4REAL ESTATE
Source: Haver Analytics and Standard & Poor’s Corporation.
200-day moving average * S&P 500 sector price indexes on ratio scales.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 100
175
250
325
400
9/4 UTILITIES
yardeni.com
S&P 500 Sectors Stock Price Indexes
Page 9 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 9.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -60
-40
-20
0
20
40
60
9/4
S&P 500 (price index as percentage of 200-dma)
% from 200-dma (10.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -40
-20
0
20
40
9/4
COMMUNICATION SERVICES
(13.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -60
-40
-20
0
20
40
9/4 CONSUMER DISCRETIONARY
(21.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -30
-15
0
15
30
9/4
CONSUMER STAPLES
(7.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -75 -60 -45 -30 -15
0 15 30 45
9/4
ENERGY
(-19.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -80
-60
-40
-20
0
20
40
60
9/4
FINANCIALS
Includes Real Estate through September 2016
(-1.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -30
-15
0
15
30
9/4
HEALTH CARE
(5.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -60
-40
-20
0
20
40
9/4
INDUSTRIALS
(7.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -60
-40
-20
0
20
40
9/4 INFORMATION TECHNOLOGY
(21.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -60
-40
-20
0
20
40
9/4
MATERIALS
(14.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -75
-50
-25
0
25
50
9/4
REAL ESTATE
(0.8)
Source: Standard & Poor’s.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -40
-20
0
20
40
9/4
UTILITIES
(-2.8) yardeni.com
S&P 500 Sectors Versus 200-Dma
Page 10 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 10.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 60
90
120
150
180 210 240
20 21
8/27
S&P 500 (forward earnings*)
Annual consensus estimates Forward earnings
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 7
9
11
13
15
17 20
21
8/27
COMMUNICATIONS SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 5
20
35
50 65
20 21
8/27
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 13
19
25
31
37 43
20 21 8/27
CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .2
40.2 80.2
120.2
20 21
8/27
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 8
20
32
44 56
20 21
8/27
FINANCIALS
Includes Real Estate through September 2016
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 20
35
50
65
80 95
20 21 8/27
HEALTH CARE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 13
19
25
31 37 43 49 55
20 21
8/27
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 15
30
45
60 75 90
105
20 21 8/27 INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 6
12
18
24 30 36
20 21
8/27
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1
2
3
4 5 6 7
20 21
8/27
REAL ESTATE
* Time-weighted average (in blue) of consensus operating earnings estimates for current and next year (in red). Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 11
12
13
14
15
16 17 18
20 21 8/27
UTILITIES
yardeni.com
S&P 500 Sectors Forward Earnings
Page 11 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 11.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 800
1000
1200
1400
1600
1800
20 21
8/27
S&P 500 (forward revenues*)
Annual consensus estimates Forward revenues*
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 45
65
85
105
125 145
20
21 8/27
COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 250
375
500
625
750
20 21
8/27
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 200
275
350
425
500
200
300
400
500
8/2720 21 CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 250
350
450
550
650 750 850
20 21
8/27
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 120
160
200
240
280
20 21
8/27
FINANCIALS
Includes Real Estate through September 2016
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 175
375
575
775
975
20 21 8/27
HEALTH CARE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 210
260
310
360
410
460
20 21
8/27
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 125
175
225
275
325 375 425
20 21 8/27
INFORMATI0N TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 160
180
200
220
240
20 21
8/27
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 20
25
30
35
40
45
20 21
REAL ESTATE
*Time-weighted average of consensus estimates for current year and next year. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 100
120
140
160
180
20 21
8/27
UTILITIES
yardeni.com
S&P 500 Sectors Forward Revenues
Page 12 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 12.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 6
8
10
12
14 20 21
8/27
S&P 500 (profit margin, percent)
Annual Forward* (10.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 6
8
10
12
14
16
18
20
21
8/27
COMMUNICATION SERVICES
(13.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1
3
5
7
9
11
20 21
8/27
CONSUMER DISCRETIONARY
(5.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 5.5
6.0
6.5
7.0
7.5
8.0
8.5
20 21
8/27
CONSUMER STAPLES
(7.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -3
0
3
6
9
12
15
20 21
8/27
ENERGY
(2.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 4
8
12
16
20
24
20 21
8/27
FINANCIALS
(14.1)
Includes Real Estate through September 2016
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 9.5
10.0
10.5
11.0
11.5
12.0
20 21
8/27
HEALTH CARE
(10.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 4
6
8
10
12 20 21
8/27
INDUSTRIALS
(7.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 10
15
20
25 20 21
8/27 INFORMATION TECHNOLOGY
(22.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 4
6
8
10
12
14
20 21
8/27
MATERIALS
(9.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 6
9
12
15
18
21
24
8/27
2120
REAL ESTATE
(13.5)
* Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 8
9
10
11
12
13
14
15
20 21 8/27UTILITIES
(14.2) yardeni.com
S&P 500 Sectors Forward Profit Margin
Page 13 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 13.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 8
10 12 14 16 18 20 22 24
8/27S&P 500 (forward P/E)
P/E (22.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 8
13
18
23
28
8/27 COMMUNICATION SERVICES
(24.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 10
15
20
25
30
35
40
45
8/27 CONSUMER DISCRETIONARY
(37.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 10
12
14
16
18
20
22 8/27CONSUMER STAPLES
(21.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0
10
20
30
40
50
60
8/27
ENERGY
Capped at 50 due to extreme values.
(44.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 6
8
10
12
14
16
18
20
8/27
FINANCIALS
Includes Real Estate through September 2016
(14.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 8
10
12
14
16
18
20
8/27
HEALTH CARE (16.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 8
11
14
17
20
23
26
29
8/27 INDUSTRIALS
(24.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 5
10
15
20
25
30 8/27INFORMATION TECHNOLOGY
(27.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 5
10
15
20
25
8/27 MATERIALS
(21.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 15
25
35
45
55
65
75
8/27
REAL ESTATE (50.1)
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 8
10
12
14
16
18
20
22
8/27
yardeni.com
UTILITIES (17.9)
S&P 500 Sectors Forward P/Es
Page 14 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 14.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 8
10 12 14 16 18 20 22 24
8/27S&P 500 P/E (forward P/E)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .50
.75
1.00
1.25
1.50
1.75
2.00
8/27
(1.06)
COMMUNICATION SERVICES (relative forward P/Es by sector*)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .5
1.0
1.5
2.0
2.5
8/27
CONSUMER DISCRETIONARY
(1.65)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .8
1.0
1.2
1.4
1.6
8/27
(0.92)
CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0 4 8
12 16 20 24 28 32
8/27
(1.94)
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .50
.75
1.00
1.25
1.50
8/27
(0.62)
FINANCIALS
Includes Real Estate through September 2016
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .6
.8
1.0
1.2
1.4
8/27
(0.71)
HEALTH CARE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .6
.8
1.0
1.2
1.4
8/27
(1.07)
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .8
1.0
1.2
1.4
1.6
8/27(1.20)
INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .75
1.00
1.25
1.50
1.75
8/27
(0.95)
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1
2
3
4
5
6
8/27
(2.19)
REAL ESTATE
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .6
.8
1.0
1.2
1.4
8/27
yardeni.com (0.78)
UTILITIES
S&P 500 Sectors Relative Forward P/Es
Page 15 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 15.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .50 .75
1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75
8/27S&P 500 (forward P/S ratio)
P/S (2.47)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .5
1.0
1.5
2.0
2.5
3.0
3.5 8/27COMMUNICATION SERVICES
(3.29)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .4
.8
1.2
1.6
2.0
2.4 8/27CONSUMER DISCRETIONARY
(2.16)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .6
.8
1.0
1.2
1.4
1.6 8/27CONSUMER STAPLES
(1.53)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .25
.50
.75
1.00
1.25
1.50
1.75
8/27
ENERGY (0.88)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .5
1.0
1.5
2.0
2.5
3.0
8/27
FINANCIALS
Includes Real Estate through September 2016
(2.00)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .75
1.00
1.25
1.50
1.75
2.00
2.25
8/27
HEALTH CARE (1.71)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .50
.75
1.00
1.25
1.50
1.75
2.00 8/27INDUSTRIALS
(1.91)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1
2
3
4
5
6
7
8/27 INFORMATION TECHNOLOGY
(6.08)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .50
.75
1.00
1.25
1.50
1.75
2.00
2.25 8/27MATERIALS
(2.06)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1
2
3
4
5
6
7
8
8/27 REAL ESTATE
(6.76)
Source: I/B/E/S data by Refinitiv and Standard & Poor’s Corporation.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .5
1.0
1.5
2.0
2.5
3.0
8/27
yardeni.com
UTILITIES (2.54)
S&P 500 Sectors Forward P/Sales
Page 16 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 16.
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 8000
8500
9000
9500
10000
9/4
S&P 500
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2000
5000
8000
11000
14000
17000
20000
9/4
COMMUNICATION SERVICES
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2000
3000
4000
5000
6000
7000
9/4
CONSUMER DISCRETIONARY
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2000
3000
4000
5000
6000
9/4
CONSUMER STAPLES
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2400
2600
2800
3000
3200
3400
9/4
ENERGY
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 4000
5000
6000
7000
8000
9000
10000
9/4
FINANCIALS
Includes Real Estate through September 2016
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 3000
3250
3500
3750
4000
4250
4500
9/4
HEALTH CARE
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 3000
3500
4000
4500
5000
5500
9/4
INDUSTRIALS
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 3500
4000
4500
5000
5500
6000
9/4
INFORMATION TECHNOLOGY
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1500
1700
1900
2100
2300
2500
9/4
MATERIALS
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 100
600
1100
1600
2100
2600
3100
3600 9/4REAL ESTATE
Source: Standard & Poor’s Corporation.
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1800
2000
2200
2400
2600
2800 9/4UTILITIES
yardeni.com
S&P 500 Sectors Divisors
Page 17 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 17.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 30
70
110
150
190
8/27
S&P 500 (per share*)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 4
7
10
13
16
19
8/27
COMMUNICATION SERVICES
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
10
20
30
40
50
8/27
CONSUMER DISCRETIONARY
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 5
10
15
20
25
30
35 8/27CONSUMER STAPLES
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -20
0
20
40
60
80
8/27
ENERGY
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
10
20
30
40
50
8/27
FINANCIALS
Includes Real Estate through September 2016
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 5
20
35
50
65
80
95
8/27 HEALTH CARE
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 5
15
25
35
45
8/27
INDUSTRIALS
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
20
40
60
80
100
8/27 INFORMATION TECHNOLOGY
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 5
10
15
20
25
30
8/27
MATERIALS
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 10
20
30
40
50
8/27
REAL ESTATE
* Time-weighted average of current and next year’s consensus earnings estimates. Source: I/B/E/S data by Refinitiv.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 8
10
12
14
16
18
8/27 UTILITIES
yardeni.com
S&P 500 Sectors Forward Earnings
Page 18 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 18.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -50
-30
-10
10
30
Aug
S&P 500
Net Earnings Revisions Index*NERI (9.5)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -40
-20
0
20
40
Aug
COMMUNICATION SERVICES
(10.9)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -60
-40
-20
0
20
40
60
Aug
CONSUMER DISCRETIONARY
(6.8)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -40
-20
0
20
40
Aug
CONSUMER STAPLES
(14.4)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -60
-40
-20
0
20
40
60
Aug
ENERGY
(14.0)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -60
-40
-20
0
20
40
60
Aug
FINANCIALS
Includes Real Estate through September 2016
(6.5)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -30
-20
-10
0
10
20
30
Aug
HEALTH CARE
(13.5)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -70
-50
-30
-10
10
30
50
Aug
INDUSTRIALS
(14.4)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -60
-40
-20
0
20
40
60
Aug
INFORMATION TECHNOLOGY
(9.4)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -60
-40
-20
0
20
40
Aug
MATERIALS
(8.3)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -45
-30
-15
0
15
30
Aug
REAL ESTATE
(-10.9)
* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: I/B/E/S data by Refinitiv.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -40
-20
0
20
40
Aug
UTILITIES
(-0.4)
S&P 500 Sectors Net Earnings Revisions Index
Page 19 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 19.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -10
0
10
20
30
40
8/27
S&P 500 (percent)
STRG* (4.1) STEG* (9.6) LTEG* (11.1)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -20
-10
0
10
20
30
8/27
COMMUNICATION SERVICES
(6.9) (10.0) (13.6)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -15
0
15
30
45
60
8/27
CONSUMER DISCRETIONARY (7.7) (21.6) (20.4)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
5
10
15
20
8/27
CONSUMER STAPLES (2.7) (5.7) (6.4)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -100
-50
0
50
100
150
200
8/27
ENERGY STEG capped at 100%(-3.6)
(-1.5) (3.4)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -20
-10
0
10
20
30
40
50
8/27
FINANCIALS
STEG capped at 40%
Includes Real Estate through September 2016
(0.0) (2.7) (2.5)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
5
10
15
20
8/27
HEALTH CARE
(7.1) (11.1) (10.0)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -20
-10
0
10
20
30
8/27
INDUSTRIALS
(2.1) (15.2) (3.1)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -10
0
10
20
30
40
50
60
8/27
INFORMATION TECHNOLOGY (7.1) (12.2) (13.2)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -40
-20
0
20
40
60
80
8/27
MATERIALS (1.7) (11.9) (16.3)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -60
-40
-20
0
20
40
60
8/27
REAL ESTATE
(3.4) (-13.5) (20.1)
* STRG & STEG: 12-month forward consensus expected growth. LTEG: 5-year forward consensus expected earnings growth. Source: I/B/E/S data by Refinitiv.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -10
-5
0
5
10
15
20
8/27
UTILITIES (2.1) (3.7) (4.3)
yardeni.com
S&P 500 Sectors STRG, STEG & LTEG
Page 20 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 20.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .8
1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4
8/27 S&P 500 (PEG ratio*)
(2.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0 1 2 3 4 5 6 7 8
8/27
COMMUNICATION SERVICES
(1.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .0
.5
1.0
1.5
2.0
2.5
3.0
8/27
CONSUMER DISCRETIONARY
(1.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
8/27
CONSUMER STAPLES
(3.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .0
.5
1.0
1.5
2.0
2.5
3.0
3.5
8/27 ENERGY
(3.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0
2
4
6
8
10
8/27
FINANCIALS
Includes Real Estate through September 2016
(5.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .75
1.00
1.25
1.50
1.75
2.00
2.25
8/27
HEALTH CARE
(1.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .5
2.5
4.5
6.5
8.5
10.5
8/27
INDUSTRIALS
(7.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .5
1.0
1.5
2.0
2.5
8/27 INFORMATION TECHNOLOGY
(2.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 .5
1.0
1.5
2.0
2.5
3.0
8/27
MATERIALS (1.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0
3
6
9
12
15
8/27
REAL ESTATE
(2.5)
* Sector’s forward P/E divided by sector’s consensus projected 5-year earnings growth rate. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1
3
5
7
9
8/27
UTILITIES
(4.2)
yardeni.com
S&P 500 Sectors PEG Ratio
Page 21 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 21.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 2
4
6
8
10
12
14
Q2
S&P 500 Operating Profit Margin* (trailing 4-quarter, %)
S&P 500 (9.2)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
5
10
15
20
Q2
COMMUNICATION SERVICES
(12.5)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
2
4
6
8
10
12
Q2
CONSUMER DISCRETIONARY
S&P 500 Sectors Operating Profit Margins
(5.3)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 4
6
8
10
12
Q2
CONSUMER STAPLES
(7.5)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -10
-5
0
5
10
15
Q2
ENERGY
(-3.2)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 -15
-10
-5
0
5
10
15
20
Q2 FINANCIALS
Includes Real Estate through Q2-2016 (12.7)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 4
6
8
10
12
14
16
Q2
HEALTH CARE
(8.2)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 4
6
8
10
12
Q2
INDUSTRIALS
(6.9)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
5
10
15
20
25
Q2
INFORMATION TECHNOLOGY
(19.2)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
2
4
6
8
10
12
Q2
MATERIALS
(7.8)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 0
5
10
15
20
25
30
Q2
REAL ESTATE
(18.4)
* Operating margin in percent and based on trailing 4-quarter EPS and sales. Source: Standard & Poor’s.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 4
6
8
10
12
14 Q2UTILITIES
(13.5) yardeni.com
S&P 500 Sectors Trailing 4-Quarter Operating Profit Margin
Page 22 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
Figure 22.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 4
6
8
10
12
14
8/26
Q2
S&P 500
Operating Profit Margin* Actual 4Q Trailing Implied Forward
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2
5
8
11
14
17
20
Q2 8/26
COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1
3
5
7
9
Q2 8/26
CONSUMER DISCRETIONARY
S&P 500 Sectors Forecasted & Actual Profit Margins
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 5.5
6.0
6.5
7.0
7.5
8.0
Q2 8/26
CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -8
-4
0
4
8
12
16
Q2
8/26
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 -20
-10
0
10
20
30
Q2 8/26
FINANCIALS
Includes Real Estate through Q2-2016
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 7
8
9
10
11
12
Q2
8/26
HEALTH CARE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 6
7
8
9
10
11
Q2
8/26
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 5
10
15
20
25
Q2
8/26 INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0
2
4
6
8
10
12
14
Q2 8/26
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 5
10
15
20
25
30
8/26
Q2
REAL ESTATE
* Actual from S&P based on trailing 4-quarter EPS and sales. Forecast implied from I/B/E/S consensus forward EPS and sales, and pushed one year ahead. Source: Standard & Poor’s Corporation (trailing 4-quarter margin) and I/B/E/S data by Refinitiv (forward margin).
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 6
8
10
12
14
16
Q2 8/26
yardeni.com
UTILITIES
S&P 500 Sectors Forecasted & Actual Profit Margins
Page 23 / September 8, 2020 / S&P 500 Sectors Forward & Actual Metrics www.yardeni.com
Yardeni Research, Inc.
http://blog.yardeni.com
http://blog.yardeni.com
Copyright (c) Yardeni Research, Inc. 2020. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports and podcasts posted on www.yardeni.com, blog.yardeni.com, and YRI’s Apps are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company’s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments.
The text, images, and other materials contained or displayed on any Yardeni Research, Inc. product, service, report, email or website are proprietary to Yardeni Research, Inc. and constitute valuable intellectual property. No material from any part of www.yardeni.com, blog.yardeni.com, and YRI’s Apps may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of Yardeni Research, Inc. All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Yardeni Research, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.
The recipient should check any email and any attachments for the presence of viruses. Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmitted by this company’s emails, website, blog and Apps. Additional information available on request.
